Finding Daycare Funding
There are many costs involved with starting a child care center: Toys, mats, first aid kits, cleaning supplies, binders, markers, paper, food, software, insurance, registering your business, advertising...all the little things begin to add up.
Hopefully you already have enough funding saved up, but chances are you will need to do some outside fundraising. Aspiring entrepreneurs usually start off asking friends and family to invest in their business. This can be just a simple loan, or you may offer a percentage of your business in exchange for their funding (especially if they are providing a large amount).
You may also check with your bank to see if you can be approved for a business loan. These will often have notable interest rates, however, so make sure that you will be able to repay these loans in a timely manner without it impacting your business too much.
As a child care provider and small business, you may be eligible for local grants or subsidies. Check your local, state/provincial or federal websites to see what is available for new child care businesses. You may be able to get a substantial portion of your funding just by applying to these programs, which can also help you lower your enrollment costs to help benefit parents as well.
This is where the business plan you created earlier will come in handy. Investing is risky, and people want to feel confident with where they are spending their hard-earned money. With a solid business plan, you will have a much easier time convincing others that you are confident in your ability to pay them back or earn a profit if you have arranged for a loan with interest or shares in your company.
In addition to providing your business plan, taking the time to craft an engaging PowerPoint presentation will help you effectively communicate your plan in a way that captivates potential investors and ensures they understand your vision for your business.
Now that you know more about how to open your daycare center, learn more about childcare software!