Fabulous Finance Week – income streams

Fabulous Finance Week – income streams

This week in Childcare Ninjas, we’re shining a light on finance again. It’s a subject that we’re not going to shy away from, because it’s vital that we feel confident discussing finances! And I want to support you as a Childcare Ninja in this area as much as any other. If you’re new to the industry, you’ll want to read this blog post!

When it comes to initially setting up your childcare business, you might not be ready to go all in just yet. You might need to spend some time raising funds so you can open up the daycare center of your dreams.

What I want to emphasize here is that you shouldn’t be letting finances get in your way. It might take you a little longer to reach your goals, but you CAN get there. I have seen financials hold so many women back from starting a business and I don’t want that to happen to you.

So, in this blog I’m going to share a few ideas to get your creative juices flowing. I’m going to get you flexing your resourcefulness muscles!

What are your needs?

First things first, you’ve got to take a look at how much you need to actually get set up. This might seem minimal to begin with, but once you take into account the rent, the health and safety aspects, the registration, the licences, the insurance…it all adds up. So be honest with yourself here. Keep it real: are you currently in a position to set up immediately?

Maybe you’re beginning in your home, which will reduce the cost in the short term. Even so, there’s the equipment you’ll need, the additional costs of utilities (amazing how those little kids use up all that extra electricity and water!)…

But I’m not saying this to get you to stop! Far from it! I’m asking you to take a good long look at your needs in a financial sense, because I want you to succeed! I want you to know exactly what you’ve got to have in place before you can launch into your childcare business. And if you’ve got any questions or don’t know where to start, please drop me an email! After 14 years in the business, I’m happy to help!

So how can you raise the money to get started?

We’ve established that you’re likely to need more cash coming in before you can really dive deep into your childcare ownership dreams, so how are you going to do this exactly?

Honestly? This comes down to how much money you have and how much time. Finances play a part here too because there are some income streams that require a little investment before you can get going and others that you can just jump straight into with out much thought!

childcare ninjas how to get to 6 figures

Become a representative

Not in the House (one day, maybe…!), I’m talking about buying into a scheme where you’re the representative of a brand. These roles offer a range of opportunities, from flexible working and franchises, to direct selling and party planning.

There are a number of these that can be lucrative for people who have time and a small amount for buying the products for demonstrations. Beauty companies like Avon, Mary Kay or Arbonne  have a fairly low investment requirement to become a representative.

So those are options for you if you have a little cash to reap rewards with. However, I’ve got a few more ideas if you don’t!

Everyone has something that everyone else needs!

This is what I tell the women I coach. They’ll often say, “But Nyckie, I haven’t got anything to offer. How on earth can I have a side hustle going on?” And I am quick to remind them that they certainly do have things to offer. Whether that’s a resource that their community is lacking (like reliable transport) or a skill they can see a need for (gardening!) each and every one of us has something that their neighborhood needs.

Take an audit of your resources

Take a look around your home and figure out if you have resources at your fingertips that could earn you some of the funds you need for your business.

Perhaps you’ve got a car and are happy to be driving to make some side hustle money. You could do some Uber driving in the evenings when your partner gets in from work. Or perhaps if you know there’s people in your community who’d rather pay you than Uber to drive them to and from appointments, then get driving! Drum up interest and bring in those dollars!

Have you got furniture that could go to a new home, or a ton of dresses sat unworn in your wardrobe? Kids finished playing their consoles or moved on to the next craze? Why not have a yard sale?

Start something from scratch

If you’ve got skills that you could utilize, then why not put them up on Fiverr or Upwork? If you’ve got admin capabilities or can write, or maybe you’re handy with a camera, then put up a page and watch the requests come rolling in. When you’ve got skills other people need, you’re valuable and it will help your finances!

piano lessons passion into action

Perhaps you can offer tutoring for local families, or teach piano? Know how to grow vegetables? Maybe you’re a whizz with a chainsaw? Think about the dormant skills you could put to good use!

Make the most of what you’ve got!

I’ve mentioned skills above, but it really is about making the most of what you’ve got and flying with it! Take a look around your local community and look at what’s missing. What are people moaning about? Have you got friends with elderly parents who need healthy meals but can’t cook anymore? Could you cook them nutritious food and charge for it? You could start a small take away service. (Don’t go crazy here! It’s a childcare business we’re aiming for, right?! Not a restaurant!)

