As the workforce increases, so does demand for childcare. If you’re an entrepreneur with an interest in child care, running a daycare could give you the opportunity to pursue that passion. Read on for tips on how to successfully run a child care business.
Meet Community Needs
There are likely thousands of existing child care centers in your state, depending on its size and population. Generally, child care facilities fall under three categories. First, there’s family care, which is provided in the clients’ homes, usually with a parent around. Second, home care involves a babysitter or nanny taking care of the child in the home. This is a popular choice for families in which both parents have full-time jobs and enough income to afford it. Lastly, there are daycare centers, which are programs offered outside the home that focus on children’s developmental growth and intellectual stimulation. Depending on what your community already has and what it is lacking, you can fill that niche that is currently unoccupied.
Consider the Location
Before you decide upon a location from which you run your business—whether it be your home or a commercial property—make sure the facility will be right for your business. Not all properties can legally be used for child care. You can visit ChildCareAware.org to find out the specifications required for a child care facility.
Properly License the Business
There are licensing requirements specific to each individual state that child care providers must meet in order to operate legally. These criteria are to ensure the children will be in a safe environment while being cared for. You can run into all kinds of legal troubles down the road if you skip this crucial step. Plus, many parents will know to look for businesses that are licensed correctly.
Stay Ahead of the Curve
Once you’re open for business, keep an eye on the competition and what they’re offering. The child care industry is a competitive one, and it’s important to note what sets your facility apart from others. Do you have a research degree in child education? Do you place an emphasis on learning motor skills? Is your business the only one that keeps the number of kids small? Whatever sets your company apart — make sure parents know it.
While daycare centers aren’t generally known for being filled with gadgets, there are certain technologies that you should be employing. A great example is sensor-activated faucets. By limiting the spread of germs, you’ll cut down on children’s sick days and ensure both parents and kids have a positive, healthy experience with your company.
It’s no secret in the child care industry that margins can be cruelly small. Plus, one of the only ways your business can grow is through word of mouth. It takes time to build a reputation, so be patient, and know that your perseverance and attention to detail won’t go unnoticed by parents.
Developing a child care center can be one of the most meaningful endeavors you take on as an entrepreneur. Just be prepared to put in a lot of time and effort, and it takes capital to launch and grow the business. To find out more about financing, reach out to one of Biz2Credit’s consultants; they’re here to help. Visit www.biz2credit.com.