You love kids but do you love a lot of kids? If the answer is yes, and you’re looking to start a business of your own, maybe a daycare business is perfect for you. What do you need to know? Here we have covered all the major aspects of this topic. Read on to know more.
Nowadays, the lifestyle of Indian households has changed. Whether, it is a nuclear family, working couples, or a single mother, currently on the rise. In fact, most of Indian’s population belongs to a nuclear family. Leaving your children with grandparents and hiring a nanny is common in India. As we are going forwards day by day Indian parents are opting for daycare services these days to offer their children a vast variety of developmental benefits.
By making the parent’s life a lot easier and convenient as they don’t have to worry about their child, daycare centers also contribute to a child’s overall educational, mental, and physical growth. As a result, children tend to become self-dependent and better prepared for school environments. If you want to start a daycare business, there’s no best time for it, as the market is great for such businesses. Consulting and opening a daycare business would be a great decision. So, here’s the answer to ‘Why daycare franchises are flourishing in India?’
1. Research the market-
First of all, you have to analyze the market. This would give you a slight idea about, what it takes to start this business. As part of your research, prepare a list of all the legal and financial needs for a daycare business. Also, know your competitors, keep a record of the services they are providing and where they are lacking to deliver. With the help of this research, you can include unique services to your business to deliver the best quality.
2. Draw up a daycare business plan-
After getting an idea regarding your daycare business, you have to draft a daycare business plan. As the number of daycare centers are increasing day by day, the plan should be prepared to leave the competitors behind. Draft a scheme by taking into consideration the age group of children, what your working hours will be, your strengths and weaknesses, the services you are intending to offer, the capital, and location. Decide your niche and optimize your plan accordingly.
3. Arrange capital-
Calculate the capital required to establish the business including the license cost, renting space cost, furniture cost, hiring staff, and the cost for the basic utilities. Once you the total amount calculated, start looking for funding options, and pick the one that suits your needs.
4. Enrolling for childcare training is a must-
If you have done any specialization course in child training that would be a cherry on the cake. It’s an added bonus for the daycare business. This will bring confidence to licensing authorities and parents alike as your certificates will deem you fit to start a business and look after the children entrusted under your care. Your staff too should be qualified to deliver the services so make sure to hire such people.
5. Good location-
You can also open a home daycare center if you have a spacious property available or it can also be rented if the location is perfect. Children’s safety and hygiene should be your first priority while selecting a location. Pick the location away from traffic, with less pollution, and also easily accessible to parents. Consider the location with low rent in order to minimize your total expenses.
6. Get a license or franchise-
Whether you want to open a home daycare business or establish one at a commercial space, you require a license to operate it. To start a daycare business, you must comply with basic requirements like minimum and a maximum number of students and staff and hygiene standards. Once you are ready, apply for a license with the relevant authority. They may want to see your daycare proposal before going ahead so, keep your daycare business plan ready. Alternatively, you can also apply for a franchise with a well-known brand to build upon the trust earned by the parent company.
After setting up a daycare business, direct your sincere efforts towards improving your services based on parents’ feedback. You also need to have a proper go-to-market plan with the relevant advertising for your business to expand your reach and intensify returns.