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

Posts tagged ‘Grants for daycares’

Mastering Your Money in Your Child Care Business

I was inspired to write this blog post after processing my monthly payroll and paying the bills in my childcare business. As I wrote checks to pay my business bills, I realized the importance of cash flow. In fact, when you have cash in your business, you are able to buy the things that your business needs and pay your business debts.

Several weeks prior to paying my bills, I realized that I did not finish processing my food program claim, because I was so focused on getting my center re-accredited.

When I realized that I had not finished processing my food program claim, it was too late to receive my payment in the month of February.  Unfortunately, I discovered that my payment was going to be late and this was going to cause a delay in my accounts payable.

Several weeks later,  I received that my food program payment and I was so glad that I had funds to pay bills. Furthermore, I realized that when there is a cash flow problem, this will cause you to be late paying your bills and it also prevents you from buying what you need for your business.

To assure that you have a constant cash flow in your childcare business I want to suggest the following to you:

  1. Create a monthly budget for your business
  2. Only buy what you need for your business
  3. Never stop marketing your business
  4. When you are not able to pay your bills, make payment arrangements with your creditors to protect your credit.
  5. Be diligent about collecting payments from parents. I suggest collecting payments 2-4 weeks in advance.
  6. Process Subsidized Childcare Payments & Food program claims by the due dates
  7. Always be on the look out for business grants
  8. When parents do not pay on time, charge a late fee.

This is just a small list of ways to master your money, because after all…your money is the lifeline of your business. Moreover, when there is no money; there is no Cash flow!

Do you want to become a master of your money? Are you ready to improve your business management skills? Join the Child Care Center Owner eClub. Join Today!

Are you a home daycare provider? Feel free to check out the Family Home Child Care Business Empowerment Club, where you will be empowered and inspired to manage your money and build a quality in-home preschool.

With Your Business in Mind,

Shiketa

Be sure to check out the video below and I look forward to your feedback about this post……

Category:

Accounting, Budget, Business Management, Child Care Center, Home Daycare

Tagged with:

Grants for Daycare Centers

Photo Credit

The top question that  many childcare care business owners ask me is:

” Do you know of any grant opportunities.”

Having access to grant funds has many benefits, including:

  • Having  funds to expand your childcare business
  • You will be able to purchase needed equipment and materials
  • Funds for Professional development & Training
  • Making needed Physical Improvement to the building
  • And many other improvements to your childcare business without borrowing money

If you’ve ever had the opportunity to apply for a grant for your childcare business, you may have noticed that it is a very competitive process.  When a grant opportunity becomes available, there may be thousands of childcare businesses applying for the same grant and only a handful of providers will be awarded the grant.

I know from experience that the grant writing  and selection process may not seem fair to providers who are in desperate need of funds for their childcare business. In fact, I wish  there were more grant opportunities available each year to help to improve current childcare businesses and not just for new childcare business start-up.

If you are a childcare business owner, I’m sure that you may agree that the income that you receive from parents or from subsidized childcare payments, is simply not enough to make needed improvements for your business throughout the year. Moreover, there is usually very little funds left over to purchase new learning materials as often as you desire.

According to Sarah Norris of Total Child Care in Wilmington, “For profit centers, grants are almost nonexistent. It’s very hard to find many grants that are for profit centers and so you have to be very astute in trying to find ways of raising money for your center because you cannot charge parents what the true cost of quality is.”

Check out this video of Sarah discussing Grants for Daycare Centers:
Grants for Daycare Centers: How to Own a Daycare | eHow.com.

Shiketa Morgan

Recommended Training: How to Effectively Manage your Child Care Business Budget

Category:

Administration, Finances, Grants

Tagged with:

Tag Cloud