In many daycare centers, this information may already be in place. In others it will be left for the individual locations to set as there can be a difference in fees depending on the geographic region. If you have the ability to set your fees, then there are some things you will want to look at. Understanding what you will charge is something you need to determine before you open the business. There are many aspects to consider here such as late fees, extra charges for children being potty trained and much more. You will need to think about each of these fees so you know what to charge.
When it comes to full time care for children you need to consider the services your daycare center provides. If you will be providing meals and snacks for children it is understandable to charge more than a daycare that does not provide this. You will also need to know whether you will provide diapers, wipes, and other supplies or whether parents will need to supply these items on their own.
You will want to calculate your expenses for your daycare center to get a basic understanding of what you will charge. Make sure you include all the expenses including staffing, materials, supplies as well as the cost for upkeep of the facility. Then figure out what the weekly cost is to keep your doors open. From there you will understand what you need to break even.
The thing to remember is that you do not want to just break even, but to make a profit. If you are having trouble figuring out what the weekly cost for your Florence Kentucky daycare center should be in order to make a profit, then the best thing you can do is talk with an accountant. They will be able to look at your goals and expenses to help you come up with a reasonable price. A good idea with this is to look at your competition to see what they charge as you want to be competitive. However, each daycare franchise will offer something unique and should not just have a cookie cutter price.
When determining rates for your daycare center, you want to think about whether you will offer part time as well as full time and what the cost will be. You also should consider whether you will offer a discount to parents that enroll more than one child in your facility.
There are several fees that your daycare can put into place. The most common of these is the late fee. This fee serves two purposes. One it encourages parents to pick their children up on time. Two, it helps to cover the cost of having staff on hand after their shift is done. In general, this is charged at a per minute price that is generally higher than what you charge normally, as most staff members at this time will be working overtime.
In some states there may be a significant amount of paperwork that is required for each child and if you live in a state where this is needed then it is acceptable to include an enrollment fee. This is usually a nominal fee that is there to cover your time getting the child enrolled at your daycare center.
Another fee to charge is late payment fees. Even though things can get tough financially for parents, you want to make sure that your Florence Kentucky daycare center is receiving payment on time so this does not interfere with your revenue. You can set an extra fee for all payments not received by a certain day or within five days. You can also add an additional fee to repeat offenders. Some facilities also include a clause that allows for the termination of a child’s care when there is a history of excessive late payments. The goal of this is to ensure that parents pay on time so it does not hurt your business.
Keep in mind that even though the children you care for in your Florence Kentucky daycare center may become family, you need to be ready for them to leave. You want to set a policy for parents to give a certain amount of notice when they leave. Generally this is two weeks but some facilities may require more notice. You can charge a fee if the notice is not given in the agreed upon time.