How Soon Is Too Soon To Raise Rates??

[Tdhmom]

I started a new family this week. It's 4year old twins. They go to preschool at the school 3 hours a day. I walk them to and from preschool along with my 4 other littles. I messed up and didnt ask mom initially what her hours would be. And just said I would charge $11 a day/child when they have school and $17 a day when they don't. Thinking it would be roughly the hours I currently work. After I told dcm my rates, the littles who have been with me since I started (a year ago) gave me a raise so it bumped me up to $20 a day. They are with me from 7:50-4 sometimes 4:30.
Well the new twins are with me 7-almost 5. School is from 12:15-3. So they are with me 2 hours less than my regulars and paying WAY less. What's a good time frame to raise my rates since they just started? I know it's my mess up. So should I just stick it out? They'll be in kindergarten next year. Would it be ok to send out a letter in like November saying rates are going to increase in January and raise it to $15 school days and $20 on all day? They eat breakfast and lunch with us. The only thing they miss during school is nap and snack.
Any advice would be great! I don't like feeling like I'm loosing money. With the amount of groceries I have to buy I am not making much anyway.

[melilley]

I started a new family this week. It's 4year old twins. They go to preschool at the school 3 hours a day. I walk them to and from preschool along with my 4 other littles. I messed up and didnt ask mom initially what her hours would be. And just said I would charge $11 a day/child when they have school and $17 a day when they don't. Thinking it would be roughly the hours I currently work. After I told dcm my rates, the littles who have been with me since I started (a year ago) gave me a raise so it bumped me up to $20 a day. They are with me from 7:50-4 sometimes 4:30.
Well the new twins are with me 7-almost 5. School is from 12:15-3. So they are with me 2 hours less than my regulars and paying WAY less. What's a good time frame to raise my rates since they just started? I know it's my mess up. So should I just stick it out? They'll be in kindergarten next year. Would it be ok to send out a letter in like November saying rates are going to increase in January and raise it to $15 school days and $20 on all day? They eat breakfast and lunch with us. The only thing they miss during school is nap and snack.
Any advice would be great! I don't like feeling like I'm loosing money. With the amount of groceries I have to buy I am not making much anyway.

Sorry I don't have any advice, but I saw that you said you spend a lot of money on groceries. Have you thought about getting on the food program? Every little bit helps kwim?

[Blackcat31]

I started a new family this week. It's 4year old twins. They go to preschool at the school 3 hours a day. I walk them to and from preschool along with my 4 other littles. I messed up and didnt ask mom initially what her hours would be. And just said I would charge $11 a day/child when they have school and $17 a day when they don't. Thinking it would be roughly the hours I currently work. After I told dcm my rates, the littles who have been with me since I started (a year ago) gave me a raise so it bumped me up to $20 a day. They are with me from 7:50-4 sometimes 4:30.
Well the new twins are with me 7-almost 5. School is from 12:15-3. So they are with me 2 hours less than my regulars and paying WAY less. What's a good time frame to raise my rates since they just started? I know it's my mess up. So should I just stick it out? They'll be in kindergarten next year. Would it be ok to send out a letter in like November saying rates are going to increase in January and raise it to $15 school days and $20 on all day? They eat breakfast and lunch with us. The only thing they miss during school is nap and snack.
Any advice would be great! I don't like feeling like I'm loosing money. With the amount of groceries I have to buy I am not making much anyway.

I think you should say something right away. It is NEVER to early or late to change your rates.

I would give them a notice saying rates will now be $XXX as of October 1st. If mom questions it, I would simply tell her you are trying to stay competitive and on par with other providers and you were thinking the twins' hours would be a bit different so you are now raising their rate to better match the services you provide and their needs.

Walking them to and from school would be an EXTRA charge on top of my daily rate...not included.

ANYTIME I have a child present for lunch, I charge an entire day. If they leave before lunch or come afterwards, I will discount but if it includes lunch time, then I cant fill the spaces around them so they pay a full day rate, regardless of whether they are gone for a couple hours a day or not....they are still on YOUR watch...kwim?

[Cat Herder]

After I told dcm my rates, the littles who have been with me since I started (a year ago) gave me a raise.

Can you explain this part a little? I am a bit confused.... :confused:

[Tdhmom]

Can you explain this part a little? I am a bit confused.... :confused:

I told the new dcm my initial rate of $17 a day. Then shortly after that my other dcm (whom I've watched her twins since I started a year ago) gave me an unexpected raise and started paying me $20 a day voluntarily because she loved having her kids here and told me I deserved to be paid more. Huge compliment! Well since then when I get new calls my new rate is $20 a day. But I feel bad going back on my word with new dcm since I told her $17 a day when I first spoke with her 2 months ago. Not knowing her hours (I'm new at this and should have realized that should be my first question!) so now I have the new twins being dropped off the earliest, leaving the latest and paying the least amount :-/

[Familycare71]

I think you should say something right away. It is NEVER to early or late to change your rates.

I would give them a notice saying rates will now be $XXX as of October 1st. If mom questions it, I would simply tell her you are trying to stay competitive and on par with other providers and you were thinking the twins' hours would be a bit different so you are now raising their rate to better match the services you provide and their needs.

Walking them to and from school would be an EXTRA charge on top of my daily rate...not included.

ANYTIME I have a child present for lunch, I charge an entire day. If they leave before lunch or come afterwards, I will discount but if it includes lunch time, then I cant fill the spaces around them so they pay a full day rate, regardless of whether they are gone for a couple hours a day or not....they are still on YOUR watch...kwim?

I LOVE that!!! Makes so much sense to charge a full day if they eat lunch here! THIS is why I lovethis this forum!
*sorry for the hijack!

[NeedaVaca]

I would change the rate right away! you can't be making much $ if you charge $11 and provide breakfast & lunch. I would charge $20 per day per child

[BuildingBlocksHomeDaycare]

We have experimented with different ways over the years. The way we do it now which I believe is the best for us... Is that each child's rate is grandfathered in for along as they stay (unless they change scheduled days). New rates only apply to the newly enrolled.

[Moppetland]

We have experimented with different ways over the years. The way we do it now which I believe is the best for us... Is that each child's rate is grandfathered in for along as they stay (unless they change scheduled days). New rates only apply to the newly enrolled.

Just curious. What age group do you accept in for care?

[Crazy8]

We have experimented with different ways over the years. The way we do it now which I believe is the best for us... Is that each child's rate is grandfathered in for along as they stay (unless they change scheduled days). New rates only apply to the newly enrolled.

I've always done it this way too. I would never raise the rate on a family within a few months of them starting, its just not how I do business.