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If you have decided that a home based daycare facility is not for you, there are a few options which you can adopt to start up your own daycare centre.
Brand new daycare start up
You can consider setting up your daycare facility from scratch. You’ll need to do a lot of home work and put in a lot of effort and hard work in the preparatory stages. However, the process can be very fulfilling and you can derive great satisfaction from its successes. This website would have equipped you with some useful information to get you started. Visit the Resources page for some books on curriculum development.
Buying over an existing daycare centre
Before committing to buy over an existing daycare centre, there are a few issues to take into consideration:
Condition of the centre
You need to assess the physical condition of the existing daycare facility. Take a good look at the condition of the premises (are minor renovations required?), the state of the company assets (is it reusable?), assess the location (is it ideal?), ask to look at the accounts and the lease agreement, etc.
Business of the centre
How is the existing daycare business doing? Is enrolment stable or shrinking? Take a look at the financial statement of the business to assess the financial health of the business.
Survey their customers to understand them better. Find out if the parents are happy with the current services that are being provided. What is the reason(s) their children are still enrolled in the present daycare facility?
The centre's competition
Gather as much information as possible about their competitors. Find how many daycare facilities are there within a 500 meters from you. Know what are their charges and preferably how many children they are caring for. Are they successful?
Any legal issues
Ensure that all the legal aspects such as contracts, agreement, licenses, creditors, etc can be easily resolved.
Buying a daycare franchise
You can consider buying a franchise from a daycare franchisor. There numerous benefits which can be gained from purchasing a daycare franchise as opposed to a brand new start up or purchasing an existing business:
- The chances of success, although not guaranteed, are good.
- The daycare franchisor would have established a set of proven practices and operations. Training will be provided and as a result of transfer of management expertise, the learning curve of running a daycare facility will be significantly shorter.
- You can make significant savings such as cost of developing a curriculum and marketing as the franchisor usually would assume some marketing function in raising brand awareness.
- The franchisor will act as a mentor and should there be any uncertainties, you can always turn to the franchisor for advice and support.
However, there can be some disadvantages in purchasing a franchise:
- The franchise fee can be quite prohibitive and you will be required to pay a percentage of your monthly earnings to your franchisor.
- A franchisee is more of a managing director than an owner. The daycare business, whilst yours, is also not completely yours. You will be required to adhere to strict operational procedures and campaigns of the franchisor and sometimes, such standard procedures or campaigns might not necessarily suit your present situation.
- The training program might not be of good quality and support services might not be sufficient.
RELATED ARTICLES
Attracting the right job candidate for your daycare centre.
Is buying an existing daycare centre the best option?
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RECOMMENDED BOOKS
A step-by-step guide on setting up and running a daycare. It includes daycare forms, business letters, worksheets, etc
Manage ALL of your daycare center children, parents, and business operations from ONE user-friendly software package
A blueprint for Success with all the secrets to creating your daycare cash-flow machine on a shoestring budget!
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