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Home Daycare
So I am planing on opening a home base center here in Maryland I been getting everything in order and been debating over a afford cost I only want to do 2 and up. I been looking a prices and I dont want to over charge but I dont want to cheat myself either. Any suggestions:confused :confused:
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I'm taking a Finances for Family Child Care class right now and the way we were told to figure our rates is completely backward from what I've always done.
I always looked at similar providers in the area, considered my education and experience and pulled a number out of the air.
She told us to start by figuring out how much we want to make, what our estimated expenses will be, then figure out how much to charge to meet our goals. She gave us a worksheet to help - the last one on this page:
Obviously you'll want to check your final rates against others in the area, but IMO this is a better way than picking a number for no real reason.
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Thanks I will be looking it over and let you know what I get happyfaceComment
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I agree with Amykids. I would figure out what my income needs to be to cover my living expenses, savings, etc. on the personal side as well as business expenses. Just like you would with any job; if you went out to work, could you take an $8.00/hour job, or do you need the $12.00/hour job? After deciding how much you feel you need to make, then do some research to find out what others in your area are charging. Typically, if you are too much more or are charging much less than the typical rate, you would likely have a harder time getting kids. Keep in mind that rates change from area to area. So, even though you and I live about 15 minutes away from each other, our rates might be very different. So, I would suggest checking the rates of others fairly close to your neighborhood. Also, remember that we typically charge different rates for the different ages; infants, preschoolers, and school agers. So when you're researching, make sure you find out the rates of others for the different age groups. Another thing that could affect your rates is whether or not you provide things like meals/snacks, diapers, wipes, pull-ups, and a preschool educational program, and your education, previous experience working with children, and any credentials you might have. Also remember that centers typically charge much more than home daycares.Comment
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Thank you so much for sharing this page! The resources on it are wonderful!I'm taking a Finances for Family Child Care class right now and the way we were told to figure our rates is completely backward from what I've always done.
I always looked at similar providers in the area, considered my education and experience and pulled a number out of the air.
She told us to start by figuring out how much we want to make, what our estimated expenses will be, then figure out how much to charge to meet our goals. She gave us a worksheet to help - the last one on this page:
Obviously you'll want to check your final rates against others in the area, but IMO this is a better way than picking a number for no real reason.Comment
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