It’s hard to start a business, and the numbers for new businesses prove that. About 50% of all businesses close down before they reach the five-year mark.
Despite that outlook, it’s still a great time to start a business. Owning a daycare business in particular offers a lot of advantages.
Are you ready to learn why you should start a daycare business and how you build a business?
Let’s see what you can benefit from by having your own daycare.
1. There’s Money in the Market
If you’re going to start a business, you want to start one with tons of opportunities.
The daycare market is poised to grow 11% annually between now and 2022. It will be a $520 billion industry.
2. You Help Families
Families struggle to make ends meet and most parents work more than one job. At the very least, both parents are working.
One of the biggest challenges for working families is to find quality childcare for kids before they start school. You’re providing a true service to many families, giving them relief from the stress of caring for the little ones.
3. Impact Children
One of the most rewarding parts of owning a daycare is the impact you have on children. You can make children feel cared for and heard outside the home.
You can give kids skills and confidence that stay with them for years. You can work with kids and see them grow.
4. Tax Advantages
There are tax advantages in owning a business that you won’t get as an employee. You can write-off all of your business expenses, including supplies.
If you use your home for your daycare center, that part of the home that’s used can turn into a write-off as well.
5. Earn Extra Income
In some cases, you may want to keep your daycare business small so you can earn an extra income.
You can do a lot to supplement your income or your family’s income. That can make a big difference in the quality of life you enjoy.
6. You Set the Terms of Your Business
You can be your own boss. That means you decide how your daycare functions. For example, you may decide that you work with kids ages 2-5.
You decide the hours you’re open. You decide how many kids you can work with and what you do during the day.
7. Learn About Many Topics
Owning a business means you’re constantly being challenged to earn and grow. You not only continue to learn to be better at your work. You learn how to be a better business person.
You’ll learn about marketing, business operations, and so much more.
8. Hire People to Work for You
You may decide that you need to grow or cut down your hours a bit. There’s only so much that one person can handle.
You can hire people to work for you. That gives your daycare the ability to handle more kids and you the ability to step back and create passive income.
9. You Can Put Your Educational Expertise to Use
Did you go to school to get an education degree? You may have quickly discovered that your options are limited. Teachers are under political pressure to accept meager pay to educate kids.
As a teacher, you work long hours for less money, you pay for your own lessons and supplies on top of that. In many cases, teachers have to get another job to pay the bills.
Owning a daycare business is a risk, but you are in control of the whole process, including how much you make.
Starting Your Daycare Business
How can you get your business started? Well, you have to figure out a few things. The first is how you’re going to run a business.
You can run a business out of your home or you can buy a franchise or existing daycare business. These options will require different approaches and financing.
If you run a business out of your home, you want to make sure that it’s safe for kids and you have a space large enough for several kids to run around and play. You also want to make sure that you have the proper licenses to operate a business out of your home.
Choosing to buy an existing business can be a good start, but it requires more overhead. At the same time, you have the clientele that already depends on your business.
You want to make sure that the business you buy already has a good reputation, which you can do by going to Childcare4Sale.
You’ll also need to have a deep understanding of your target market, the kids you want to work with, and how to market to their parents.
Financial acumen is an important part of owning a business. Most businesses have to shut down because they don’t have enough cash flow to operate during tough times.
If you know very little about managing finances and create financial projections, learn to do so. Take an online course for free. Enroll in your community college for a couple of classes.
If you don’t do that, then it’s in your best interest to hire a bookkeeper to help you manage finances.
Fulfill a Lifelong Dream of Owning a Daycare
If you ever dreamed of owning a business, now is your big chance to do so. It’s a leap of faith to become an entrepreneur, but you can start a business in a strong industry like daycare.
There are a lot of advantages to owning a daycare business. You have tax advantages, it’s a great industry. On top of that, you help families and impact the lives of kids.
Do you want to learn more about starting a business? Browse this site for the latest tips in business and marketing to get tips on building a strong business.
