I hope all is well. Going to college for early childhood education is a great start
to owning your daycare, however, you will need to obtain certain credentials
depending on your state and doing the following listed below will help you to
run your daycare business successfully.
📍 Create a daycare business plan
📍 Find a location for your daycare
📍 Get insurance for your daycare business
📍 Prepare your daycare facility (equipment, safety, etc)
📍 Develop policies and procedures to maintain order and safety
📍 Hire staff to help you run your daycare
📍 Invest in child care software
I hope that these suggestions are helpful, I wish you well with your business!
I would also recommend a minimum of basic business and finance courses.
Forbes tells us that "roughly 80% of small businesses survive the first year. That number might be surprisingly high to you, especially considering the commonly-held belief that most businesses fail within the first year. However, from there the number falls sharply. Only about half of small businesses survive passed the five-year mark, ranging from 45.4% to 51% depending on the year the business was started. Beyond that, only about one in three small businesses get to the 10-year mark and live to tell the tale. All this might sound discouraging. But, by identifying the primary causes of small business failure, adjustments can be made to allow you to place the odds in your favor." (https://www.forbes.com/sites/forbesfinancecouncil/2018/10/25)
The top two reasons are 1 - They do not properly identify the market need - ok everyone needs day care but what will get the market to your establishment over another? and 2 they do not have the amount of capital required to weather difficult times.(This is where the business and financial classes and money management comes into play ;-)
If you haven't done so, get a part time job at a day care as soon as possible, and/or look into the work/study program at your high school where you can work for a day care or a nearby elementary school. You will want to have SOME experience in this line of work before you jump into ownership. Good luck to you!
Rachel L.’s Answer
You can also exercise your entrepreneurial muscles by creating classes and running them on platforms such as Outschool.com, which has many examples for you to review and bring your own spin or creativity!
Rachel L. recommends the following next steps: