Input on Opening a Day Care Center

If you think you are capable of finding good employees for cheap, yeah its a pretty decent business.

What do you want to know? My mom has owned one since '88, so I've seen what it takes to make money She's there from 6-6 every day, cooks all the meals, and works her arse off....but it's been a very good business for her. Lots of people like to pay in cash as well. It all depends on if your wife is willing to put in the hours and work it will take to make money.

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Be prepared for parents to run late (weeks) on payment.

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Yep. And you charge by the week. No pro-rated crap or anything.

You couldn't pay me enough. Lots of regulations too. Check DSS site for the list of reqs.

Your second sentence is universally true.

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our second sentence is universally true.

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First pretty much is too.

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Be prepared for parents to run late (weeks) on payment.

Yep. And you charge by the week. No pro-rated crap or anything.

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This.... we typically only use daycare 4 days a week, byt pay the same as if we used 5 days. It costs the center the same regardless. Also, fees are due weekly, late fee if not paid by Wed am.

My wife is currently providing daycare for a 14 mo old that we fostered for a few months last year. We befriended the grandmother who now has custody. She pays my wife about $700/month, which is pretty low for our area, but she's trying to help her out temporarily.

I will tell you that my wife will never ever do this as a full time business. You can make money at it if you have a passion to do it, but it's hard work caring for other peoples' kids. It might not be so bad if you run a center and hire child care professionals while you handle the administrative stuff, but running it out of your home is a commitment.

It is a very difficult business to manage effectively. Think about the pool of workers you can afford, and what you will be trusting them to do for you. Think about your customers and what they will expect from you. Then know it will be worse than you imagined. Your workers will amaze you with the stupid decisons they will make, and your customers will take advantage of you by leaving hteir children well past the designated pick-up time, dropping them off when sick and not paying you on time. Meanwhile you are trying to stay in compliance with all of the regulations regarding operating a business in general as well as the requirements for a daycare operation.

The best way to find out if your wife really wants to go the whole nine yards is to provide daycare for one or two children in your home for some very select parents. If she finds that she enjoys doing so, then she will be more prepared for opening an actual center.

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Take all the equity out my house, move all assets offshore, do not pay for college, and live life large in Thailand.

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FIFY.

Should be easy when you close on that 3.00% 30-yr FRM.