6 Factors That Could Impact The Success of A Business Working with Children
If you are running a business working with children, the success of your program will depend greatly on a few different factors.
After having owned my own childcare service in the past, I've compiled a few thoughts that I feel impact the overall success of a childcare business and other early childhood development programs.
1. Are you ready to run a business?
Business ownership isn’t for everyone. Yes, you may be doing what you love with the flexibility that you were looking for, but there is much more to it than that.
As a business owner you are responsible for the marketing, employee management, training, bookkeeping, accounting, etc. of your business. Add these responsibilities to the daily operation and it can get to be a lot for just one person to handle, but don’t let that stop you from moving forward! Delegating or outsourcing what you can will ensure your program runs smoothly so you can focus on the core reason you started your business in the first place.
A few other things to consider when opening a business in this industry include where you will operate (private residence or center-based), licenses/certifications required, what kind of hours you want to dedicate to the business, what services you will provide (age groups, curriculum, transportation, meal plans), etc.
2. Demand in your community
First of all, you don’t have a business in the early childhood industry if you don’t have children to work with. Whether you’re just starting out or are already established, it’s very important to understand the demand in your community. Do some research. Find out what facilities are available near you. Do they have a wait list? Talk to parents, post a survey on a community board, check out social media groups, and browse childcare related forums online to become familiar with what the needs are in your area.
3. Rate/Tuition
Understanding the relationship between what you need to charge and what families are willing to pay can be tough. Charge too much and families won’t be able to afford your services. Charge too little and you won’t make enough money to operate. Find out what other centers/providers are charging in your area, keeping in mind your expenses. Again, talking with parents or posting a survey on a community board is a good way to get the feedback you need regarding what families are willing/able to pay. Once you have this information you will be better able to decide what will work best for you and your program.
4. Communication
Whether it be daily reports, a weekly or monthly newsletter, phone calls or emails, meetings in person or all of the above it’s very important to establish an open and trusting relationship between the caregivers/teachers and the families in your program and encourage consistent communication from the beginning.
5. Recordkeeping
Registration forms, contracts, policies and procedures, enrollment records, lesson plans, daily reports, emergency medical authorizations and procedures, child assessments, accident reports, permission slips, receipts, invoices, etc. There is a lot of paperwork and recordkeeping involved in the early childhood industry and some parts require more attention and take longer than others, but it is extremely important to keep everything organized, available and up to date. Delegate or outsource when you can to be sure that no details are missed and all bases are covered.
6. Passion
Chances are that if you started a business working with children that you have a passion for children. Don’t forget that! YOU play an essential role in the growth and development of each child in your program and they will carry the experience that you provide for them for the rest of their life.