We’re already catapulting our way through 2022 and I know that finances are top priority for many of you. I’ve written this blog focusing on tips for creating a successful finance routine in your childcare biz.
Any of these sound familiar? Perhaps you’ve been struggling in the past to keep on track with incomings and outgoings? Or maybe you constantly miss deadlines for taxes? Does your in-home daycare business have trouble collecting payments from your clients?
If you answered “yes” to any of the above, read on as I dive in and take a look at some ideas to help you get set up for success in 2022!
Time to get stuck into my top ideas for creating a successful finance routine, Ninja!
1. Separate your accounts!
It’s super important that you keep track of your business and personal finances. Set up a different bank account for your in-home daycare so you can manage your money better. Head to your local bank or credit union and open a new account.
Whenever you’re making payments for the business – resources, food, equipment, your team – do them from this account. Pay yourself from here too, so it’s really clear to see where you’re at financially. It helps you see what’s coming in and going out!
It also has the added benefit of making you feel more professional, and present yourself as a legitimate business to your clients. Keeps things on a serious level.
2. Pick a “money day”
One of the things that really helped me when I initially set up my home day care was allocating one day per week to focus on finances. Getting into a routine of checking your accounts, keeping on top of budgets and bills is key to making it all less scary.
Choose a day that’s maybe a little quieter and block out a couple of hours in your planner or Google calendar. Then spend that time going through invoices, paying bills, chasing payments and all of the things that used to get piled up and eventually done (badly) in a panic! Keep on top of your finances like this means that you’ll feel more confident in your decision making and when tax returns are due!
Set the scene for your fab finances day – diffuser on, door closed and keep focused! Let’s get into the habit of checking in on our finances every week.
3. Choose an accountant who understands Childcare!
A good accountant is worth their weight in gold! In my honest opinion though, it’s important to find one who understands how a childcare business works. Someone who is knowledgeable about the childcare industry! They’ve got to know what can or can’t be written off and they’ll be able to help you get the most out of the tax return.
Take the time to find the right accountant for you!
4. Have a budget
You might be killing it on your home budget, but do you keep that separate from your business? No?! Well now is the time to start. You need to keep things neat and tidy, so it’s easy to see what came out of where. Don’t mix up your budgets!
Try to make your day care finances and budget independent from your personal budget! Keep all receipts organized and filed away for your in-home daycare. Have a system in place to store and organize things, making it easier to find things when anyone asks.
It’ll save time and money if you keep things separate! Make your life and your accountant’s life easier by starting now! Keep reading for more tips for creating a successful finance routine!
5. Automate as much as you can!
Y’all know I’m all about the systems and automations. Why wouldn’t I love ’em?! After all, they’ve helped me grow from a home daycare into a multiple facility childcare business! But you don’t have to be bringing in the big bucks to put these things in place.
You can ensure you get paid as quickly as possible by automating! Quickbooks or PayPal (others also available!) can help you set up an automated invoices for your clients. These apps can bill them each month and makes them paying you more simple. They’re super easy to adapt and make changes for those times you’re putting your prices up. And you can set up reminders to ensure parents don’t forget to pay.
These don’t cost too much – a small percentage. But it’s worth it to take it off your to do list!
And finally, I’d highly recommend reading Profit First. Wanna know more? I wrote a blog about it here!
I hope you enjoyed reading my tips for creating a successful finance routine! Do you have any more tips to pass on?
Have you heard that we have a course starting next month?! Yaaaaasss Ninja! It’s time to learn! Find out more about our Phenomenal Foundations Course here.
While you’re here…Did you know that you can schedule a 20 minute chat to see how we can help you start and scale your childcare business?
And don’t forget that you can find strategies and tips to move your childcare business forward by joining our community! You can hang out with like-minded and aspirational daycare owners in there and I go live regularly to talk about topics that’ll help you grow. We’re an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Join us for more tips on how to make your childcare business the success it deserves to be!
