Start Your Own Child Care Business example essay topic

OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILD CARE CENTERS INTRODUCTION This paper will discuss ways in order for you to become a business owner as well as how to start your own child care center. Owning a business is not an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to do, you need to ask yourself if you will be committed to this venture. If you are then proceed on with your business however, if you are not then owning a business is probably not for you. With owning your own business, your going to have less personal time then you had previously.

Here are some reasons people become entrepreneurs. Many people have a strong desire to be independent, they would rather be their own boss because they don't take orders from others well. Owning a business is also a chance for owners to work at something they enjoy, they aren't shoved behind a desk doing filing work for eight hours a day. You are free to operate at your own paces with your own business. Depending on the type of business you own, you have a great opportunity to accumulate great wealth. Purpose and Scope The purpose of this report is to inform readers of the options available to people who want to own their own business.

There is also a growing need for child care. So with this need more and more people are deciding to open up child care centers. In this report I will lay out steps in how to start your own business, and what to do from there. Also, pros and cons to owning your own business. Sources and Methods In order to give the information needed to start your own business, I have searched many journals as well as business related books.

Internet sources have also help get information. I have also conducted an interview with an owner of a child care center. GETTING STARTED Choosing what kind of business to open is the most important decision to make. Just because you like to make bracelets doesn't mean you would like running a business making bracelets.

You need to think about how much money you want to make, past experiences, attitudes on the business you choose, and your going to need a knowledge and some skills with the choice you make. Pros and Cons With everything else in life there can be advantages and disadvantages to owning a business. There are many pros and cons, here are some examples. Pros: You will be your own boss, the chance to make good money, no one can fire you, work directly with costumers, great personal satisfaction, and a sense of stability for you and your family. The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not be steady, unpleasant tasks, such as not hiring a friend or firing someone. There are some pros and cons for home based businesses alone.

Pros: Start-up costs are lower, shorter commute, more flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to suppliers. Location and Financial Assistance To get your business up and running you need money. Initial capital helps you get you business set up and running and working capital is what you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. You can use your own funds, get a loan from a bank, small business investment corporations, and even stocks.

Wherever you get the money, it will not be a cheap investment. After you get your business going you will have many liabilities, or debts to pay back. Location also plays a big part in your business. To maximize your profits you will want a high population looking for your service or who have a need for your product.

You can choose to rent and renovate an existing building or opt to have a new place built for your business. Renovating and existing building may come out to be more cost effective. One the other hand having a building constructed for your business could have more appeal to customers. Cost factors, such as land and construction go into play to where you want your business. You have to ask yourself, "is this land around my business safe" or "if I build, will there be enough room for my building?" Some others are, local regulations, services like police and fire companies, utilities like power and water, and tax structure. These are helpful to those starting businesses outside of their homes.

When looking at possible location's look all over at many places. Don't settle on the first or even second location you see. THE BUSINESS PLAN What is a business plan and do I need one for my business? A business plan is just something helpful that outlines what you plan to do with your business and how you plan to lay it out and pay for it. It takes a lot of time and work. Most business owners who have plans are glad they have them.

Business plans help the owner get money from lenders, help you decide if you want to keep going with your plans to have a business, they improve your business concept, and improve the odds of your business succeeding. The business plan also helps you stay on track. It presents a clear-cut plan for the future. For example, if you planned to be making a living three months after start-up, and six months after your going to be in the hole at the rate of $100 per day, your business plan should help you see that changes are necessary. Marketing and Personal Plans When starting your own business you need to know how to get people there.

Marketing and advertising will help you get the business you need. Marketing covers most everything from how your company will make money to how your company's logo will look like. There are four basic aspects of marketing. The first is the product, what do you plan to sell. The second is price, is your product or service going to be affordable to your potential customers.

The third is promote, this is telling your public who you are and what your selling. The fourth and final aspect of marketing is provide, in what ways do you get across to your customers and how you get the product to your customers. It also helps when you ready for advertising. Advertising will help you gain customers providing you have a good or a service they are looking for.

Ads need to be eye catching and at the same time informative about your business's service. The personal plan on the other hand helps you and your business run smoothly. When your business begins you will have a hard time hiring potential employees. Figuring out how to take care of financial aspects of the business will be challenging.

Once your business is up and running an accountant can help with the payroll and other money issues. The personal plan is really made to do is to make up your mind for you before you do something so you won't run into problems. OPENING A CHILD CARE CENTERNow that you have decided on what your business will be, there are some other steps you must now take to ensure that your child care center will run smooth. Owning and operating a child care center can be very fun and challenging at the same time. There are usually three types of child care services people use for their children. The first is family care- this is when the parents send their children to a home where another mother is taking watch over the children.

Second is home care- the children remain in their homes and a nanny or sitter of some kind watches them. The third is daycare and child development centers- these are designed to help children develop mentally, p, and emotionally. These centers provide service from infancy all the way through school aged children. It will be up to you the entrepreneur what ages you will provide service for. Self Analysis Before you open a child care center, you should take a self assessment of your overall well-being. Some of the questions include, are you in good health mentally and physically, are you a leader, are you a warm and affectionate person, do you enjoy working with children, and are able to guide and discipline children kindly and effectively.

