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You want to start a day care but have never taken the bull by the horns? Let us assume you know nothing about the industry except that it involves children and you have dreamed about quitting your job and starting a childcare business. Well, I have just described my own situation 10 years ago before I started the one and a half year research that would culminate in the daycare I run today. Before you go running for the hills in dismay at the research time, allow me to cut short the research time a little with some pointers on how best to prepare for the exciting adventure that is starting a daycare business.
The business plan is, without doubt, the first and most important step. Every successful business starts with a well thought out version thus enabling the entrepreneur (you) to get a clear, overall picture of what your business will entail. This is the vital, unavoidable first step if you are to have any chance of understanding what it takes for your idea to succeed. Many people get to the business plan stage and no further due to a realization that the project is unfeasible for whatever reason. You really want to figure out the viability of your business before you start.
The business plan covers all vital elements of starting and operating a business, introduction / description, benefits, market research, key financial details and conclusion. I found it to be a great checklist of things to do as I worked my way methodically through each of the required steps. It forced me to consider, research and document every aspect of my potential business, propelled me to analyze in detail areas I might otherwise have glossed over (or ignored completely). Like a good teacher it provided the questions and ensured I filled in the blanks. There are many great business plan templates out there and I have listed some that I particularly like below:
www.sba.gov (USA)
www.bytestart.co.uk (UK)
www.teagasc.ie/startingyourownbusiness/template.htm (Ireland)
Next, talk to the experts. Arrange a meeting with your local licensing representative, have them visit your premises and find out what they will be requiring in terms of premises layout, contents, play area and general health and safety issues. Get them to give you guidelines and tips on policies and paperwork. Do not be afraid to ask questions, remember this is the expert and the person who will be granting you a license, so best to have a heads up on what they will expect from you. Prepare in advance of this meeting and come armed with a list of comprehensive questions so you do not waste a great opportunity to absorb as much knowledge as possible.
Some of the best tips, hints and advice that I received while researching my business were from other providers. I actually still attempt to visit other daycares at least once a year to get new and fresh ideas. Existing daycare owners are an invaluable resource for practical advice. Call up a couple of established providers (preferably not too close to your proposed venture, they might not be too enamored of the impending competition!). Most people are delighted to mentor a budding entrepreneur and proud to showcase their business. There is nothing quite like the advice of people who have been there, are doing that and wearing the tee shirt daily.
Be sure and bring materials to take notes while you observe and ask questions. Notice daily routines, room layout and equipment, methods for dealing with behaviors, staff and child interaction, health and safety procedures, hygiene practices, peruse paperwork (ask for copies of the paperwork to help guide you when formulating your own). Get tips on advertising, pricing and suppliers. Attempt to speak to different members of staff and management so you get a good overview. Don't just ask them what they do but also ask for their opinion on how things could be better. These open questions will provide you with an immense wealth of knowledge, all of the practical, hands on variety.
Taking just these three steps and seeing them through to completion will give you a fantastic head start in terms of researching your business. Your confidence in yourself and your ability to achieve your vision will peak and you will be propelled into further positive action. So, what are you waiting for...get researching.