If you prefer Instagram, we share ideas and tips there too. Or maybe email is your thang…JOIN OUR 💌 MAILING LIST HERE.
Also if you’re looking to reduce overwhelm, get organized and achieve your goals this year, you can get your 2022 CHILDCARE BUSINESS PLANNING SYSTEM right here.
February is well and truly here! It’s usually a chaotic month due to getting our taxes in order, so why not use this time to fix-up our finance systems? We’re still fresh in the year, and only just getting started — it’s the perfect time to revamp your systems!
Take some time out over the next couple of weeks to really analyse your current systems. Delve into what’s working, what is not working. Could you make things slicker and easier to manage?
In this post I’m going to share some practical tips for revitalizing your finance systems, read on if you’re ready to take action now!
Why do systems matter?
By getting systems all set up, you’re getting processes in place that will help you get more organized. It’s important that you can keep on top of finances, so having systems in place will help you find things at the drop of a hat. If a client asks you something, you can find the answer. When it comes to tax returns, all your information and data is in order. It keeps things simple.
Not only does it get you organized, but having systems helps your staff too. It enables them to know how things work, without having to ask you constantly! Once your systems are running smoothly, you’ll no longer have to worry about taking time off and chaos ensuing while you’re not there. You’ll de-stress, your staff will feel more in control and confident and—most importantly— your business will grow!
How do you work out systems?
If you’ve worked with me before, or you’ve read my previous blog posts, you’ll know I’m obsessed with systems! I love the sense of control and the load it takes off of my shoulders. So how did I get to this point, exactly?
First thing you have to do is break down all the steps and processes that you have in place. Take a good long look at every little step. How is that working for you right now? Is there anything you could change to improve that step? Could you automate it? Once you’ve analysed where you’re at, start adding in the things you’d like to implement to make the systems better.
After you’ve broken it all down, you’ll see you’ve got a plan and a sort of flow chart to guide you through the finance systems you want in your childcare business. (If you need a guide to help you with this process, download your free childcare business map here and get started building your systems.)
How do I fix-up my finance systems?
There’s lots of ways you can fix-up your finance systems, and I’ll be going through this in the Facebook group soon. So for now I’ll just explain how to get started if you haven’t already. Or perhaps you can use it as an opportunity to refresh how things work at the moment.
Financial Tasks Overview: Get total control of your finances by creating a system for your tasks. By ensuring that we do the tasks we need to daily, weekly, monthly, and even quarterly, we are stopping overwhelm and procrastination in its tracks! So break every little task down. No matter how small!
Monthly Bill Report: Doing this will enable you to list all expenses your business has, and begin categorizing it so that a later stage when you have all the Fab Finances templates, you can complete your monthly budget and know exactly where you stand financially at any given time. Simple & Stress-free!
And don’t panic if you’ve not started yet! Head here for my Fabulous Finance templates, so your childcare business can run with ease! Which means you can focus on the strategic part of your business and get growing! Some of the daily templates include Inventory management, invoice tracking, income, and expense management.
What happens when you’ve got systems in place?
You might think that this is all a waste of time. I’ve heard childcare business owners complain about the effort it takes to get all set up. But I promise you that once you’ve found systems that work for you and they’re all in place and running like clockwork it’s a total game changer!
Since I got my systems fixed-up, I have been able to grow my childcare business empire. None of my focus goes on overwhelm or worrying about how things are doing, because I know already! My systems tell me what’s going on and I can take a look any time I fancy. I don’t have to stress about taking time off or if families are going to pay their bills, due to my simple systems and automations.
How do you feel about this? Are you ready to fix-up your finance systems? Or are you feeling stuck?
Come and let us know over in the Childcare Ninja Facebook group! Over the next few weeks, I’ll be sharing tips on setting those systems up so you can actually grow your childcare business. And I’ll be starting with Finances!
We’re an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!
