Before you begin to run your daycare, you'll need to establish the right type of business structure. Choose a business structure based on your specific business needs and goals. Choose an Employer Identification Number (EIN) if you need to file taxes. EINs are easy to get and free of charge. If you're opening a daycare for the first time, be sure to follow the steps outlined in this article to ensure that your business is set up correctly.
To attract prospective customers, advertise your daycare online and offline. Create flyers and business cards and hand them out at local events. You can also offer discounts if parents use coupons. Make sure to implement policies that cover issues like meals and illnesses. Make sure you limit your liability. Consider using contracts to help protect yourself and your business. The SBA suggests that you have a written agreement with all employees to limit your liability. Also, consider the type of staff you'll need to run your daycare.
Invest in the right equipment. You'll need age-appropriate toys and a safe area for the children to play. Don't forget about fire safety. In addition to first aid supplies and a smoke alarm, your daycare should have fire and smoke-alerts. If you're planning to hold play dates outdoors, be sure to set aside a place outside for outdoor activities. If the weather is nice, you can also set up play areas.
Insurance is a necessity. Not only does it protect your business assets, but it also covers your employees. A good daycare insurance plan includes general and professional liability coverage. This type of insurance also covers your employees' medical expenses, lost wages, funeral expenses, and other expenses that might arise from their work. If you're worried about liability and don't have enough money to pay for it, daycare insurance will protect your business against any eventuality.
Before you start running your own daycare, you'll need to get licensed by your state and/or city. Once you've acquired the appropriate licenses and permits, you'll need to find a suitable location, furnish it, and equip it with equipment. Once you have the proper location and equipment, you'll need to employ staff and develop rules and procedures for your daycare center. You should also research the costs involved in establishing a daycare. You can discover more insights on how to start a daycare here.
Once you've gotten your license, you'll need to find out the cost of operating your daycare. Depending on the type of daycare you're running, the start-up costs can range from $10,000 to more than $95,000, depending on the size of your premises, how many children you plan to serve, and other factors. Your business expenses will depend on how many staff you need. It may also be necessary to hire a daycare business attorney.