Are you interested in starting your own at-home daycare business? If so, your main goal is likely to make money. Unfortunately, that can be hard for some daycare providers. To help ensure that your home-based daycare business makes money, please continue reading on.
Examine your state laws. Did you know that most states require daycare providers with a certain number of children to be registered by the state? If you are looking to make the most money running a daycare business, you should register with your state. This may require training classes and inspections, but you can legally watch more children and make more money.
Have a contract. A contract is important when running an at-home daycare business. It is important to have your rates, rules and restrictions set in stone. Otherwise, you may find yourself being taken advantage of by parents. This is where many home-based daycare providers lose money.
Charge fair rates. Many new daycare providers mistakenly believe that the best way to make the most money is to charge higher rates. While this can be true, high rates can also hurt you. Examine your competition. How much are other daycares in the area charging? Make sure your rates are in line with theirs.
Set your rates and stick to them. When working as a daycare provider, you may hear some "sob stories" from parents. As truly sad as it is to hear that one of your clients is having money problems, you need to worry about your own finances. Offering a temporary discount to your clients because they are having financial problems can be a bad idea. Later on, it can be hard to get them to return to your normal rate. It is also important to proceed with caution with close friends or relatives, as they may expect or want you to watch their children for next to nothing.
Take advantage of state programs for daycare providers. As previously stated, there are a number of benefits to registering your daycare business with your state. One of those benefits is the savings you may find. Some states allow daycare providers to lease or borrow daycare supplies, such as high chairs and cots, for free or for an affordable rate.
Save all receipts. As with all businesses, you are able to deduct your expenses. Daycare providers, like you, can save a considerable amount of money on taxes when saving all receipts.