So you’ve decided you’re going to start your very own child care business, now all you need to do is draft up a business plan. This highly important first step is the key to your success later on down the road. By performing research ahead of time, understanding exactly what steps you’ll have to take along the way, and planning for your growth, you’ll be well on your way to launching and operating your new business!
Licensing & Regulations
Before you take any steps towards setting up your child care business, take the time to understand the center licensing guidelines and regulations that will apply to you from your local government. Make sure that you will be able to obtain the necessary licensing for your facility.
Assess the Need for Child Care
Is your area currently under-served when it comes to child care? Interview families to get a feel for the type of child care center services they might be interested in. Use local population and demographic data to discover the ages of families in your area so you can better understand current and future child care needs. Are there a lot of young families? Are new housing developments popping up with preschool-aged kids?
Analyze the Competition
Perform research on the current centers and dayhomes in your area. Consider how you will differentiate your services from the rest in order to attract families. What are they offering? What are they not offering? What can you do better?
Define Your Target Market
In any business plan, you need to do research to identify exactly who your target market is. As a potential child care provider, your target market will be parents and guardians who require care for their children, and are likely part-time or full-time workers who live in your community. Try to create a “persona” of your typical customer, including their age, interests, number of children, income, location and more. This will help you later on as you develop your marketing plan.
Create a Budget
This is undoubtedly one of the most important parts of your center business plan. Carefully developing your budget is essential before you dive into your new business. Write out in detail your expected cash flow versus your expenses, and don’t forget to plan for unexpected costs. Consider start-up expenses, annual expenses, and monthly operating expenses.
Design Your Marketing Plan
How will you attract your customers? Will you advertise online, or in local papers and directories? Which community events will you attend to boost enrollment? Detail how you will bring in families and their children to your business through a variety of marketing tactics tailored to your target market, which you’ve already defined.
Looking for a great way to set your new center business apart from the rest? Consider investing in a child care app. HiMama makes it simple to stay in constant communication with parents, sending them daily updates and photos of their child. Offering advanced technology and communication methods can truly give your new business an edge over the competition! Contact us today to find out how HiMama can become part of your center’s business plan.
What should you keep in mind when creating a business plan for your ? Join the conversation at @HiMamaSocial and make sure to sign up for updates from our HiMama Blog for updates on similar content in the future!
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