Ongoing Costs
While working from home can greatly reduce your overheads and business costs, there are additional, ongoing costs related to childminding which should not be overlooked. If you do not make enough money from your business, these ongoing costs can result in you losing money rather than gaining it.
As well as all the registration costs, training, toys and equipment that need to be bought, you may also need to advertise your services and pay ongoing subscriptions for childminding resources. All these costs need to be recuperated regularly, before any profit can be considered.
Demand in your Area
Do your market research and check that there is demand in your area. If there are already a lot of childminders and day nurseries, then it may take months to fill your vacancies, putting you out of pocket as ongoing costs continue.
Everything, absolutely everything must be logged
It’s not something most people think about when they first start to work with children, but the paperwork is phenomenal.
Besides the planning, children’s assessments, risk management, daily notes and observations, everything but everything, has to be logged.
This includes when children arrive and leave; when visitors come and go; if the children hurt themselves or there is an accident. Informing parents how their child is getting on and what they did; when they slept; how long they slept for; what they ate; when they ate; what was included in their food and so on.
Additional issues to consider when childminding
As well as the obvious issues a childminding business can raise, there are hidden issues that need to be considered also. Here are a few conundrums:
– Not all costs are essential when you first start childminding, so manage your money wisely. For example: Double pushchairs have limitations. They can mean not being able to fit all the children into the car or buses which can limit outings.
– It is quite common for parents to pay late, or try to get reductions in the overall cost.
– They sometimes bring their children early or collect late, as a result of work commitments. This means a great deal of patience and flexibility may be needed.
– Your house may not feel like your own.
– Constant mess and having to have baby gates everywhere.
– OFSTED can be very critical and this can be difficult for some to handle.
– There are new rules regarding food and lots of childminders have stopped providing food, as it involves so much form filling about what each item of food contains.
– Some may feel it’s too much work for the little they are paid.
– You have to keep up with all the paperwork, training and assessments to satisfy Ofsted
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