In any year it’s easy to lose focus on our finance goals, but when there’s a global pandemic going on it’s even harder! However, I wanted to give you some encouragement and motivation to show you how to stay inspired and on track.
We often find it tricky to keep our eyes on the prize. We get distracted by the endless possibilities of what everyone else is doing and what all our friends have. It’s all too easy to get side-swiped by what you don’t have, or haven’t managed to do, and the reasons behind that – usually financial!
What I want to help you with is staying focused on your goals!
Money mindset and financial taboo
When it comes to money, there’s a lot of weird stuff that comes up for most of us. A lot of it stems from our childhoods and the way we were brought up. For me that was in the church. And boy oh boy do church and finance have some bizarre clashes in personality going on!
So many of us brought up to believe that it’s impolite or embarrassing to talk about money. Money also holds an emotional connection for many of us. It can bring on an anxious reaction or trigger other behaviors. In my Facebook group, one of the things the Ninjas shy away from is talking about finance.
So what exactly is going on here?
I’ve talked about the importance of having a positive money mindset before, but I haven’t really gone into my own personal journey. So I’m going to share my story with you because I believe you may have experienced similar growing up.
At one point in my life I believed that making money was evil. That’s what I’d grown up hearing in church. That “money was the root of all evil” and that people who made money were greedy and evil and nothing good ever came from money. That the love of money was a sin and it was the Devil’s work.
But as I got older I began to do my own research, really looking at the scriptures and the context of quotes like the one above – which is the infamous 1 Timothy 6:10: “For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs.” Drummed into many of us as kids, when we look at it as adults, we can’t forget to add the love of in front of money here.
I’ve had to relearn a lot of my mindset around money. Money builds churches, hospitals, and homeless shelters – communities! We should be pro making money, and what we should stand up to is using money in a way that harms people and the planet.
It’s time for us women in business to overcome the money taboo!
Money is a tool!
Money isn’t evil. It’s an object that we can use for good or evil. And it really can be a fantastic tool to help us make a difference. We can utilize it to make the world a better place. It can help people.
Money can help us reach our goals and without money it can be quite tricky to take care of the people we love. We owe it to ourselves as women to achieve financial success. We owe it to our children to see us earning money and not being ashamed of it.
Stay focused on YOUR finance goals
You might think your goals are yours…but what if you’ve been influenced by other people and they don’t align with your values? The way you can get laser-focused and ensure that your goals truly are YOURS is to look at your soul goals and see if they marry up with the money targets. Are they challenging enough or are you playing small to please others? Or have you set something that is only going to end in heart ache?
Take some time to journal on this one. Honor your truth. Listen to your gut. It never fails to tune into your intuition.
What will inspire you to stay focused on your finance goals?
We’re all different and have our own things that help us. For me, my faith is one of them, I utilize it every day of my life! Now that I’ve made peace with the age old conflict between church and money, I know I can use my faith to keep me on track.
Perhaps it’ll be your family that inspires you to stay in your lane and reach your goals. Is it to extend your home or find somewhere a little less snug? Or maybe it is an adventure that you want to go on, and you’re able to visualize yourself going on that trip – each time you lose a little momentum, practice picturing yourself doing that thing!
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”
Not only do we need to have conversations around the green stuff, we need to be open about how finance looks and feels for us! We have got to persist in setting ourselves financial goals, and start asking for what we want and need. Because let’s not forget what money can do for us!
I hope you’re going to use this as an opportunity to start talking about money more, encouraging conversations about finances with your business friends, employees and your family. If you found this blog post helpful, send the link to a friend – sharing is caring! Or come and continue the money talk over on Facebook in our Ninja community!
If you enjoyed reading this and would like to get more involved, we’re an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming more involved in the community and to grow your business? Join us for more tips on how to make your childcare business the success it deserves to be! Or if you prefer Instagram, come and say hi there!
