Do you know how to find out what other child care homes and centers are charging? Most new day care owners literally leave money on the table by not setting their rates properly. You’ll get short-changed by charging too little, and if you charge too much, you won’t get any clients. So how do you go about figuring out what to charge? This is a similar process as doing the upfront research in your town; it’s simply a matter of making some phone calls or visits to other child care businesses and setting you prices appropriately.
Many new family day care owners charge the same weekly rate for each child, regardless of the child’s age. On the other hand, if you talk to centers in your town, most of them charge the highest rate for infants and the lowest rate for older kids. Many parents are used to this type of pricing structure. So depending on the ages of kids that you can accept, if you charge a bit more for infants and young toddlers, you may find that your income will be a bit higher than a flat-rate for all ages. You’ll have to look at your individual scenario and choose what’s best for you.
If you charge $120 per week as a flat rate, you would have a weekly income of $720. If, however, you charged a bit more for infants ($135/week), and young toddlers ($125/week) and less for older toddlers ($115/week), your weekly income with this scenario would be $740. That amounts to an extra $80 per month, or an extra $1,040 per year. Small adjustments like these in your price, if it makes sense based on your local area, can make a difference in your take-home profits at the end of the day.
Many new day care or preschool owners don’t know about the local resources available to them, and how to navigate the waters of state, regional, and local government agencies. With so many organizations and websites out there, it can be really tough to figure out where to go and who to ask, if you don’t know where to begin. The best place to start is with your state. Every state in the U.S. has an agency within their state government that sets the rules for family child care providers. This agency is usually called something like the Department of Child and Family Services (DCFS), or the Department of Job and Family Services (DJFS) and they all have websites.
The website should contain phone numbers for the child care contact person in your state. Call them on the phone and inquire about your state’s rules and what they recommend for people who are just getting started in family child care. There may be other questions you’ll think of, too. Don’t be intimidated. You have the right to obtain the best information to get started, and you owe it to yourself to start out as successfully and as knowledgably as possible.
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Loren Yadeski, author of this article is also interested in day care and recommends you to please check out own a day care if you liked reading this information.
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