Can You Balance the Business of Childcare and Provide Exceptional Services?
The business of childcare is growing.
Research from IBISWorld reveals that the business of childcare will produce a revenue of $12.4 billion this year, up 12.0% from the previous year. Independent journalism site Crikey, meanwhile, describes childcare services as a long-term growth industry, supported by the Commonwealth with roughly $5 billion in financing. Aside from substantial government subsidy, demand also drives growth in the childcare industry.
You can successfully balance the business side of childcare and the mission to deliver services that ensure a solid development foundation for every child – and to do this, you need to first determine the challenges your centre may face.
Meeting Demand, Controlling Costs
This year alone, estimates have it that approximately 1.7 million kids, ages 12 and under, are expected to enroll in childcare centres. With this in mind, there is no question your facility will have the enrollment it requires. So you will need adequate staff, with experience and training in early childhood care, to properly meet the needs of every child.
Adding more employees typically means more costs, which translates to higher fees. But if you defer hiring more people and choose, instead, to control costs, you childcare centre may have a long waiting list. This is a common issue for most facilities, as the Sydney Morning Herald reports.
Another key challenge to address is offering flexible childcare services to parents who have non-standard working hours.
The Right Solutions for Your Centre
Your ultimate goal is to provide the best care possible for every child who attends your centre. Meanwhile, you still have a business to run. Recognizing the challenges your own centre faces is half the battle. The other half entails optimising your resources to operate at a cost that meets your budget, but without sacrificing the quality of your services.
When you are just starting up the business, you need to evaluate the benefits of renovating an existing facility or building from the ground up. Then consider your expenses for, among others, approval requirements and compliance, insurance and overall design of your facility. There is also marketing to think about if you’re new to the industry.
In terms of further funding, you can look into investor opportunities.
We understand that you are not just a for-profit business. As an experienced provider of childcare management in Australia, ELM offers the solutions that address the complexities of running the important business of caring for kids.
Whether you own an existing facility or intend to establish a new one, ELM can help you maximise lucrative opportunities and meet goals that benefit the children.
Explore better solutions for your childcare centre, and call us today