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raeanna74 · 03-01-2005, 06:49 AM

My Dad has run his own business for over 15 years. For a time after I was out of highschool I did all his secretarial work and worked on his taxes.

I have run my own home day care for 3 years now.

A couple comments I would have are - A business degree may be helpful.
Make sure you use contracts. Even get a lawyer to help you draw up the first few to make sure you include all the important things. My Dad uses contracts and until he learned to make better ones he lost a lot of money from people refusing to pay.

My standard contract, that all the parents sign, is 2 pages long. It has saved me before from loosing more than $40. In my contract I included a clause that I can discontinue services after 2 weeks of non-payment. That way if they slip and can't pay one week they've got some clearance but they push it off at the end of the second week - I'm not watching their kids till they pay up. Some daycares don't do it that way but it works best for me. For those 2 weeks - small claims court isn't worth it. Be prepared to run into losers who won't pay.

Get your money up front if there's any question as to whether they'll pay. At least get a portion of it to begin with.

Of course you'll have to get your tax number and things to begin with. I don't because mine is small enough and I can use my social security number if I file it for taxes.

Keep close track of your expenses. Even if it's a pack of pencils. You'll be surprised how it all adds up.

Have someone else do your taxes at the end of the year. It will be well worth it.

The early bird does get the worm. Owning your own business is more demanding than any other job. You get sick - you can't call in sick so easily. If you aren't working, you aren't earning. You aren't your own boss - the customer is your boss.

I would also suggest finding a job in the field and working even just as a secretary. You can see the business in action and you'll see a lot of things that you like and want to duplicate and things you want to avoid doing. Get some experience in the field before you run your own business in it. I worked at several different daycares for 3 years and also as a elementary school teacher for 1 1/2 years before I started my daycare. The experience of working in that field before running the business gave me lots of info that I wouldn't have gotten in school.

That's all I can think of for now - hope it helps.

03-01-2005, 06:49 AM	#4 (permalink)
raeanna74 I'm not a blonde! I'm knot! I'm knot! I'm knot! Location: Upper Michigan	My Dad has run his own business for over 15 years. For a time after I was out of highschool I did all his secretarial work and worked on his taxes. I have run my own home day care for 3 years now. A couple comments I would have are - A business degree may be helpful. Make sure you use contracts. Even get a lawyer to help you draw up the first few to make sure you include all the important things. My Dad uses contracts and until he learned to make better ones he lost a lot of money from people refusing to pay. My standard contract, that all the parents sign, is 2 pages long. It has saved me before from loosing more than $40. In my contract I included a clause that I can discontinue services after 2 weeks of non-payment. That way if they slip and can't pay one week they've got some clearance but they push it off at the end of the second week - I'm not watching their kids till they pay up. Some daycares don't do it that way but it works best for me. For those 2 weeks - small claims court isn't worth it. Be prepared to run into losers who won't pay. Get your money up front if there's any question as to whether they'll pay. At least get a portion of it to begin with. Of course you'll have to get your tax number and things to begin with. I don't because mine is small enough and I can use my social security number if I file it for taxes. Keep close track of your expenses. Even if it's a pack of pencils. You'll be surprised how it all adds up. Have someone else do your taxes at the end of the year. It will be well worth it. The early bird does get the worm. Owning your own business is more demanding than any other job. You get sick - you can't call in sick so easily. If you aren't working, you aren't earning. You aren't your own boss - the customer is your boss. I would also suggest finding a job in the field and working even just as a secretary. You can see the business in action and you'll see a lot of things that you like and want to duplicate and things you want to avoid doing. Get some experience in the field before you run your own business in it. I worked at several different daycares for 3 years and also as a elementary school teacher for 1 1/2 years before I started my daycare. The experience of working in that field before running the business gave me lots of info that I wouldn't have gotten in school. That's all I can think of for now - hope it helps. __________________ "Always learn the rules so that you can break them properly." Dalai Lama My Karma just ran over your Dogma.