In the Excel file, you will find three sections: Summary, Income, and Expenses. HiMama’s budget template was designed to help you list and analyze your income and expenses. Here is a list of typical operational expenses for daycares: The more advanced planning you do, the fewer surprises you’ll have along the way. Some are very expensive like rent, while others can be under a dollar. There are seemingly endless components that go into running a daycare. If not, you will need to work extra hard to provide other incentives to keep your employees happy. Although it is an important service, childcare jobs are typically low-paying however, if you want to retain the best staff in your area, your salaries will need to be competitive. When planning for staff, first check with your local government as there may be specific requirements for teacher/child ratios.ĭepending on the size of your center, some of these positions may be possible to combine for one person.ĭetermining staff salaries can be very tough for center owners.
Consider inflation as prices may change over time. Estimate high so you don’t end up not having enough funds. In general, these can be grouped into two overarching categories: staff and operations.Ī lot of these costs are estimates and are beyond your control, so two important things to keep in mind when budgeting are: There are a lot of costs that go into running a daycare. admission fee, donation box, raffle, bake sale) but it will also help get the word out about your center. This not only provides people with an opportunity to contribute to your business (e.g. By providing opportunities for others to contribute to your cause, you may be able to further offset your enrollment fees.įor example, try throwing a fun community event for the children in your area. FundraisingĬommunities understand the importance of providing high-quality childcare, and can often be very supportive in helping to provide this important service. Excel budget planner how to#
Grants can be a big help for childcare centers, allowing you to reduce what you will need to charge in enrollment - a win for both center owners and parents!Ĭheck with your local, state/provincial, or federal governments and advocacy organizations to see what options are available and how to apply. In general, keep the regular, essential services included in your enrollment fees, and save one-off or non-essential services for administrative fees. Some commonly-found administrative fees for child care centers are: Just be careful not to go overboard, as no one enjoys having to pay additional costs. In addition to the base enrollment costs, there are additional services you can charge for. Add up all of the expenses your center will have, and then calculate how many children and the cost per child you will need to cover all of your costs. If you’re feeling a bit stuck, try working backward.
How many weeks you will be open throughout the year. Your absence policy for charging or not charging on sick or vacation days. Whether you will provide discounts (e.g. The age of the child (teacher/child ratio). The capacity of your center’s location. There are many factors that you will need to consider when calculating your rates: Enrollment feesĬalculating your enrollment fees is always a delicate balance of setting a rate that parents can actually afford, while at the same time funding all that goes into providing your programming. Determining how many children you need to be enrolled and what to charge is possibly the most important calculation you’ll need to make as a business owner. The rest of this post and downloadable template will set you on the right track! IncomeĪs a child care provider, income, for the most part, comes in from the parents of children enrolled in your program. If you haven’t opened your center yet, see our post on the pros & cons of opening a preschool to help make sure it’s the right decision for you. As long as you carefully think things through and list everything out line-by-line, you’ll be able to create a budget that works for you. Whether you’re an accounting wiz or your eyes glaze over when looking at numbers, don’t worry - budgeting can be done by anyone. How much will you need to charge in order to cover all of your expenses?. How many children will you need to enroll to sustain your business?. Which items are essential to running your business and which are nice to have?. Thorough budget planning will help make it easier to make important decisions, including: When you factor in everything you need to spend money on - from crayons and dish soap to salaries and rent - costs will begin to add up quickly. 
Getting into the details, however, this process begins to get a little tricky. Your goal is to bring in more money than you spend so that your business can continue to run.
At its most basic level, a budget keeps track of the money your center brings in and the money it spends.
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