During last decade – and beyond – I’ve heard countless money myths being waved around as reasons for hesitation when it comes to taking a step into owning your own childcare business. And while some of the rumors might be a hangover from days gone by, most of them are just factually incorrect and are certainly nothing I’ve ever witnessed.
There’s only so much time to write these blogs and you’ve not got all day to read them, have you?! So in this post, I’m busting three of the myths that keep popping up in Childcare Ninja conversations. Read on if you’d like to find out why you need to ignore the money myths and listen to your heart!
Money Myth 1: Expensive to get going
Not true! There are tonnes of ways you can start your childcare business on a budget. I’ve written a few blogs on this, but it is possible to start a wildly successful childcare business with limited financial backing. I know because I’ve done it! Cut back on expenses – do you need those subscriptions or the organic food? Could you strip it back to the bare minimum temporarily until your profits start coming in?
Look into ways of getting more knowledgeable that don’t involve spending money or spreading the cost between yourself and other childcare facilities. Sign up to mailing lists and free trainings and teachings around legislation and regulations.
Setting up your childcare business doesn’t have to be expensive. You don’t need an all-singing, all-dancing childcare business to get going. I think the phrase is “done is better than perfect”. Don’t let fear of getting started put you off.
Money Myth 2: Childcare owners can’t make a profit
This one always makes me laugh, because my business is testament to the fact that you most certainly can make a profit! Don’t be intimidated by the money talk around childcare. A lot of the chatter is around the issue that our industry is not valued by many in our society, despite us being a lifeline to families. The recent pandemic highlighted how essential we are (which we all knew!). But the debate as to whether we’re profitable is nonsense.
You can have a successful childcare business that brings in a profit. It takes hard work, effort and planning, but it is definitely achievable. I’m working with a number of childcare business owners – my Childcare Ninjas! – helping them scale up and grow their businesses to become even more profitable.
Money Myth 3: Hard to keep up
Funnily enough, this money myth is a teensy bit true. Yes, it’s sometimes hard to keep up with changing policies and legislation. I could probably dedicate an entire year to reading documents and keeping up with current practice. And of course all the regulations are essential so we have to keep on top of it all.
However, when you’re savvy and have a great team around you, you can split the training sessions between you and share the knowledge when you get back. You can sign up to emails that will keep you up to date, and you can join networks with other childcare businesses. There’s also a great Facebook group I’ve heard about, for Childcare Ninjas like you 😉
Tips for battling the money myths
Over the years I’ve been running my own childcare business, I’ve discovered some ways that you can combat the money myths out there! Here are a few tips to help you on your childcare business journey.
Firstly, surround yourself with encouragers and people who support your dreams. It’s so much easier when you’ve got like-minded people giving you motivation and rallying around you. It’s also important that you can trust them and know that they have faith in your abilities. There’s nothing worse than constantly having to second guess yourself because of negative comments about things that you didn’t ask for an opinion on.
Be wise with your money
Second, y’all know I love systematizing, so you won’t be surprised to hear me say this! So here goes: Get yourself some systems that help you manage your business better. This will save you time and money to invest elsewhere in your childcare business. When you’re more organized and things are streamlined, you can budget better.
Next, I’d like to encourage you to invest in yourself. With the savings you make on time and with budgeting better via systems, you should put that towards bettering yourself. Learning never goes out of fashion! And educating yourself and self development is never a waste of money. Whether that’s additional childcare training or a business diploma, the decision to prioritize YOU as a business owner is pivotal to your success!
My last tip is that you get help with finance. I’m not talking about loans and borrowing money (although if you’re going to do that, make sure it’s ethical and in your best interests! Steer clear of sharks). No, I mean getting your head straight when it comes to finance. Take time to get some money mindset coaching, and another idea is to learn how to do your own accounts.
I hope you’ve found this blog super helpful. If you have, share it with a friend!
Also, if you appreciated the tips in this post, there are plenty more over ideas and inspiration over in the Childcare Ninja Facebook group! We’re an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!