Please Help!

[PrincessMommy]

I am currently thinking about starting an in home daycare and I keep thinking of a ton of different questions so I was happy when I found this site!!!
how do you figure out your income tax?
how much do you usually set aside for food each month?
how do you stay sane????
what hours are you open?
how do you work it if you take vacation?
can I see a copy of your contract??
Thank you so much!!!

[JeepGirl6]

I am currently thinking about starting an in home daycare and I keep thinking of a ton of different questions so I was happy when I found this site!!!
how do you figure out your income tax?
how much do you usually set aside for food each month?
how do you stay sane????
what hours are you open?
how do you work it if you take vacation?
can I see a copy of your contract??
Thank you so much!!!

-I am going to try Turbotax...I set aside $50.00 a month for taxes
-I spend around $200 a month on food
-When the children are napping, take time for yourself. Make yourself lunch, read a book, RELAX, you will need it.
-I am open from 6:00am-5:30pm
- I tell the parents I give them a two month notice when I will be taking a vacation in which they need to find their own child care while I am gone.
-I am revising my contract so I do not have it completed right now but I will try to get it to you in a couple days
Good luck with opening your business. Keep us updated

[Abigail]

How do you figure out your income tax?
I was told that independent business owners pay double taxes. You need to estimate your total income. Then 15.3% of this goes towards Social Security taxes. Your tax rate (depending on how much you earn) will either be 10%, 15%, or 25% in income taxes. To be safe, I would plan on the 15% bracket, so about 30% of your income should be set aside for your quarterly taxes. Does anyone agree? It seems like a lot to me, but I try to play it safe.

How much do you usually set aside for food each month?
I don't "set aside" money unless it's for savings. If you have a menu planned out you should be able to estimate how much of the food you'll go through once you start shopping. Remember to use coupons, watch for sales, and buy in bulk.

How do you stay sane????
Take nap time as a time to breathe and relax. Get plenty of sleep and eat healthy. Make sure you have a backup helper or substitute to call when you need extra help and just don't get in over your head. Think realistically, if you have a bunch of toddlers and infants don't go on a long walk to a busy park all by yourself. Try to plan ahead, stick to a routine, and trust your instincts.

What hours are you open?
You can advertise to have long hours like 6 am until 6 pm or even later. It's up to you really. Keep in mind that outside your "daycare hours" is still work. You still need to vacuum, sweep, mop, organize, do laundry, plan activities, shovel the walk/mow the lawn, shop for food, sanitize....this is just daycare related and not for your own family. The list could go on and on, . Most providers can easily get an additional hour of daycare work in outside of daycare hours. If you have two children enrolled from 6 am to 4 pm and have a third person wanting a 9 am until 6 pm...do you really want to work two extra hours each day just for one child? I would shape your hours after you enroll clients to see what fits all your schedules best.

How do you work it if you take vacation?
You need to draw up and enforce a contract. This should include anything and everything related to the hours of care and rate of pay. Include vacations for parents, your own vacation, sick days, snow days, if you offer half days or only full day, if you offer part time care or only full time care, if you off drop in rates. Make sure you give your parents proper notice to find alternate care when you take a vacation.

Can I see a copy of your contract??
I am going to post my contract for everyone to see and let me know what they think. The 5 basics that you should cover include: Names of the Parties to the Contact, Hours of Operation, Terms of Payment, Termination, and of course Signatures with the date.

[PrincessMommy]

ok thank you so much!!