Children are the future, so it’s important they’re given the best possible start. Why not be a part of something special? If you’re thinking about becoming a childcare franchisee, the road ahead is full of joy and fulfilment. But that can seem a long way off when you’re at the start line - and the first step towards your new career should be your business plan.
If you’re looking to succeed in the childcare industry, it’s important to get things right from the off. There are certain fundamentals to running a childcare franchise that revolve around establishing your business plan. Now that you’ve got your heart set on this exciting career move, read on below for our top business plan tips.
How to build a business plan for a childcare franchise
You’ve got the passion to kickstart a career change and want to have a positive impact on children and parents with a child care business. So what next? As the world opens up again and the demand for childcare increases, it’s time to get thinking about your business’ role within the childcare sector and how you can set yourself apart from the crowd.
In laying out a business plan, you’re covering all the bases and making sure that you’ve got a viable foundation for your childcare franchise. But before you dig into our business plan tips, you should know that every business plan needs to include the following pages as standard:
- An executive summary
- A business description
- Product/service descriptions
- A management summary
- Market analysis
- Operational details
- Business premises details
- Sales and marketing plans
- Financial projections and requirements
Now you have a solid idea about the various fundamentals that will be required for your childcare franchise’s business plan, check out our top tips below for crafting a successful and compelling business plan.
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Where you’ll be operating your childcare business from will be crucial to the success and smooth-running of your day-to-day operations, so it makes sense that it should figure as a key element of your business plan.
Will you be operating from an external premises, or using your own home as the business location? There are, of course, advantages to both that are worth considering. An external premises may offer more space, and you may be able to offer better access facilities to parents. But from home, you’ll slash the overheads of premises costs - if you’ve got the room and don’t mind the clutter. What matters is ensuring your location choice puts you at the top of the pile among competitors and enables you to deliver the best service possible.
To ensure the viability of your childcare business, it’s important for you to lay out your finances from the outset. What are the essential items you’ll need to successfully operate, and how does this weigh up with your financial situation?
Depending on your budgetary constraints, you could choose to look more into a franchise that operates in a range of different ways, such as offering:
- Outdoors and recreational services
- Drop-in, flexible services
- Pay as go offers
- Hybrid and remote services
- After-school care
However, each franchisee is different in their ambitions and their financial situation. So, to give you a clear-cut idea of how much it costs to become a childcare franchisee, you can check out the franchises below.
- Choice Home Tutoring - to franchise with this childcare business, you’ll need to make a minimum initial investment of £17,500, with a total investment cost of £23,500.
- Banana Moon - this childcare franchise requires a minimum initial investment of £47,000, with a total investment cost of £60,000.
3. Your skills and qualifications
When you’re weighing up your business plan, it’s important not to forget about your own position in the business. Do you have what it takes to run a franchise to the best of your ability, and how will you ensure you’re as prepared as possible from the moment you open your doors.
Some of the key skills you should possess when going into the childcare sector are:
- Good communication
- Patience, compassion and empathy
- Being organised
- Making decisions
- Excellent leadership skills
However, the need for skills may go further than your professional outlook. Some franchises may want you to have certain qualifications, and you’ll certainly need to ensure you’ve ticked off your Disclosure and Barring Service (DBS) check, as you won’t be able to run a childcare franchise without one.
Where will your childcare franchise sit within the wider marketplace? This is an important aspect to cover in your business plan, outlining both the appeal and viability of your childcare business. What will you be offering that others don’t? If there is a niche that you can capitalise on, or any new market trends that you can make the most of, then you’ve got a great chance of standing out from the crowd and raking in the profits - all while enjoying a fulfilling working life.
The need for childcare isn’t going anywhere, and with this market already being valued at £6.7 million [LangBuisson], there is plenty of space for newcomers like yourself.
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Start building your childcare franchise business plan today
You can now feel far more confident in your knowledge of franchising in the childcare sector, and how you can set up a business plan that flies. Rewarding work that can fit around your life is hard to come by, but this is certainly what life as a childcare franchisee can offer.
If you want to take a step back, and learn more about the childcare industry, then we’ve got your back, learn more about the top childcare franchises in the UK or let us help you with some top tips on running a childcare franchise. If you don’t think childcare franchising is for you though, never fear. There are thousands of franchise opportunities just waiting to be discovered in our UK franchise directory.
Charlie Cottrell, Point Franchise ©