Childcare business monies woes are usually caused by not understanding the numbers - and that's ok!
Being a childcare business owner can be challenging at times. The overhead that comes with operating a childcare business can be overwhelming. From Mortgages/Leases, payroll, payroll taxes, utilities and maintenance. This business requires childcare business owners to stay within budget to run their business successfully.
There are ways to help your childcare business stay within budget. Taking the time to really understand finances can help your business grow. In our Childcare Business Mastery program we have expert training on a budgeting particularly for childcare business owners to see their money.
3 secrets to childcare business budgets are;
- Are your your childcare tuition rates correct? Many childcare business owners have not really investigated why they have chosen the pricing that they have. You must know that your rates make sense. Do your due diligence to make sure your business is operating in financial order.
Somethings to consider are ;
- Your mortgage/ lease amount
- Staffing for the class
- Location
- Get 3 quotes before you hire! Get into the habit of getting the best price for your childcare business. Cheaper does not always necessarily mean better but understanding what you are getting is also important. Many times we get vendors from word of mouth but not realizing that we could so much better quality if we would just shop around.
- Work with a knowledgeable financial partner such as a CPA, Tax Strategist, Accountant. Find professionals that can help you. Someone who is going to dig into your financials and give you the view and education you need to grow your childcare business. Your business depends on this, and you need this so that you can understand your business.
In order for your childcare business to grow you will have to make some sacrifices. You will get further in your business by getting your financial house in order. Your childcare business can open many doors for you and your family.