âA goal without a plan is just a wishââAntoine de Saint-Exupery
Every business deserves a great start.
And a detailed business plan is the best way to ensure your ECE franchise or center is headed for success right from day 1.
From basic operations to big-picture expansion plans, developing your ideas before you open your doors can help you stay focused on what really matters.
If you already know which school you want to franchise withâgreat, they will offer tons of support and can help you with the process once youâve got your business plan sorted. If youâre unsureâthatâs fine too. This article will help you refine your ideas, understand what you truly want, and make some big decisions on where youâre headed next.
So, listen up and take note as we walk you through the key things you need to know to develop a super-successful child care business plan.
First thingâs first, if success is what youâre after you need to get up-close-and-personal with the world of licensing requirements.
Understanding the basic rules of your stateâs licensing laws will help ensure you and your child care business are headed in the right direction.
There are loads of resources available from every state government website, so do some digging and ask as many questions as possible.
To get you off to the best start, here are just a few things to consider:
After you understand the rules of the game, itâs time to get back to why youâre playing in the first place.
But remember, objectives and goals are two very different things â and you need to understand them both to get the best results:
Aligning your goals and objectives is vital for guiding your business. This can also be valuable information for potential funding partners. Showing them the âwhyâ of your business, along with well-structured goals, can help win over an investor.
So, take some time out to really think about your driving forces.
What is your motivation? Why do you want to take this project on? What will you get out of it personally? How will other people benefit? Why align yourself with this particular ECE brand?
It may seem like a lot to think about, but outlining your goals and objectives can help you get to know yourself and your business so much betterâplus it can help you stay focused when youâre busy scaling your enterprise.
Itâs time to break out the magnifying glass and really get to know your competition.
They will likely serve different markets or have different competitive advantagesâand itâs your job to figure out what makes them successful.
Whether their cost of care is different, or their unique marketing styles help them bring in customers, each business will have a competitive advantage. And understanding what makes them successful will give you key insights into your own business.
Here are a few questions to start your research process:
As well as getting to know everything you can about your competition, you also need to research your clientele as deeply as possible.
Your aim: to understand as much as possible about their lives.
Ask questions like: Who will be using your child care services? What are they looking for from a child care provider? What makes them choose one center over the other?
Other types of info you should be looking for include:
As you research your target market, you will likely come across hidden gems of information which you can use to make better decisions.
Remember, not all market reports and web searches are 100% accurate. Make sure you overlap your findings with primary research. Finding and speaking with your potential audience often delivers the most valuable insights.
By now, you know exactly where you're headed, youâve decided what your values are, and you know your audience inside and out.
What next?
Itâs time to use those insights to create your brand and figure out how to get the word out about your awesome child care business.
Your franchisor will help you with this, but itâs great to get a head start by thinking back to your market researchâwho is your audience, where can you find them and what can you do to encourage them to enroll?
Your marketing plan should discuss the 'Four Pâs' of marketing: Product, Place, Price, and Promotion.
Itâs time to discuss the F word.
Financial success comes from creating a solid budget that you can work with right from the start. Honesty and practicality are keyâmake sure you donât overstretch yourself and include plenty of space to maneuver.
Here are some of the things you need to consider:
Weâve created a non-exhaustive budget template to help you develop your own.
You may also want to create a âSources and Usesâ worksheet. Child Care Aware has created one which you can find here. This document essentially shows where funds may flow in from and where you plan to allocate those funds. It can help you stay on top of the funds within your business.
At this point, your business plan should be full of super useful info.
Now we just need to make it look awesome.
Take the time to create an easy-to-read document, carefully articulating your meanings and losing any unnecessary fluff. Check out this template to help with formatting and idea generation.
Remember, this document isnât for your eyes only. You will be showing this to franchisors and investors to offer insight into your plans and effectively communicate your vision. So, invest time in it and make sure itâs 100% perfect before you sign off.
Now youâre well on your way to drafting an awesome child care business plan. Keep in mind that a business plan is a roadmap, and itâs not etched in stone. Things are bound to change, and thatâs okâsimply rewrite the sections that need adjustment.
If you find youâre drifting too far from your first version, take the time to sit back and think about your business. Revisit your goals and objectives and remember to keep one strategic eye on the future while with todayâs challenges.
We promise, your future self will thank you for it.
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