Figuring Out My Prices to Charge & Need Help

[MissLisa08]

I have an idea of what I want to charge but need some advice or input. I'm going to try and get filled up with full timers, however I've seen that part time care is often needed by parents. So I want to have part time prices set up in case it's a higher demand then full time. Here is how I am planning to charge. Let me know if it sounds good. (Just asking if price difference for full & part time is good)
200 week full time 5 days 9 hrs
170 week part time 3 days 9 hrs (set days)
140 week part time 2 days 9 hrs (set days)
Example for part time 3 days m-w-f
Part time 2 days t-th
Thanks for reading this and giving feedback

[Cat Herder]

I based my tuition on my personal financial needs. Will those rates allow you to pay your monthly bills, insurance, retirement and build an emergency fund?

[Msdunny]

I set my tuition as per day x number of days needed. So $45/day x days needed. That rate then become their permanent tuition, even if they don't use all the days. Part time (less than 4 hours/day) is $25/day.

Does that help?

[Ariana]

I used to charge part time rates and charged per day needed. Those days could not change. So $52 per day x days needed. I also only had part timers and they all came on the same days so I was working less.

Now I charge full time rate no matter what unless it is convenient for me. I am working 5 days a week so I get no benefit from having part timers.

[MissLisa08]

I'll definitely go over all my monthly bills and see if what I'm charging is actually going to be making a profit. I only want full time children but I know I'll have parents ask about part time. I just want to have numbers ready so I don't have to say let me figure this out. Part time kids would be only if I can't find full time kids. Thank you 3 for replying and letting me know how you charge.

[jenboo]

$250/week for 5 days
$55/day for part time (1-4 days).

I looked at what centers were charging and how high the need for care is.

[Cat Herder]

Originally Posted by jenboo

$250/week for 5 days
$55/day for part time (1-4 days).

I looked at what centers were charging and how high the need for care is.

It is crazy how different pricing in other areas can be. Your rates are my rates for two kids, and I do pretty well.

[Annalee]

Originally Posted by Cat Herder

It is crazy how different pricing in other areas can be. Your rates are my rates for two kids, and I do pretty well.

It amazes me what my county charges, then the county up above me nearly doubles and the next county after that increases greatly as well. Most of my clients work in these neighboring counties but live here because it is cheaper to live in this area. While their daycare is cheaper than in the county they work in, I get paid 52 weeks a year with all my days off. I think that might be why that is accepted so well from my clients???? I do think I get a good clientele this way! Just my opinion!

[rosieteddy]

I think your tuition is fine,As previous poster said "as long as you can make a profit".I would charge 250. full time then add 225 -4 days, keep the other 140 -2 days,180.-3days.Just a little more.They would have to work around my schedule.I did get it to work that two families shared the week.One year I had Fridays off ,it was great.

Originally Posted by MissLisa08

I have an idea of what I want to charge but need some advice or input. I'm going to try and get filled up with full timers, however I've seen that part time care is often needed by parents. So I want to have part time prices set up in case it's a higher demand then full time. Here is how I am planning to charge. Let me know if it sounds good. (Just asking if price difference for full & part time is good)
200 week full time 5 days 9 hrs
170 week part time 3 days 9 hrs (set days)
140 week part time 2 days 9 hrs (set days)
Example for part time 3 days m-w-f
Part time 2 days t-th
Thanks for reading this and giving feedback

Just remember, your hourly pricing for part-timers should be higher than for full-timers.
Fewer hours a kid is in your service higher should be an hourly rate for him.

[MissLisa08]

Originally Posted by rosieteddy

I think your tuition is fine,As previous poster said "as long as you can make a profit".I would charge 250. full time then add 225 -4 days, keep the other 140 -2 days,180.-3days.Just a little more.They would have to work around my schedule.I did get it to work that two families shared the week.One year I had Fridays off ,it was great.

Thank you for your example 😊

[MissLisa08]

Originally Posted by Unregistered

Just remember, your hourly pricing for part-timers should be higher than for full-timers.
Fewer hours a kid is in your service higher should be an hourly rate for him.

Thank you 😊 yes I will keep that in mind. So glad I have people that can help out with these uncertainties

[MissLisa08]

Originally Posted by Annalee

It amazes me what my county charges, then the county up above me nearly doubles and the next county after that increases greatly as well. Most of my clients work in these neighboring counties but live here because it is cheaper to live in this area. While their daycare is cheaper than in the county they work in, I get paid 52 weeks a year with all my days off. I think that might be why that is accepted so well from my clients???? I do think I get a good clientele this way! Just my opinion!

This is kind of what it would be like for me. We live in a smaller town but everyone commutes to a higher paying area. Childcare over there is double what I'd be charging

[jenboo]

Originally Posted by Cat Herder

It is crazy how different pricing in other areas can be. Your rates are my rates for two kids, and I do pretty well.

It is!
Our wages are super low and everyone has been moving here making our COL higher than most can afford.
I actually am the second highest when it comes to tuition with just one center that charges more. I only take kids 0-24 months and there is a high need for infant care. Due to the niche I found, I can charge a lot... but with our COL, I'm still barely making it.

[Cat Herder]

Originally Posted by jenboo

It is!
Our wages are super low and everyone has been moving here making our COL higher than most can afford.
I actually am the second highest when it comes to tuition with just one center that charges more. I only take kids 0-24 months and there is a high need for infant care. Due to the niche I found, I can charge a lot... but with our COL, I'm still barely making it.

That is exactly what is happening just two miles from me, in the city limits. People are buying up farms and building apartments, condos, and subdivisions driving up housing costs. I am still county and have owned for a while, now. I could not start back up here. 2 bedroom apartments are going for what I pay monthly for my mortgage with 7 acres.

[MissLisa08]

Originally Posted by jenboo

It is!
Our wages are super low and everyone has been moving here making our COL higher than most can afford.
I actually am the second highest when it comes to tuition with just one center that charges more. I only take kids 0-24 months and there is a high need for infant care. Due to the niche I found, I can charge a lot... but with our COL, I'm still barely making it.

Same situation with where I live. I'll call around tomorrow and see what centers are charging in my area. I've only tried to see what other home daycares charge.

[MissLisa08]

Originally Posted by Cat Herder

I based my tuition on my personal financial needs. Will those rates allow you to pay your monthly bills, insurance, retirement and build an emergency fund?

I'm running the numbers tomorrow and I'll figure out how to make sure I'm making a profit. And I definitely need to be able to put money away. Thanks!

[MissLisa08]

[quote=Msdunny;711434]I set my tuition as per day x number of days needed. So $45/day x days needed. That rate then become their permanent tuition, even if they don't use all the days. Part time (less than 4 hours/day) is $25/day.

Does that help?

[MissLisa08]

Originally Posted by Msdunny

I set my tuition as per day x number of days needed. So $45/day x days needed. That rate then become their permanent tuition, even if they don't use all the days. Part time (less than 4 hours/day) is $25/day.

Does that help?

Yes it helped & thank YoU