The 7 Biggest Mistakes Most New Daycare Owners Make – And How to Avoid Them!

What does it take to be successful in child care?

Obviously, you should have a deep & passionate desire to take care of children, a huge amount of patience, and the ability to juggle several tasks at once (such as warming a bottle while helping toddlers with an art project).

It also helps if you have a separate space in your home, such as a finished basement, where you can run your child care business.

But as if that isn’t enough, there are many things that a successful home daycare owner needs to be good at besides caring for children. Honestly, it can be quite daunting.

Things like getting paid on time from parents, writing solid policies & contracts, marketing your business to new potential clients, obtaining the right insurance policy, understanding record-keeping and how it affects your taxes, and overall, just getting started in a manner that will optimize success.

To help you get started more successfully, here are seven of the biggest, costliest mistakes women make when starting their own home-based child care business, and how to avoid them.

BIG MISTAKE #1: Not doing the proper research on the child care market in your town or city.

This is a crucial step that many new child care business owners miss, usually because they’re not sure how to go about it. Or they may think that it’s not really necessary to do the research, because they don’t understand how it could impact them.

After all, it’s just a small home-based business, right? Why do you need to do all that extra work up-front?

The goal here is not to spend weeks or months completing some huge market research project that you’re not ever going to use.

I’m talking about spending a few hours over the next few days, calling around (or maybe visiting some other child care businesses) and asking key questions.

Let me give you an example of what I’m talking about. My neighbor Mary, who runs a child care business in her home, discovered a couple things about our local market that helped her create a more profitable business. The first thing was, our town has ½-day Kindergarten, not full-day. By talking to other Moms in our town, Mary found there was a need in our town for “before-and-after care”, that is someone who could watch Kindergarteners & older kids before and after school. She structured her daycare to fill this need. All she had to do was make sure the buses were able to pick up & drop off these kids at her home, and she was able to start taking kids.

So what you want to uncover, when you do your upfront research, is a “pocket of unfulfilled need” in terms of child care. You don’t need it to be a huge pocket, but something unique about your business that will bring you customers who have that need.

Other examples of this are:

– offering second or third shift care if you have large companies …

Financial Education 101 – For Sovereign Wealth and Emergency Financial Preparedness

It is similar. As a culture and a society we have not been very well financially educated. At times it is important to cut through all the confusion and get down to the basics of financial knowledge and financial security to help lead us into sovereign wealth. Do you know the old saying, "a dollar just does not buy what it used to", well, keep that in mind as you read this article.

The question was posed to me, "How does the value of a dollar relate to a declining economy?" And the simple answer to that is, "what can it by you?" It's all about PURCHASING POWER. Think commodities, the simple things that make your life easier. The oil that makes the gas that drives your car. The food ingredients to the meals that fuel your body. The materials used to dress you and your family.

Now if you have ever held stocks, more definitively, a stock which has split, you get double the amount of shares, although each share only has half of its buying power. For instance, if you have 100 shares at $ 100 dollars, and it splits, well then suddenly you have 200 shares at $ 50. It's the same with the value of the dollar or any other fiat currency.

There are essentially 2 reasons why the value of a fiat currency (aka the dollar) will lose its value.

  1. The amount of dollars increases in circulation (ex- the federal reserve printing money out of thin area often to cover outstanding debts to other countries – think China)
  2. A decreasing demand for that said fiat currency (ex- the United States dollar, when steeped in so much debt, other countries or loaner's lose faith on ever being paid back, will stop buying into it – think China)

So now, say that the same example happened with the dollar as did the stock in our above example of a stock split. Either supply doubles or demand gets cut in half, and the value of our dollar is cut in half. Now when you want to go out and fuel your car, feed your family, or cloth yourself … you dollar will only buy half as much as before, so "a dollar just does not buy what it used to." This is an important basic of knowledge to keep in mind when planning for your financial security, especially when speaking of growing sovereign wealth and planning for emergency financial security. …

Make Sure You Have All the Information You Need Before You Make a Career Change

Choosing to make a career change in the current economy is not a decision to make lightly. Of course wherever the decision for a career change is one you made for yourself or one that has been made for you makes all the difference in the world.

If you have suddenly found yourself without a job, you will need to consider where you want to go from here. Be realistic. And be honest. Determine what your good qualities are as well as what your bad qualities are. And think about what you may really want to do. If it is possible it is always good to consider something you have an interest in or are passionate about as a career. Having the luxury of enjoying your job is worth a great deal if you have to work for a living.

Are you able to transfer something you care about to a career change? For instance if you really have a need to take care of people, you may be thinking about a nursing career. There is certainly a lot of responsibility in nursing, but if you are able to deal with it and you are able to make decisions quickly, this could be the perfect job for you. There is no doubt that you can consider this a long term career, there is always going to be a need for nurses. And you can pretty much write your own ticket. You can go anywhere in the country and you can choose to specialize and make more money than regular nursing.

If you are considering nursing as a career change, unless you are already in the medical field, you will need more education. The best place to begin is with your local college, university or training center. They can advise you what you need to be able to get the certification you need to begin your new career as a nurse. Of course you will need to be sure that the training program you choose is recognized by the hospital or medical center you are choosing as a potential employer. Some of the programs work in conjunction with hospitals and medical centers, they provide the practical experience needed and often they will provide employment after you get your certification.

If you do not have a career change in mind already, you may decide that starting a business of your own is the best course for you. Of course, you will want to consider a business of your own very carefully. You will need to determine if the business is something that is needed. If it is a proven business, is it still a necessary business, or is it on the down swing? The computer industry has been very lucrative but there have been so many changes to the manufacturing of computers, that many of the suppliers and employees are no longer needed. You need to be realistic when you are thinking about your career change, do not start a business that …