Choosing a way of bringing in some extra money means you can rest easy knowing that you’ll raise the dollars you need. Thinking about your finances and making some cash in a side hustle is a sensible move to avoiding stress.

I’d love to help you more with ideas that’ll solve the gaps in your finances, and I’m so excited to see you achieve success, so why not head here and you can download my FREE Side Hustle Checklist!

If you’d like to see more like this and chat with other childcare business owners, I wonder whether you’d like to head over here: Childcare Ninja Facebook group!  Join us for more tips – not just on finances! – on how to make your childcare business the success it deserves to be!

While you’re here, are you in the Childcare Ninja membership yet? 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!  It’s full of exclusive resources and support to help you grow your Childcare Business.

childcare ninjas logo 2020

Finance: Are your childcare profits really playing hide and seek?

Finance: Are your childcare profits really playing hide and seek?

I hear you, Ninjas! “Childcare profits?! Hide and seek?! Finance…what?!” I know, I know! We didn’t seek to be in the childcare game aiming solely to make profit. It’s all about the kids, right? However, to be able to afford to provide exceptional childcare, you’ve got to make a profit so you can reinvest in your business and up-level your services.

We have got to talk about childcare Profits! It’s important! And, boy oh boy, do I know how scary the “finance” part of business can seem. I used to spend hours fretting over it all. The in-comings, the outgoings, the profit margins and looking for ways to increase the amount I was making so I could improve things all the time.

Nowadays though, I’m not worrying about it anywhere near as much as I was, so I thought I’d share how with you.

Create finance systems

My favorite subject! Systems! And I LOVE having systems in place to keep my business finance in check. Firstly, break your financials down into bitesize, manageable tasks. My advice is to have daily, weekly, monthly and quarterly tasks, so you’re not left playing catch up at the end of the quarter! I’ve made a super useful resource which will really help you get on top of your finances. Check out my fab finance freebie here!

finance freebie

Systematizing is important and it’ll save you time and money. Why waste hours of your life back tracking your invoices and filing stuff for days? Or doing something by hand that a whizzkid has figured out, if it’s a simple and automated way for you to handle finances?! It is a no brainer! Get those systems sorted, Ninja!

Learn about finance from others

It might look a little different, but the bones of a childcare business are like any other. You can make a good living out of your childcare profits, as well as investing in your business. I think we forget (or maybe feel embarrassed?) about talking about the profit possibilities that come from providing essential services to families. And that’s why I shout about it all from the rooftops! Making a profit shouldn’t be taboo. So I will share my knowledge from years of running my childcare business with you because we can learn so much from others!

By learning from others you can figure out how to make finances simple. Read the blog posts I share with you, check out other childcare business owners (and other areas too!), and most definitely join a community where you can ask questions and share resources. (Ahem, have you joined our Childcare Ninjas Facebook Group yet? It’s a great, safe place to hang out and get to grips with your childcare business!)

learning from others

Get financial help early on!

I understand what it’s like and finances can feel truly overwhelming, therefore I urge you to reach out to someone! Don’t prolong the pain – seek help from an expert sooner rather than later. Feel free to ask in the Childcare Ninjas facebook group, because there’s bound to be someone in there who can point you to some awesome resources. They’re a fantastic bunch of humans and always keen to be supportive.

If you’re not sure who to talk to in more depth, ask your local friends – find out the name of a good accountant. Word of mouth recommendations are (nearly) always absolute GOLD! And don’t forget we’re living in the digital age!  You’ve got oodles of online groups at your fingertips to learn about finance. If you need a little more guidance, there are some well-regarded coaches you can work with, on anything from money mindset to investing your profits wisely!

beyonce boss finance

Hopefully these tips have helped you feel more confident and given you some clues about where to begin with your childcare business finance.

Before you go, if you’re keen to get started on putting systems in place, and getting your finance in order RIGHT NOW, I’ve created a finance bundle especially for you. Everything you need in one place! It’s a small, one time investment, but worth every single penny! You get a whole lotta goodness included, and the templates come in both Printable and Online formats, so you can access them in a way that suits you and your childcare biz!

fab finance bundle

Remember: Don’t shy away from your finances!

And don’t forget that I also have a free Facebook community for childcare providers. Come and join in the conversation here. We’d love to meet you and hear how you’re getting on.

grow-your-childcare-business-with-childcare-ninjas