Do you have plans to expand your Child Care Business in the near future? Are you afraid of expansion? Don’t know where to start?
If you answered yes to the questions above, this post is for you!
As you may already know, I expanded my Family Home Child Care Business into a Center in 2003 and in 2014 I expanded again!
My Dream Location!!
On December 1, 2014, I moved into my Dream Location. 6,000 square feet with a large playground and very large classrooms. I could not have asked for a better location.
As I went through the expansion, many providers asked me How I did it. In fact, the top question that I received was, How much did it cost?
Today, I want to share 4 Expansion tips that I believe are a crucial part of the expansion process:
1. As you apply for finances for the expansion, be prepared to issue (2 years) of financials or profit and loss reports to your bank or lender.
2. Be prepared to write a Lease proposal if you really want the building.
3. Before moving into a new location, check the license records on that location (if the building was previously licensed for childcare, particularly the enrollment numbers.) This is a great way to assess the need of the location.
4. Complete a start-up budget for full capacity and a budget that reflects being only filled to 50-60 percent of the capacity. This method will give you a realistic view of how much money the Center will make.
For more Expansion or Start-up Tips, Download a Copy of my Child Care Business Expansion Guide Today!
If you need Start-up or expansion coaching, contact me today! click here
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