Rates....New Memeber

[Serenity]

Hello! I been browsing this forum for the past couple of months. I am plannning to open my on in home childcare sometime next year (aiming for September) I would be licisened in southern va for up to 12. I live in a small city pop. Just above 8,000. I wanted to know what you guys think about my rates. There are 3 liscensed competitors in my area. One is a local small chain nonprofit center. They offer early head starts and head starts (2-5)for low to no income families. They also have community care that is price way above market for the surrounding area (160+) a week. There is another locally owned establish ceneter that does up to 10yrs there rates for my target client are 130 (below 2) and 130(2-5) they also offer before and after school but I don't want to work with school agers. Lastly it's another home daycare who charges 130 (2 below) and 95(2+)!

So here's my dilemma I am the sole provider for my house hold my dh is disabled(**** in back) but is able to function normally. I want to charge 125 for under two and 115 for two and above. Do you think those rates are reasonable. I don't want to be as high as my local centers but not too cheap. I couldn't do less than 20 dollars a day beginning the sole provider. I also have rates for part time (2-3 days) which are 95 and 85 but I don't really want to do part time but I don't want to have to turn away someone because I don't offer it.

Do you think my rates are reasonable or do I need to think about lowering/raising them. Sorry I guess the thought of leaving a stable job to make potentially nothing scares me a little. This is my dream job and now that almost all my children are grown I can finally do me!

Also I do have a contract and handbook made out. My daughter made it (very business savy) and it's very thorough she used this forum for help! If it weren't for her I wouldn't be doing this right now! My hours are from 6:30-5:30 and I run on contracted hours (10 daily). This is the standard for my area.

[Blackcat31]

Hello! I been browsing this forum for the past couple of months. I am plannning to open my on in home childcare sometime next year (aiming for September) I would be licisened in southern va for up to 12. I live in a small city pop. Just above 8,000. I wanted to know what you guys think about my rates. There are 3 liscensed competitors in my area. One is a local small chain nonprofit center. They offer early head starts and head starts (2-5)for low to no income families. They also have community care that is price way above market for the surrounding area (160+) a week. There is another locally owned establish ceneter that does up to 10yrs there rates for my target client are 130 (below 2) and 130(2-5) they also offer before and after school but I don't want to work with school agers. Lastly it's another home daycare who charges 130 (2 below) and 95(2+)!

So here's my dilemma I am the sole provider for my house hold my dh is disabled(**** in back) but is able to function normally. I want to charge 125 for under two and 115 for two and above. Do you think those rates are reasonable. I don't want to be as high as my local centers but not too cheap. I couldn't do less than 20 dollars a day beginning the sole provider. I also have rates for part time (2-3 days) which are 95 and 85 but I don't really want to do part time but I don't want to have to turn away someone because I don't offer it.

Do you think my rates are reasonable or do I need to think about lowering/raising them. Sorry I guess the thought of leaving a stable job to make potentially nothing scares me a little. This is my dream job and now that almost all my children are grown I can finally do me!

Also I do have a contract and handbook made out. My daughter made it (very business savy) and it's very thorough she used this forum for help! If it weren't for her I wouldn't be doing this right now! My hours are from 6:30-5:30 and I run on contracted hours (10 daily). This is the standard for my area.

Honestly, the best way to figure out what rates are best for your program is to figure out how much you/your household requires financially to meet your household budget. Aim for that.

It does no real good to worry about what the competition offers since this is such a personalized industry and since each family's needs are different than the next, no one is really competition to someone else.

You can charge more than other area programs and still be full or in high demand. You can charge less than other programs and not fill your spaces at all. It honestly depends on the needs of your community and how well you can meet those needs.

It IS scary to leave a job that has a stable income. I totally understand that! This job is anything but stable, that's for sure! It definitely has it's down times and it's up times so job security isn't a term used too often in this line of work. ::

Good luck to you and good for you for trying to be prepared so far in advance!!

Welcome to the forum! happyface

[LysesKids]

Hello! I been browsing this forum for the past couple of months. I am plannning to open my on in home childcare sometime next year (aiming for September) I would be licisened in southern va for up to 12. I live in a small city pop. Just above 8,000. I wanted to know what you guys think about my rates. There are 3 liscensed competitors in my area. One is a local small chain nonprofit center. They offer early head starts and head starts (2-5)for low to no income families. They also have community care that is price way above market for the surrounding area (160+) a week. There is another locally owned establish ceneter that does up to 10yrs there rates for my target client are 130 (below 2) and 130(2-5) they also offer before and after school but I don't want to work with school agers. Lastly it's another home daycare who charges 130 (2 below) and 95(2+)!

So here's my dilemma I am the sole provider for my house hold my dh is disabled(**** in back) but is able to function normally. I want to charge 125 for under two and 115 for two and above. Do you think those rates are reasonable. I don't want to be as high as my local centers but not too cheap. I couldn't do less than 20 dollars a day beginning the sole provider. I also have rates for part time (2-3 days) which are 95 and 85 but I don't really want to do part time but I don't want to have to turn away someone because I don't offer it.

Do you think my rates are reasonable or do I need to think about lowering/raising them. Sorry I guess the thought of leaving a stable job to make potentially nothing scares me a little. This is my dream job and now that almost all my children are grown I can finally do me!

Also I do have a contract and handbook made out. My daughter made it (very business savy) and it's very thorough she used this forum for help! If it weren't for her I wouldn't be doing this right now! My hours are from 6:30-5:30 and I run on contracted hours (10 daily). This is the standard for my area.

Also, you have to take into account that VA works on a point system... points are given based on a child's age... the younger the child, the higher # of points assigned which could mean fewer kids allowed in care if you take mainly little ones instead of older kids. Also have you taken into account that they may require you to have an assistant based on ages if you decide to aim for a certain # of kids in care... just because you want 12, does it mean your home will be licensed as such (space available, ages and a lot of other factors come into play). BC mentioned that you might be full all the time or you may not fill your spaces... It has taken many of us months just to get our first few kids, so how will you support yourself if it takes a year to fill your positions? Just food for for thought