Money for a business?

Question

Does anyone know the steps/process to opening a child care center? Also, I always hear that there is alot of grant money...how do you get a hold of it?

Answer 1

There are grants available for child care providers, but it is so small and definitely not enough to cover your startup expenses. Most states give only a maximum of $500.

In Maryland, for example, they have a Family Day Care Provider Grant Program http://www.marylandpublicschools.org/MSDE/divisions/child_care/grants/ where registered family day care providers can request up to $500 for reimbursement of expenses.

Examples of program expenses that are eligible for reimbursement include:

- Safety supplies
- Staff medical examination fees
- Criminal background check fees
- Small household repairs in approved child care areas
- Approved child care training course fees
- Most expenses related to local water, sewer, fire, and health requirements
- Most program materials and equipment
- Many other costs identified as necessary for completion of the registration process

Other than this limited amount, there are no grants for starting a business.

The first step is to prepare a business plan. Even if you will not be applying for a bank loan, a business plan helps you to think through your business - what it needs, who it will benefit, how much it will cost, and what is its potential. Here are free business plans on childcare business that you may want to look into:

http://www.sba.gov/library/pubs/mp-30.doc
http://www.misbtdc.org/documents/BPWORKBK.pdf
http://www.misbtdc.org/documents/CDCPLAN.pdf
http://sbdcnet.utsa.edu/sbic/bplans.htm

Other articles you may want to read:

Starting a Child Day Care Business http://www.libsci.sc.edu/BOB/class/clis748/Studentwebguides/ss02/pollack2.htm
Childcare.net http://childcare.net/indexnew.shtml
How To Start Your Own Day Care Center" http://www.powerhomebiz.com/vol40/daycare.htm
Starting a child-care services business http://www.entrepreneur.com/article/0,4621,290241,00.html
HOW TO START A QUALITY CHILD CARE BUSINESS http://www.sba.gov/library/pubs/mp-29.pdf

For in-depth information, I suggest checking out the following books:

- Start and Run a Profitable Home Day Care
- The Daycare Provider's Workbook
- Start Your Own At-Home Child Care Business
- So You Want to Open a Profitable Child Care Center :
Everything You Need to Know to Plan, Organize and Implement a Successful Program

It is also important that you learn the tax rules affecting daycare centers, especially if you are going to open one from your home. Here is the IRS page on child care centers: http://www.irs.gov/businesses/small/industries/content/0,,id=99878,00.html

As for the licenses and requirements in your state, the Administration for Children and Families provide a state by state listing of contacts for licensing and regulations governing child care businesses:
http://www.nccic.org/statedata/dirs/regoffic.html

Answer 2

Yep, if the government really had all sorts of money to give away, everyone would be opening day care centers on every corner.

First how much do you know about the business, not baby sitting but real day care business, where you have to be licensed, have to have a certain number of employees per number of chidren, have to have specific day care equipment, what insurance, what licences but city and state.
What are the rules and poicies about sick children, what about children that parents don'[t pick up on time.

Are you going to take government vouchers or government lunch programs.

Next have you discussed locations, you will have specific yard and inside space. Also have you done a marketing plan to see if there is need for additional day care in your area.

Answer 3

search grants.gov. Warning-do not pay for lists of grants! I used to work for a company that did and at that one thaey really did try to help people get the grants and refunded money when people didn't, but most of these offers are scams! And right now, after so many natural disasters, government money has been redirected to help victims.

Check out the Small Business Administration for advise and low interest loans. Important: Before starting a day care get liability insurance.

Answer 4

Lot of grant money - MYTH, MYTH, MYTH.

First thing you need to do is begin the process of researching and writing a business plan. You will need the business plan to obtain outside funding (like a bank loan).

http://www.bplans.com/

Don't pay for business plan software. Write it yourself.

Free help at SCORE & Small Business Development Centers at universities. Look in the phone book or online for them.

Answer 5

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Answer 6

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