As Family needs grow every day, most parents now work outside their homes to earn an income for family support. This development has left parents with no choice but to subject their preschool-aged children’s care to daycare homes further booming the daycare business.
The Daycare business is a very lucrative, but running the business can be tricky and tedious because childcare is a huge responsibility that requires utmost attention especially as children are young, fragile humans who must grow to become healthy and vibrant adults.
This article will guide you on how to start a daycare business that will be personally fulfilling and profitable as well.
Why start a Daycare Business?
It is an important question you must ask yourself because, in the end, it is the answer that will fuel your energy to make your business successful.
Because childcare is a huge responsibility, identifying the reason why you want to take up the job will motivate you in times when the childcare demands are overwhelming.
Learn about Regulatory laws and Daycare licensing
You need to understand regulatory law and be sure to adhere to them. You have to check out the physical space, fire regulations, and health requirements relevant to the state you intend to begin your daycare business.
Most states would require that you register your business with the Corporate Affairs Commission(CAC) and also have a permit by the appropriate licensing body before you can start a daycare business.
Consider getting trained and being certified
Yes, this is also one of the requirements needed to begin a daycare business. You can not take care of a child without having prior and adequate knowledge of what a child’s care requires.
If you must give your clients(parents) satisfaction in the children they give you to take care of you have to give quality nurturing of their children. Consider getting a degree or postgraduate diploma in Children’s education.
Create a Daycare Business plan
Just like starting every business requires a business plan, your daycare business will require you to state your business plan as well.
In your business plan consider the operational cost your business would require( cost of renting a space, buying play equipment, childcare supplies etc.,). Also, consider if you would offer tutoring services as well and how much it would cost if you do. In your business plan also weigh your profits as well as the ages of children you will be taking in.
Your business plan should also cater for competitors. Map out who your potential clients will be and what will you offer them that will be different from what other daycare services are providing.
A business plan will help you to effectively set your business structure according to your budget and also it will help to define your mission statement which is a primary goal.
Choose your location
This is important because there would be no daycare without a location.
Will you be running the business from your home or will you be renting a space somewhere else or buying off an existing Daycare service? You should consider these.
When choosing a location, your choice you should suit the regulations and requirements needed by your state in respect to a daycare business. You should also consider the accessibility of your location. Will it be easily accessible to parents and would the children love the environment?
Check out funding
Starting a daycare business is quite expensive however it is going to be financially rewarding. You will realize that the startup costs might be on the high side and your capital at hand may not be enough.
You can look out for funding via loans, grants and even fundraising. It will help.
Draft your Contract and Set Policies
You should seek out a trusted contract lawyer to help you. Your contract must cover your daily business needs and requirements while also outlining your business expectations to your clients(parents) and their children.
The questions of pick-up time and daycare fees as well as late payments and pickups etc., should be answered in the contract you will be drafting.
Set up your Daycare Center
- Setting up your daycare center is important for your daycare business because it implies that you have started the daycare business.
- Clean and sanitize your daycare and fix all necessary fittings to meet the regulations and requirements needed in running a daycare business if you want to be operating for a long time.
Hire Staff for your Daycare Business
Your staff is the backbone of your business. They will be taking care of the children too.
Ensure that you hire trained caregivers with reasonable years of experience, it is part of the requirements too. Moreover, if they don’t provide efficient care that would be bad for your business, you know.
Market you Daycare Business
You can make use of social media platforms like Facebook pages, Tiktok, Instagram and Twitter to advertise your services. Whichever one you choose, consider your audience demographics and choose a suitable target audience.
The role daycare business operators play can not be overlooked if you are looking out to start a daycare business you have to understand that it will require a lot of your commitment, time and finances if it must succeed.