If you’re looking for an exciting and profitable new career, starting a daycare business could be a great idea. The childcare industry’s net worth sits at an estimated $54.3 billion, with growth set to expand the market even further.
But before you start your new childcare business, it’s important to note that the set-up process isn’t exactly a walk in the park. By knowing what to expect, you can avoid some of the common blunders that may lead to trouble.
Keep reading for a quick overview of what you’ll need to do to get your daycare up and running!
Creating Your Business Plan
You might have all the passion and experience in the world. But if you don’t have a business plan, success is almost impossible. Therefore, creating a full, professional business plan should be your priority.
If you’ve never created a business plan before, think of it as a document around 30 to 50 pages that outlines your entire strategy for starting a company.
Your business plan needs to include information on:
- Proposed funding
- Past business experience
- Market research
- Your target audience
- A growth strategy
You’ll need to be as specific as you can, backing up each point with data-based evidence.
Finding the Right Location
Once you’ve secured funding (or are in the process of doing so), you’ll need to find the perfect area for your business. But what makes for the ‘right’ location, anyway?
Ideally, you’ll want to open your daycare company in an area with a ton of traffic.
Likewise, it’s smart to choose an area where there aren’t many competitors around.
While you can run a daycare from your home, each state has a limit on how many children you can look after at a given time, so it’s not the best idea.
Acquiring Licensing and Insurance
Those looking to start a daycare business should know that it involves a lot of paperwork. And we mean a lot.
For starters, you’ll need to secure a basic business license. You’ll also have to undergo extensive training on childhood development and basic medical care. There’s also a required inspection that may take quite a while to schedule.
Finally, you’ll need to secure professional liability insurance.
This will be accounted for during the inspection process, so make sure to get it ahead of time.
All in all, the licensing and training process can take months to complete, so the sooner you start, the better.
Marketing Your Daycare Business
As your grand opening draws closer, it’s time to get the word out.
If you have past childcare experience, try and drum up some word-of-mouth marketing from your past clients. Parents trust other parents more than they trust a Facebook ad.
With that said, spend a bit on digital marketing, too. Build a website and take out some advertisements on social media, targeting the area near your business.
Your New Career Starts Today
Now that you know the basics of opening a daycare business, it’s time to put this knowledge into practice! Go out there and create a world-class experience for parents and kids alike!
And if you’re looking for more business tips, be sure to check out the rest of the content on our blog.