Read this first to make sure you chose the right type of childcare business.
So you're ready to open your own childcare business...cool! But did you know that you have a few choices when it comes to the type of business you can open. The key is alignment: making sure the type of childcare business you do open fits your vision. I remember when I decide I wanted to start my own childcare business, I thought that the easiest way was with a home daycare but deep down the thought of working by myself all day didn't quite sit well. It didn't fit my vision. When I got clear on what and how I wanted my business to look like in 5 years I decided to scratch the home daycare idea and pursue my bigger plan of owning and operating my own childcare center.
You need to make sure that you are aligning your business with your values and your lifestyle.
What does all that mean? It means that before you venture off and open a business, you need to get real with yourself!
It’s better to do the work now and make a good decision then rush into it, only to open a center that is not successful or even worse, unaligned with your message.
Step 1. Start from then end first.
Here are a few question to get clear on:
What is your role in your center? Are you working in the classrooms or in the office? Where do you see yourself in 5 years? When are you planning on opening your center?
Do you want to stay home and raise your kids as you earn extra money maybe you have something specific you want to teach to offer a service in your community?
There are so many ways you could go about this but one thing is for sure that before you decide on what type of business you want to open you need to make sure that the type of business you venture off into aligns with who you are as a person, aligns with your goals ,your values and your lifestyle.
Step 2. Financial situation
Where are you at financially right now? Although this does not mean that starting your business is not possible but if you are struggling financially right now is this going to add more financial stress on your family?
Getting clear on that is important when you venture off to open a business. Things are slow at the beginning and you need to be aware of that and make sure you have a backup plan in terms of support. You can also investigate other options such as having a partner, angel investors, crowd funding and of course a business loan.
I started my business with a line of credit and a business partner. I was 24, had no money but I knew that this was my future so I found a business partner to divide the financial burden with.
Step 3. Success Goals
What are your income goals? Are you striving to be making a certain amount of income every single year? Are you striving on opening a few centers throughout your city? Are you happy earning just enough to pay your bills? What does that look like for you?
What does success feel like to you?
Step 4. Decide on the type of childcare business that aligns with you!
After you have answered all these questions then you’re ready to decide on the type of childcare business you envision yourself opening.
Which type of center is best for me?
Types of childcare
Home daycare is a business that you open in your home. This type of business is very common especially for moms wanting to stay home and raise their own children. It is a business that is not scalable, nor does it offer a lot of freedom of time and because you will most probably be the solopreneur meaning you’ll be the owner, educator, cleaner, cook and accountant.
If your values align with freedom of time, being a leader, working on your business rather than in it then venturing off into a bigger business such as opening a childcare (daycare) center or even a preschool may be a better fit for you. This business is extremely scaleable and can offer a lot of more financial freedom.
If you want to offer a specific service in your community such a as a program that teaches a second language, after school care, religious values , programs for kids special needs, or week end or occasional care then opening a child care program that serves a specific part of your community may be a better fit for you!
This type of business is also very scaleable. You may even think of franchising one day!
Whatever childcare business best suits your vision for your life, I hope that you decide to operate your childcare business in a way that offers you everything you envisioned your business offering you!
I can help with setting up systems to make sure your business flows smoothly.
If you are interested in joining my Elevated Childcare CEO online membership community, the #1 business, marketing and mindset coaching for new and struggling childcare business owners.
I'm curious! What type of childcare business best aligns with you and why?