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Old 02-24-2012, 07:57 AM
NNOLTING
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Default Starting New Daycare In Bloomfield Indiana

I have been let go from my job of 10 years. I have worked in the corporate world for 23 years and have two college degrees (one in Accounting/one in Marketing) but have decided to form my own destiny and become self employed. I have wanted to start my own daycare for several years and have now completed the requirements for a licensed daycare home. Just wondering if I should really take the leap and open? Realistically how much income will I make? The weekly rates in my are are between $80-$90 for preschool/full time school age children and $110-$120 for infants. I will be working alone in the beginning, however my mom has went through all the training as well to help out in the summer. I hope to have 8 to 9 full time children. I made approx. $45,000 per year at my last job. I need to make close to that to keep the bills paid. Any thoughts/suggestions/advice? There are only two other daycares in the area, both are full.
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Old 02-24-2012, 07:58 AM
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Blackcat31 Blackcat31 is offline
 
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Welcome!
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Old 02-24-2012, 08:03 AM
NNOLTING
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Thank you.
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Old 02-24-2012, 08:10 AM
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Blackcat31 Blackcat31 is offline
 
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I am sorry I didn't offer you any advice about the money because in all honestly, the amount of profit you make is so dependent on your area, the going rate, the hours you put in, the amount of money you spend on your business and so many other things. Plus I live in MN and the going rate here is $125-165 per week for full time care. I also don't pay for licensing or inspections and others do. Hopefully, someone from your state can give you a bit more insight on how things work in your area.

I am also licensed for 12-14 children and many states allow less than that so that is also another variable to consider. I run my child care out of a separate home in which I do not live so 100% of everything I do here is tax deductible whereas doing daycare in your own home requires you to use a formula to figure out time/space percentages so you can deduct only what percentages are daycare related.

I hope that helps in some way....
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Old 02-24-2012, 09:00 AM
NNOLTING
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Thanks for the information. I will be licensed for 12 but can only take care of 10 without help. There are no licensing/permit fees in my state. Do you have any regrets about owning a daycare? Any advice for a newby? I hope to run this out of my home one day, but just starting out I'm too afraid to buy a separate house. Are you full most of the time?
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Old 02-24-2012, 09:14 AM
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I have been in the early childhood field for 25 years but only a self-employed child care provider for 20. I have ZERO regrets. I love being my own boss and taking the days off I want. I love everything I do and wouldn't cahnge a thing.

I started because my own son was a high needs kid who was simply not cut out to be in daycare. My kids are now 20 and 23 and both out on their own....but I am still here. My husband and i have no grandkids yet and are enjoying this phase in our lives. Hubs says daycar eis like having grandkids.....you get the good parts and send them to their parents when they good parts get bad.

I am full all the time but in all honesty, I have to say it is because I worked my butt off in the early years of doing this making sure I built a good solid reputation for my business....in other words, I put up with a lot of B.S to learn how to manage this job in a more positive manner. I also learned to never allow someone else's BS to be stepped in by me.....if the problem belongs to someone else's, they have to own it....know what I mean.

If you are interested, PM me your e-mail address and I will send you my policy handbook and you can see what things need to be covered as a self-employed child care provider...... the things we have written rules about are the things than CAN be issues so we have to spell it out so we aren't taken advantage of.

My only real advice is when you do set policies, you have to be firm with them or you will burnout fast....there is a delicate balance between being flexible and firm at the same time. I can't tell you when each provider finds that balance because it is a personal journey but when you do find it, that is when the change from frustrated newbie and seasoned vet occurs.
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Old 02-24-2012, 10:32 AM
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Countrygal Countrygal is offline
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Welcome to the forum! I have only been open about 5 months this time around, so have no advice on the income end of it. I can't imagine making that much caring for children in the home, but honestly, in our state we are limited to a maximum of 8, depending upon the ages and the rates are about the same as yours. The math is simple enough to do. As I figure it, with 8 children full time at 100 a week it's under 42000 a year. And all expenses have to come out of that. Expenses are significant - just toys and supplies let alone food.

It sounds like you are in a somewhat better area than I, so there is probably more potential for you. Hope it all works out!
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Old 02-24-2012, 11:24 AM
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Welcome
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Old 02-24-2012, 06:10 PM
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I've got no advice, but just wanted to say welcome to the site!
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