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How to Figure Out If It’s Time to Expand Your Child Care Business

If you get a call from at least one parent every day who’s interested in enrolling their child at your child care facility, it may be time to expand your efforts. Expanding may mean that you’ll need to move to a different facility that’s larger, and it may mean that you’ll need to hire new staff members. Calculate how much it will cost to move to a new place of business and how much it will cost to hire new staff members. Then calculate how much of a profit you’ll be able to make from each new enrollment.

Sometimes expanding may seem like a good idea, but it isn’t always necessarily. You can end up actually losing money if you expand too soon and don’t have the right number of kids enrolled as you expand. If you feel as though growing your business is the best idea for your particular situation, you may need to consider raising your prices. This, unfortunately, could mean that you may lose the business of some parents, and you might not attract as much business. Consider your clientele’s needs and financial limitations before you raise prices in order to expand.

As you can probably tell, there is some risk associated with growth. However, whenever there’s risk involved in business there’s also the opportunity for significant profit. You may need to step up your game in terms of marketing efforts if you do decide to grow. Additionally, you’ll likely have to spend some time recruiting new employees, which can be fairly time-consuming. If you already have a fairly well-established child care facility, the work associated with growth probably won’t be unmanageable.

In these tough economic times, the number of stay-at-home and work-at-home parents is on the rise, which means that interest in child care outside of the home is on the decline. However, there will always be a need for child care businesses. If you think there’s enough interest from parents, expanding could be one of the advantageous things for you. Ultimately, your particular situation will determine what’s best. Just remember not to make any rash decisions, trust your gut, and make sure you calculate the costs associated with expanding versus how much profit you’ll be able to make as a result of your business’s growth.

About Guest Author: Carolyn is a guest blogger about small business marketing who helps people get the right order management software that will work with Shopify, 3dcart, and BigCommerce.

Recommended Resources

10 Steps to Starting up a Child Care Business

21-Day Mastermind eClub

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Business Expansion, Business Management, Child Care Center

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Myra Saboor is Preparing to Expand Her ChildCare Business

Myra Saboor recently subscribed to the Going to Another Level Mastermind e-club because she has a vision to expand her business and she wants to leave wealth to her children. Read Myra’s inspiring story below.

Myra’s Background

In 2001, I enrolled in a local micro-enterprise program called WESSP (Women’s Economical Self Sufficiency Program) sponsored by the Center for Black Women’s Wellness. Prior to becoming a business owner, I worked full time retail in the craft & hobby industry as a store manager, craft specialist and education specialist.

Myra’s Desire

My desire was to combine my skills and create a business. After attempting several business opportunities, the child care business was the best match. While employed, I researched family child care in Georgia. I attended a workshop entitled: How to start a family child care business in Georgia; sponsored by the local R&R Service.

The workshop gave me an outline on how to create my business. From there, I joined a local association, networked with local providers and established my business adhering to the rule and regulation requirements with the state. In July of 2007, I enrolled my first toddler. Since 2007, I was awarded “Home of Distinction” in Georgia, Nationally Accredited through National Association of Family Child Care, have obtained my CDA, and current officer with Southside Providers’ Association.

Myra’s Expansion Goals

My goals are to expand my family child care to a group home, serving 7-18 families, and open a center. I want to increase my level on income by serving more families. I desire to create employment opportunities for the community and leave a legacy of wealth for my offspring.

~Myra F. Abdus-Saboor

Are you ready to expand your business? If so, Join Myra and many other childcare business owners that have a vision to expand their childcare business, subscribe to the List today!

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Business Expansion, Family Child Care, Featured Child Care Business, Home Daycare

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