Holding Fees & Enrollment

[BlackBear]

I have done alot of interviews and now have 2 infants wanting to hold their spots. One for October and one for November. It is now August.

I am thinking of charging a non-refundable holding fee of $100 per month or a weekly fee as the monthly might be hard to calculate? Would you say this amount is reasonable?

Also, when do people actually enroll? Should I tell them they should enroll 2 weeks before the start date? When all forms are completed and they pay the security deposit and registration fee and sign the contract? Or do clients do that anyway?

As you can tell I'm a newbie!

Thanks so much. Btw, I am learning so much from this forum

[blandino]

Do you have a lot of openings ? That's the only way I would guarantee a space was held. Because what if someone comes to you tomorrow, and wants to enroll immediately ? But you can't because you have to hold the spot for that DCF. Even a $100.00/mo holding fee wouldn't compare to a FT child.

IF you do decide to do a holding fee, I would make it half of what you usually charge.

Or you can do a "right of first refusal", where you hold their spot UNTIL you have another party interested, at that time the family you were holding the spot for can either take the spot (paying FT tuition starting then) or they can give it up. To me, this is the best way to give the DCF a sense of security about having a spot and make sure that you don't let potential clients go and lose income.

[BlackBear]

Yes, I have alot of openings because I am just starting out.

I understand what you are saying. I guess I am reluctant to charge full or half amount to hold their spots for that length of time because I feel its alot of money upfront and it might turn them off/away from enrolling.

I think the 'right of first refusal' is a good idea. So when do the clients actually enroll and sign the contract?

[littlemissmuffet]

I charge full price to hold a space. Some take it, some don't... either way, I cannot afford to basically give away space for free.

I have parents fill out all paperwork and begin paying to hold a space as part of the interview. Parents have an oppurtunity to look over/update the paperwork the day the child starts care. Until paperwork is completed and there is cash in my hand, the space doesn't belong to anyone!

[Michael]

More thread on Holding Spot Fees: https://www.daycare.com/forum/tags.p...ing+spot+-+fee

[blandino]

Yes, I have alot of openings because I am just starting out.

I understand what you are saying. I guess I am reluctant to charge full or half amount to hold their spots for that length of time because I feel its alot of money upfront and it might turn them off/away from enrolling.

I think the 'right of first refusal' is a good idea. So when do the clients actually enroll and sign the contract?

I have an enrollment form that parents fill out stating start date and weekly rate. So that would be when they enroll ?!?

I have never actually thought about when a child is technically "enrolled".

I require all paperwork, contract, etc. to be returned on a child's first day. So for me, those forms don't equal enrollment. I would say when you have a deposit/ definite start date, then they would be considered enrolled.

I can send you my enrollment form, that I have them fill out when putting down a deposit, if you like . Private message me your email address, and I can send it.

[coolconfidentme]

I have a first come first served policy. If I'm down to a few spaces I charge 1/2 rate to hold a placement.

[Laurel]

Do you have a lot of openings ? That's the only way I would guarantee a space was held. Because what if someone comes to you tomorrow, and wants to enroll immediately ? But you can't because you have to hold the spot for that DCF. Even a $100.00/mo holding fee wouldn't compare to a FT child.

IF you do decide to do a holding fee, I would make it half of what you usually charge.

Or you can do a "right of first refusal", where you hold their spot UNTIL you have another party interested, at that time the family you were holding the spot for can either take the spot (paying FT tuition starting then) or they can give it up. To me, this is the best way to give the DCF a sense of security about having a spot and make sure that you don't let potential clients go and lose income.

I only hold a spot for 2 weeks. I've never used the 'right of first refusal' but I plan to if a situation like yours comes up. That way parents aren't paying for a spot you can't fill anyway but if you can fill it then it is only fair to you to get paid. So I think it is fair all the way around.

One time I had a mom reserve a spot a month or so in advance and then a week before she was planning to start she decided she wanted to take more time off with her newborn infant. She eventually started but it was another month. People change their minds so be careful.

Laurel

[Patches]

Do you have a lot of openings ? That's the only way I would guarantee a space was held. Because what if someone comes to you tomorrow, and wants to enroll immediately ? But you can't because you have to hold the spot for that DCF. Even a $100.00/mo holding fee wouldn't compare to a FT child.

IF you do decide to do a holding fee, I would make it half of what you usually charge.

Or you can do a "right of first refusal", where you hold their spot UNTIL you have another party interested, at that time the family you were holding the spot for can either take the spot (paying FT tuition starting then) or they can give it up. To me, this is the best way to give the DCF a sense of security about having a spot and make sure that you don't let potential clients go and lose income.

This is what I do

[MCC]

This is what I do

This is what I am doing, and it's working well.

[wowlc]

Help

I am new to this site and REEAALLY have an enrollment thread I want to get some feedback on, but it says I will need permission to post a thread. How do I get permission? Sorry to post on here about this, but it was my only other option. I'm so confused :confused:

[BlackBear]

I am new to this site and REEAALLY have an enrollment thread I want to get some feedback on, but it says I will need permission to post a thread. How do I get permission? Sorry to post on here about this, but it was my only other option. I'm so confused :confused:

Maybe PM Michael the owner or one of the mods?

[wowlc]

What I do...

I have done this for years and it deems successful every time. If someone wants a spot in your daycare, tell them that you need them to give you a non-refundable deposit of 2 weeks worth of care. In my case that was $310 which is a big chunk of change for some. It might be more or less depending on your situation. That way...they have a spot and they're unlikely to back out because you've already cashed their check and they cant get the $$ back, and you have an incentive to hold their spot.

[Familycare71]

I have done this for years and it deems successful every time. If someone wants a spot in your daycare, tell them that you need them to give you a non-refundable deposit of 2 weeks worth of care. In my case that was $310 which is a big chunk of change for some. It might be more or less depending on your situation. That way...they have a spot and they're unlikely to back out because you've already cashed their check and they cant get the $$ back, and you have an incentive to hold their spot.

. This is what I do too