The Risks of Starting a Childcare Provider Business – If you’ve been thinking about opening your own childcare provider business, we’re not blind to the risks! In fact, you can learn more about how COAD4Kids – New Philadelphia will help to ease the risks for your new business venture right here on Newsymom!
Starting a child care provider business is no small feat. It requires time, money, and can be quite stressful. The amount of time you have to put into it will depend on a variety of factors! From the beginning, COAD4Kids – New Philadelphia will be there to make sure the stress is as minimal as possible!
Let’s get into some of the risks of opening a childcare business:
There are startup costs
Starting a childcare provider business will require you to incur startup costs. These include:
- Equipment and supplies, including cribs, changing tables, toys and books.
- Insurance coverage for your facility as well as any employees who work there.
- Legal fees if you’re incorporating your company or forming an LLC (Limited Liability Corporation).
You may also need an accountant if you want someone else to handle the bookkeeping side of things for you–and even if not, they can help with tax preparation so that everything is done correctly when it comes time for filing taxes each year!
Worrying about funding your business
One of the biggest risks of starting a childcare provider business is the regular worry about funding your business. This is a constant stressor, but starting your business at home lowers any costs associated with opening a child care center elsewhere! (Also, Governor Mike DeWine passed legislation to give us more funding in our childcare sectors last year!) While you can apply for grants and loans through local, state and federal organizations, these are limited in supply, so it’s important to have other ways to fund your business if you’re ever in a pickle.
One option is to get loans from banks or credit unions; another option would be to ask family members or friends for help with financing. You can also consider finding a business partner who will share some of the costs associated with starting up your child care center with you.
As a childcare provider, you’re going to have a lot on your plate. You’ll need to deal with children and their families every day–and that can be stressful. In addition to the emotional toll that comes with working with children and their parents, there are many other factors that can make starting this business a challenge:
- You will be working long hours. Even if you work 40 hours per week (which is not uncommon), it’s important that you create time for yourself in order for this job not to take over your life completely!
- Dealing with so many different people on a daily basis takes its toll on anyone who isn’t used to dealing with others all day long…and as an entrepreneur trying out new things while running a business all by yourself? It might be even more difficult than usual!
Combat these two problems by knowing how much you’re willing to work, take on clients that you feel comfortable taking, and do LOTS of regular self-care!
Starting a child care provider business has many risks, but it can also be rewarding.
Starting a child care provider business can be rewarding, but it also has its risks. The benefits of starting your own child care provider business include:
- Making money while helping people
- Working with children
- Making your own schedule
Starting a child care provider business is a risky venture, but it can also be very rewarding. You have to consider the risk from all angles. Just know that if this is a path you’re about to embark on, COAD4Kids – New Philadelphia is here as a free resource to get you started!