You have had a rich experience in babysitting
and now intend to start a daycare business. But you wonder if you are better off being an entrepreneur or employee? To determine
if you have what it takes to be your own boss, you’ll first need to understand what are some if the issues a daycare
businss owner might face. Here are some
of the dilemmas day care business owners face.
Cash vs. control
Contrary to many beliefs, running
your own daycare business might not necessarily be more lucrative than working for someone. The truth is, many daycare business owners venture out not out of a profit motive. Many do
it out of the need or desire for control. They want to grow and control a new venture and they enjoy the independence. They
want to have more control over their decisions and future. They enjoy the financial independence.
Passing the baton
Many
daycare business owners don't develop a succession plan because they don't think anyone can fill their shoes. That’s
a mistake many entrepreneurs, not just day care business owners, make because they find it very hard to let go. However,
grooming a successor is a key step in planning for the future of the daycare business.
Growing pains
Once you’re on
to something really good, the dilemma is two-prong. Firstly, the founding daycare business owners need to decide if he should
grow or not to grow and at what rate. Do you grow slowly, and build brand recognition with the risk you don't go fast
enough to ever build your brand? Or do you go quickly into it, without brand equity? And if you decide that it is important not to miss the ride and grow, you need to determine
if you wish to do it all yourself or perhaps it’ll make more sense for you to license the idea to another entrepreneur
or established company. That is not an easy decision to make.
The second dilemma is to determine if it’s time for someone else to take the reins. Sometimes,
day care business owner or the person who started a business isn't necessarily the best person to steer it into the big
leagues.
The
dilemma of partners - Can’t live with them, can you live without them?
Many daycare business
owners deliberate of whether they should go at it alone or they should do it with a partner. I am sure that many of us have
heard horror stories of how the ventures fall apart because of partner’s disagreements. A partnership is just like a
marriage. Communication is key.
The
value of partnership is it offers you an additional avenue to tap on another person’s creativity, contributions, talent,
networks and even funds.
The dilemma of ethics
How often do we comment that Company ABC lacks integrity in
conducting business? As a day care business owners, you’ll be faced with many of such situations. Many daycare business
owners grapple with the dilemma of ethics/honestly vs. survival. If you were to be put in such a situation, which will you
choose?
