There are endless options for starting a daycare, you start small at home, build structures for an organized childcare centre, or rent. Whatever the options you may have, starting daycare at home is the cheapest option, to begin with. But if you have enough space to start a daycare, then you have the opportunity to seek small business administration loans for the smooth running of your business.
How much do you require to start a daycare business
According to research, the average startup cost of a daycare business ranges between ten thousand US dollars and fifty thousand US dollars. But it can vary depending on what type of daycare business you are starting, is it a home-based daycare business, or you will build/rent business premises for your startup.
Steps to follow when starting a daycare venture
Starting a business, no matter what the size is a journey, where certain steps will take your business closer to success, keep in mind that there is no one fits all model of achieving business success. There are many lessons to learn along the path, but here are some of the fundamental must-know about starting a daycare centre:
- Licensing requirements: You can start up as a nanny or a babysitter, but as your business venture grows, you need to set up things straight, licensing is a requirement to avoid crossing arms with federal law. Licensing gives your business legitimacy to operate and you look for other regulations that guide the running of a daycare business. Before getting the required license, it is advisable to have obtained CPR certification and driving license or else hire someone with these qualifications to stand in charge of the centre, then you come in as an administrator.
- Early childhood education course: If you are into this business and you have a passion for it, you might want to consider advancing your education in this area. While starting a childcare centre does not require professional qualification, things might change in the future and it is a good idea to advance your career in this area. Children are still delicate and need the right and professional care, the future relies on these young kids. If you cannot advance your education in this field, you can hire professionals in this field to take care of the daily daycare centre routine. Also make sure that you know key differences between day care and childcare so that you can give parents a clear scope of you work.
- Have a daycare business plan: Having a daycare business plan will help you secure loans to grow your business to the next level. Your business plan should paint a true picture of where your business will be in the next two to three years.
- Find a strategic location for your daycare business: Again the location of your business is important. And the type of neighbourhood matters because those are your primary clientele.
Once you’ve found an ideal location, check the legal zonings to make sure you are running a legitimate business and with the right licensing requirements from the local authorities.
- Ensure your daycare centre: Find the right policy that will cover any unforeseen eventualities. Your premium policy should cover your workers, accidents, compensation of workers, and more.
- Seek funding and grants from relevant organizations: If you don’t have the money to cover your initial startup cost, seek grants from relevant organizations that offer to fund.