Over the next coming months we are calling on the expertise of our fantastic team here at The WO to provide you with their top tips on all manner of business orientated topics! First up we asked Engagement Officer; Sabah Shams what her top tips are for starting up a childcare business. Read on to find out what she said!
|Sabah on her 10th anniversary at The WO|
The childcare market encompasses many forms of businesses, including: childminding, after school clubs and nurseries. It is approximated that the nursery market alone in the UK is worth £4.9 billion.
The childcare market is one that is continuously growing but is highly fragmented; with many individuals setting up privately ran businesses. Are you interested in setting up a childcare business, or is it something you’re considering? Well, continue reading to find out about our top tips to make you venture a success!
What are the prerequisites?
Enthusiasm and motivation is key! Childcare business is demanding but at the same time rewarding. Working with children for long hours really requires patience and determination, so if you think you possess the above then childcare business is for you!
What do the experts say?
From our recent event ‘How to make childcare your business?’, we had a successful woman sharing their experience of setting up a nursery. She described that looking after children requires extreme commitment and is for those with great passion. At the event it was highlighted that childcare is very different to looking after your own children.
The real success of a childcare business especially nurseries is not measured by how much revenue you have (which is important for a sustainable business), but what makes it worth it is the positive impact you have on the development of children!
Why is market research so important?
As mentioned above this business sector is highly fragments therefore it is super important to have knowledge of what you contemporaries are providing and how you can make yourself stand out and shine!
Further, another important aspect is knowing what is in demand and where is the market, so conducting market research can enable you from choosing what avenue to go down.
What qualifications, insurance and experience do I need?
This all varies depending on which sub-sect of childcare you’d like to set up.
Childminding: this does not require any formal qualification, all you need is approved pre-registration course, OFSTED registration (this encompasses many things, for more information please visit the OFSTED website) and insurance. Remember you can look after other children while looking after yours in the comfort of your home, without requiring a large amount to invest!
Day Nursery: this is a bit more complex and unlike childminding requires an investment (amount varies). OFSTED registration is required again but for Early Years (for more information please visit the OFSTED website), NVQ Level 3 and 2 years’ experience, along with appropriate insurance.
Out Of School Club: OFSTED registration is required is children will be staying for more than 2 hours per day. If you require OFSTED registration NVQ Level 3 qualification is a prerequisite. Regardless of registration, insurance is important and a must!
Hope that helps those of you thinking about childcare businesses! If you have any more questions or would like to see one of our fantastic business advisors please call us on 0151 706 8111 or email us on: firstname.lastname@example.org
Until next time - Empower others, yourself and make a change!