Setting up a pre-school business can be an exciting and fulfilling moment, but it does require relevant information and sufficient planning. Harvard Business School lists lack of foresight, breathing room in a business plan, sufficient funding or bad timing as the leading causes of failure for startups. If you have always dreamed of owning a pre-school business, research organizations and business schools can provide you with accredited statistics, information and skills to help you launch a viable investment.
To ensure success in your venture, it is important to understand the education industry, legal requirements and possible challenges for your business.
Ensuring that some major requirements are in place is the first step towards achieving success.
Meet Educational Requirements
Before you start a pre-school business, the law requires that you meet educational requirements set by the Department of Education in every state. In some states, you and other directors will be required to a degree in an education-related field. If you and your partners don’t have the necessary credits, you may hire people to sit in as directors until you fulfill the requirements.
Fulfill Legal Requirements
Federal legal requirements for starting a preschool remain the same across the U.S. but local and state prerequisites vary in every state. Contact the local Department of Child Welfare, Department of Health and Human Services and other children agencies in your state for guidelines. You will also need to fulfill the common legal requirements for a new business such as obtaining a business license and permits, applying for a tax ID, and registering with state agencies. The U.S. Small Business Administration offers a list of requirements for starting a business.
Prepare a Business Plan
Successful business people value and prepare a realistic business plan. You will need to set a budget, plan the launch and outline the path your business. Even if you have enough funds, a budget enables you to be cost effective and helps you save money in the long run. At the same time, you want to protrude an image of success and plan on how to deliver high-quality services to your clients. It is, therefore, important not to scrimp on details and seek the services of a professional where necessary. Include details on how you will meet your business costs until it starts earning profits.
Choose a Location
Choosing the right location increases your chances of success in business. Parents and guardians will trust the pre-school more if it is in a safe and accessible place. Your location must be within your budget to make business sense, and must meet federal requirements. The ChildCareAware.org breaks down space and location requirements for preschools. Consider your long term plans when settling for a location. Property agencies can be helpful in finding you an appropriate property and negotiating fair leasing or purchasing deals.
Equip the Business
Purchase educational supplies and furniture for your pre-school business. Put in mind children’s safety, comfort and learning needs. Mandatory supplies include books, child-sized chairs and tables, writing boards, erasers, chalk, educational games, nap mats and toys.
To ensure your clients are happy, it is important to invest in a team of skilled personnel. Depending on the size of the pre-school business you intend to set up, you might need teachers, administrators and support staff. Be sure to confirm your state’s requirements for pre-school teachers and other children attendants. If your budget allows, involve the services of a professional and recruitment agency to source the right people for you and draw contracts and job descriptions.
Ensure that you put in place safety measures to minimize risks and meet federal standards before shopping for insurance. You will need liability insurance to cover unforeseen risks to your property, personnel and clients. An insurance agent can advise you on the most appropriate cover for your business.
Market Your Business
The last and most important step is to let people know about your new pre-school business. Place ads on local newspapers, business directories and other advertisement platforms within your budget. Make use of the internet by designing an attractive website and having a presence on social media.
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