Income Potential

[Unregistered]

Hi everyone,

I am in Chicago and 27 years old. About how much do you make a month from your home day care? How many kids do you care for each week?

Is it worth to quit graduate school to pursue this dream? I am only in grad school because of the job security, however, I am very unhappy with my degree choice and feel burned out. I am a student living in a one bedroom so I need to rent another place to care for kids. I feel happy seeing kids play and be kids. I feel most fulfilled when I get to use my creativity. I have so many ideas, but I am scared to take the leap. No one in my family is supportive of my choice and so I will be on my own.

Thanks

[Wednesday!]

I cannot recommend that you quit school. I think you would regret it. If you're determined to do this, finish your degree first just so it's done and you can fall back on it if needed, then start your home daycare.

Your state's human resources dept. will send you a copy of their minimum sandards at no cost. Reading that is the very first place to start.

As far as income, it's hard to say. Idk what the going rate is in your area or how many children a license in your state will allow. Once you find out, it's simple math. For example, 6 full time children X $140 weekly = $840 weekly. Of course, your expenses will be deducted from that such as groceries and any supplies and you will have to pay taxes quarterly or annually.

It can be quite lucrative depending on how many children you can have and the amount you charge for each child, and if you can fill all of your avilable spots and keep them full.

[Josiegirl]

It depends on your location, what providers charge, etc. IF you stay full and charge as much as you can you can do well. Unfortunately with childcare, it is filled with ups and down income-wise plus you do invest a good amount of your income back into the biz. Is there some way you can work PT in the field while finishing your degree? maybe nanny?

[Thriftylady]

The income varies widely. I agree that I wouldn't just quit grad school. You have come so far and I would advise anyone to finish at this point! Once you finish if it is really a dream, then you can pursue it, but hey grad school is a huge plus to have in your pocket because even if you decide to do childcare now, in five or ten years you may change your mind! You can say "well I can always go back and finish grad school", but in my experience in life that is a whole lot easier said than done. To many things get in the way over the years. Go ahead and finish and then you have many roads ahead of you.

[grateday]

do your research and make a bus plan

Research turnover rates. Research cost of living. Research running own business. Volunteer in a center. Research common operatingcosts. Calculate your student loan repayment into that. If you are bunt out in school wait until you are tired from not getting a break all day dealing with angry parent going through a licensing visit becoming a shrink for another parent documenting doing your own paperwork running your being late or not being able to go somewhere because someone picked up late. Running a quality rated program with curriculum assessment documentation. Taking trainings. Maintaining a safe environment. Try talking on the phone sometimes it is impossible at times. Doing your own record keeping andtaxes unless your experienced in it is rough and time consuming. Sweeping the floor 3 times or more a day. Trying to help a group of kids potty. Throw in a few with special needs and one can get pretty burnt. Kids can really do a lot of incorrect things they can be destructive harmful unsafe and constantly. They need constant patience supervision and interaction. Or the consequences are licensing visits problems damaged things injured and or lost children. Children need to sometimes be taught many times over and over the same thing. You will have families who don't believe in discipline or structure so these kids can really be a challenge because they think they are in charge and can do whatever they want. This is a more common theme I am seeing. No my things are not your things and you cannot run on the table or countertops.sally.

I had a parent suggest I have drawers.of food that kids can go and get what they wanted to make thingsneasier. Hmmmmm can you imagine the mess-increased food costs for waste-record keeping for food program-keeping it in thenkitchen...what are they thinking???


Try and finish your degree so you have something to fall back on sometimes passionsare not enough to get us through what we thought we wanted to do. I wish I realized that in my 20's.

[spinnymarie]

Illinois won't let you rent out a separate place for childcare unless it is a center, which has far more regulations and start up cost than in-home.
By yourself in IL, the max you could get for an in-home by yourself would be 6 kids under 5 full-time, and you could get two part-time school-agers.
It is not what I would call a money-making opportunity.

[Miss Suzanne]

At 47 years old old, I will be giving you advice that goes against the world's views. With that I'll say, this is just my opinion, just food for thought.

If you dislike what you are doing now, you will dislike it in 5, 10 and 20 years as well. We are wired with certain gifts, if you are lucky enough to learn your gifts at the age of 27, build your life around your gift / passion... you will never work a day in your life if you follow your heart. God plants seeds, it's up to us to water them.

It's comparable to dating a guy you just "know" isn't right for you, but you stay in it anyways because everyone tells you he's a catch with a good job and he's handsome. BUT, you're really not compatible. Don't settle. Chase your dreams, your quality of life will blossom.

PS: I know many people who have degrees and make a living in a job that has nothing to do with their degree. I also know many people who have high school diplomas and own businesses that yield them 6 figure incomes. The common thread: they didn't find success until they followed their heart.

[Leigh]

At 47 years old old, I will be giving you advice that goes against the world's views. With that I'll say, this is just my opinion, just food for thought.

If you dislike what you are doing now, you will dislike it in 5, 10 and 20 years as well. We are wired with certain gifts, if you are lucky enough to learn your gifts at the age of 27, build your life around your gift / passion... you will never work a day in your life if you follow your heart. God plants seeds, it's up to us to water them.

It's comparable to dating a guy you just "know" isn't right for you, but you stay in it anyways because everyone tells you he's a catch with a good job and he's handsome. BUT, you're really not compatible. Don't settle. Chase your dreams, your quality of life will blossom.

PS: I know many people who have degrees and make a living in a job that has nothing to do with their degree. I also know many people who have high school diplomas and own businesses that yield them 6 figure incomes. The common thread: they didn't find success until they followed their heart.

I completely agree with following your heart, but I think that having a back-up plan in place first is a smart thing to do. I would finish school and THEN try for your dream job. If it doesn't work out, that degree will always be there to fall back on. And, honestly, many jobs just require ANY degree-your degree could get you a job in many different fields.