Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

 

The Definition of the Law of reciprocity: When someone gives you something, you feel an obligation to give something back.

Many businesses have implemented this law into their business and this is why you will see ads with the following statement“Try it before you buy it, claim your free gift or take a trial run.”

Also, when you browse the web, you will find many websites that offer a free gift for their visitors. Offering a free gift to potential customers is a great way to gain influence and increase your chances of closing a sale or in childcare terms……Building Enrollment!

When I first discovered the Law of Reciprocity I introduced the Law of Reciprocity to the members of my 21-Day Mastermind e-Club and I immediately decided to offer a free gift to parents who visit my center.

After implementing the Law of Reciprocity in my childcare business, I saw an increase in enrollment. In fact, every parent that I gave a free gift to…. enrolled their child.

Today I want to inspire you to implement the Law of Reciprocity in your childcare business. Here are three ideas on how to implement the Law of Reciprocity;

  1. Offer a Free Gift upon touring the program, such as; a toy or a book from the dollar store or  even a home-made gift.
  2. When parents join your email list on your website, create and offer a free e-book. You can create a simple 3-5 page e-book using Microsoft word on your computer on the one of the following topics: parenting, activities at home, how to choose quality childcare, etc. Be sure to add your website and phone number to the last page of the e-book.
  3. Offer a Trial Day! Let them try it before they enroll.

As you begin to implement the Law of reciprocity, keep in mind that when you offer something free, you increase your chances of building enrollment!

For more business management tips, I invite you to subscribe to my 7-Day Child Care Business Management eCourse. Click Here

To Your Success,

Shiketa

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To be sure that you are prepared for tax time or in the event of an audit, it is vital that you effectively manage and maintain your tax records. Every year at the end of the year, I take a look at how I have been keeping track of my business income and expenses for tax purposes.

In fact, I perform a personal audit by reviewing my bank statements, check books and reviewing the receipts that I have filed away in my records.

According to the Internal Revenue Service, after you file your tax return you will have many records that may help document items on tax return. Moreover, you will need these documents in the event your return is selected for examination. Here are Four easy ways to manage your record keeping:

1. Use manila folders or 3-ring binders to keep track of business expense and tax records for the current year. Be sure to create a folder for: income, business expenses, payroll, quarterly tax returns, Business loans,etc.

2. Store a way all old tax and personnel records and keep them for up to 10 years.

3. Store all personnel and records with sensitive information such as; social security numbers in a locked file cabinet.

4. Get a back-up system and invest in a computerized bookkeeping software to keep track of your income and Business expenses.

For more record keeping tips, click here.

Shiketa

For more business management tips, subscribe to the 7-Day Child Care Business Management eCourse, click here.

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