Tweet
My wife is in the process of starting her home based daycare. We will have our two children in it in addition, I believe we can accommodate up to 9 more (she will have a baby in a few months).
If the average rate per week is $130 and we had 9 children that $1170 per week income.
We would most likely need help at some point and she would want to hire a worker(s). The operating hours are 11.5 hours a day 6:30-6.
Round down to 11 hours, thats $82.5 per day for a worker (or 2 5.5 hour shifts)
Multiplyed by 5 thats $412.50 per week for workers, not to mention any other taxes and fees that come out of that, and the costs of doing business, which would entail food, supplies, credit card fees, etc. On top of that, any profit is subject to income tax, naturally.
1) After its all said and done, before tax profit per month is somewhere around $2000 or less. Does that sound normal or right?
2) Is hiring 2 workers for half day shifts better than 1? I don't wanna pay overtime, and what if one person is sick? Then I have no backup option. How do you deal with that?
THanks!
If the average rate per week is $130 and we had 9 children that $1170 per week income.
We would most likely need help at some point and she would want to hire a worker(s). The operating hours are 11.5 hours a day 6:30-6.
Round down to 11 hours, thats $82.5 per day for a worker (or 2 5.5 hour shifts)
Multiplyed by 5 thats $412.50 per week for workers, not to mention any other taxes and fees that come out of that, and the costs of doing business, which would entail food, supplies, credit card fees, etc. On top of that, any profit is subject to income tax, naturally.
1) After its all said and done, before tax profit per month is somewhere around $2000 or less. Does that sound normal or right?
2) Is hiring 2 workers for half day shifts better than 1? I don't wanna pay overtime, and what if one person is sick? Then I have no backup option. How do you deal with that?
THanks!