Having experience working with children will also be helpful. Needs for Child Care There has been a growing demand for child care in recent years. This is mainly due to mothers going back into the workforce. In a past census bureau report working women with school aged children grew from 42% to 60% and working mothers with preschool age or younger has grown from 32% to 52%. Reports by the Congressional Budget Office and the Internal Revenue Service continue to show a substantial increased need for childcare services. In order to identify family needs, you must go directly to the source.

Plan a day where you will go out into the community and survey families with children to see how many are looking for childcare. Also, focus groups, obtaining census data, and talking directly to parents and getting them involved with what kind of service would best suit their children will help you open your center. With that information you will now know what you need to provide because and how to price your service because you know what parents are looking for. When assessing the community, make sure that there are not many child care centers around your location, but also see what kinds of care are already out there. The worst thing for anybody opening any kind of business is to have many duplicates. You want your business to stand out because you have that something special, you have a particular service people are looking for.

Also make sure that your pricing for care is affordable. Parents will most likely not chose your center if your price is substantially higher than competitors. STARTING YOUR CHILD CARE CENTERNow that you have a location and you know what service you are providing, it's time to think of some other important information that will make or break your business. Your business needs a name and you have to advertise your center. At first word of mouth may be the only means of getting the word out.

You could however, have fly ers printed and mailed out to families in the area with children. If the center is in your home, your home needs to be cleaned and set up appropriately. You should have required equipment such as cribs for infants, a security system, necessary paperwork needed for child care, and age appropriate toys. Some of the needed paper work you will need is registration forms, tuition agreements, emergency contacts, medical forms, and your center policies. Think of how many people you will be able to hire and pay.

Don't hire more employees than you can pay. This will cause you to run into financial problems. Policies and Procedures When you open your child care center, you need to set ground rules. What hours will you be opening and closing, what will it cost, how many children you are able to care for, what holidays will you be closed, safety and emergency practices? You should also know how you will handle behavior and health issues and if meals are provided or will parents need to bring meals for their children. Managing and Growing Your Center Now that you " re up and running, you will need to be consistent with your daily routines.

Make sure your opening at 8, meals are prepared in time for lunch, parents are making their payments on time, and that children are given the best care possible. Keeping records will help your business run smooth. You need to keep files on all the children enrolled and also keep check on the money coming in and going out of your center. Once you have been open for a certain amount of time, you should talk to banks and other resources to see if you will be able to get financing for your center. Once you get financing you can expand your business.

Open at a larger location, hire more employees, and establish a website, and if needed television advertising. INTERVIEW WITH A CHILDCARE CENTER OWNER I personally work for a daycare center that is one of 10 locations. When I chose this topic I knew I wanted information from somebody who had experience with owning a childcare center. I went to my boss and told her my situation and then she helped me get in touch with our owner.

I was able to answer the questions why she decided to open a child care center and how 10 locations later it got to be so successful. I wasn't able to sit down with her and talk however, my boss was able to get her to answer some questions I had. I wanted to know why she wanted to open a daycare center. The answer was simple, "Children are our future!" She also noted, "I knew I wanted to work with children and someday open up my own childcare center". The other question I really wanted an answer to was, if when she opened up a daycare center, did she ever think that one center would become so successful that the business grew to a 12-location company. Her answer, "Never, I did not think Just Children would last for more than a year.

I am so unbelievably pleased at this businesses success". I really wanted to sit down with her for a good conversation but with her schedule being so busy she was regretfully unable to accommodate me. Although, what information I did receive was useful to me. CONCLUSION Many people love the jobs they have, but for those who are not happy with what they have can chose to make a fresh start or a "re-do" in their careers. Owning and operating your own business is hard work. If you find that you have the heart and are willing to make sacrifices then begin finding funds to create your business.

Once you find the money start planning further. Find somewhere that can accommodate your businesses size and production level. If working out of your home, make sure everything is up to date and working properly. Once your business is running smooth, give yourself a big pat on the back because you just accomplished something many set out to do but don't. If you are having trouble coming up with a business to run, consider child care. Child care is a growing need.

More mothers are going back to work after having children. The children need structure during the hours their parents are away. Those who are too young for school can find a childcare center warm and inviting. Most childcare centers will provide a curriculum that will help your children learn. The people who open and run daycare centers are doing so for a reason. That reason is because they love children.

So in conclusion, if your job is going nowhere and you need to start over, consider starting your own business. Also if you like kids and can deal with them properly, consider opening a childcare center. Works SitedBurstiner, Irving. "The Small Business Handbook". Third Edition. FIRESIDE Rockefeller Center.

New York, NY 1997 Gallagher, Patricia. C. "Start Your Own Child Care Business" Second Edition. Young Sparrow Press, Worcester, PA 2000 McKeever, Mike. "How to Write a Business Plan" Sixth Edition. September 2002. web "Starting a Day Care Center" 2003 web "Online Women's Business Center" 2004 web "Owning Your Own Business (Pros and Cons) " 2003.