How to increase your home daycare profits

Want to make your home daycare more profitable-Today, I want to help you out if you are struggling financially. Although you might prefer I mail you a cheque, or give you a winning lottery ticket to cash in, this may even be more helpful. You see, once that money would be spent, you'd still have an unmet need. If you learn and apply these principals, I hope to teach you how to make more money. In another article, we'll look at how to spend less of it, so the end result will be that you will have more. In order to maximize your profits from your home day care, you need to find ways to increase your revenue, and decrease your expenses. Some of the suggestions are probably things you are already doing. And, not every tip will work for you. However, I hope you will find a few new ideas that will inspire you today, so you'll see more money come into, and stay in, your pocket.

There are a number of things to consider to keep all your spots full and increase your income.

  1. Review your daycare advertising both for content, as well as location.

    Ensure you are doing it effectively to get the results you desire. This point, and the following one, are so important, that I have written a separate article on this.
  2. Realize the importance of networking and cultivating relationships.

    This is important all the time, not just when you have spots to fill. If you haven't already read my blog article on this, I highly recommend it.
  3. Improve the appearance of your home to make it look more attractive to potential clients.

    This may include things that cost a bit of money, but will likely result in potential clients choosing you, and therefore increased income. This may include minor renovations or interior decorating, purchasing new toys or playroom items, etc. However, it can also be things which cost absolutely no money such as de-cluttering, cutting the grass, and cleaning the house.
  4. Take on some Part-time or temporary clients

    Consider taking on some part-time or temporary clients to fill openings until you can find permanent Full-time clients. It is better to have some additional income than nothing.
  5. Look for opportunities in your community and fill the need.

    Perhaps it is overnight care, weekend care, or before and after school care. Maybe it is preschool enrichment for children of wealthy mothers who need a break or want to go to a nearby spa, or a reduced rate for moms on welfare when they take their other child to medical appointments or go to the food bank. These are just a few ideas. Think about the calls you receive and the conversations you've heard from parents. What are the unmet needs in your area?
  6. Always do the very best you can when caring for children.

    When you strive for excellence, people will notice. You will be able to share with honesty and integrity when you tell people about your typical day and how you handle discipline issues etc. Potential clients will notice the way you treat the children in your care when you are at the park or other outings. They may ask if you have openings. Current clients will be happy to refer you to their family and friends. Also, your references will reflect the awesome care you give.
  7. Always have written contracts which state in writing the key policies and financial agreements.

    This will set the tone that you are running your daycare as a legitimate business, and may decrease the chance you'll get clients who will try to take advantage of you. It should reduce the risk of someone saying they'll start on a certain date and then change their mind. I recommend asking for a 2 week deposit at the time the contract is signed. This is cashed immediately, but applied to the final two weeks of care. I also recommend getting paid on Friday for the following week. Having these policies in place ensure that people will not leave without paying for the required notice.  It is key to have everything in writing, with the client's signature, in the event of a dispute, especially if you take them to court. Consider your policies such as payment when children do not come if sick or on vacation. It will affect your income if you cannot rely on payment every week even if spots are full.
Above, we looked at ways to increase your income. However, if your expenses are not managed well, you will still not be profitable. In another piece, Does Money Grow on Trees? we'll look at ways you can reduce your expenses. Combined with applying the tips above for increasing your income, you should have less stress and fair much better financially. Please comment below and let me know what you think about these articles. Have they been helpful to you? facebooktwittergoogle_plusredditpinterestlinkedinmail

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