“When I work with group providers or teach my Administration of Child Care Programs class, I always tell providers your three best friends are your lawyer, your accountant, and your banker. They will have your back like no one else will.”
– Toni Kutner
Early Childhood Technical Consultant
1. Your lawyer- Legal advice is crucial as you plan your location and space, how your business will function day-to-day, and how to structure the policies and standards that will make your business solid.
2. Your accountant- Setting up a sound financial framework before you go into business ensures you consider all of the costs that come with starting a business and thoroughly vet cost options. Plan one step at a time so that your money is put to good use and your business steadily grows. It is best if start with at least three months of your child care operating costs in reserve before you even go into business.
3. Your banker- Smart management of your finances over time is a skill. Your bank often has experts who can help you with this management, so that you are always aware of how much money can be allocated to different areas of the business. Take your business plan in to discuss with your banker. Show them you are serious about this so they want to invest in you, and can give you helpful feedback.
If you don’t have these professionals available to you, at least have someone you can talk to who is knowledgeable in each of these areas as you set out to build a solid, sustainable business. Or, take some business courses to learn some of these skills on your own! The key thing to remember is to never get into binding financial or legal agreements without being certain you can follow through. Because if starting a child care business is your dream, then why not do it right?
For more ideas about starting a child care business check out:
SFTA’s “Getting Started” Page
Child Care Toolkit for Purchase
Family Child Care Center Policy Handbook
Child Care Aware’s Preparing a Budget