Many providers wonder if a daycare owner needs a business plan. In fact, a business plan is essential and one of the best resources for a provider whether you need to secure a business loan or not. Here are 5 reasons why a business plan will help you start, grow, and develop a daycare business you’ll love.
One of the first things a new business owner usually thinks about when they start their business is creating a business plan. But you own a daycare business. So you might be wondering if you really need a business plan for your daycare.
Well first of all, as growthink.com states “… the number one cause of this failure? According to Dun & Bradstreet, the primary cause is lack of business planning.”
In this post, we will look at 5 compelling reasons why creating a business plan for your daycare business, new or already running, is an excellent idea.
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5 Reasons A Daycare Owner Needs A Business Plan
1. It’s A Roadmap
According to the SBA you could think of your business plan as sort of a roadmap or GPS for your daycare business. It can actually help you plan how you start, run, and grow your business. Having a business plan will help your get clear on the key elements of what you want your daycare business to be.
2. Doesn’t Need To Be Formal
When we think of a business plan, we think of it as this formal, stuffy document. Not only is this unfortunate, but it also isn’t necessarily accurate.
As a matter of fact, Denetra Scott from Childcare Business Launch suggests, “Sometimes it helps our brain if we don’t call it a ‘business plan’ Call it a ‘success plan’. Call it whatever you want! A business plan does not need to be a formal, stiff document that you use only one time.”
Daycare Owner Needs A Business Plan
3. Lays Out Goals & Plans
Creating a business plan for your daycare business can be very beneficial by laying out specific goals and milestones for your daycare. Having a business plan can even help with decision-making by aligning your actions with the plans you have set for your business.
4. Potential Funding
Of course, traditionally having a business plan is associated with helping businesses get funding – such as loans. And while that is true, having a business plan for your daycare business can also ensure that you are ready for all types of funding opportunities.
Let’s say you want to apply for a grant that becomes available. Many grants require that you submit a mission & vision statement as a part of the application process. In fact, that can be one of the biggest parts of the application. But since you typically will have this as a part of your business plan, you will already have that part done.
5. Can Cater To Your Needs
As we already stated, your business plan for your daycare business does not need to follow any particular strict outline. You can create it so that it fits your business needs & goals.
Forget about tradition, set up your business plan for what makes sense for your vision for your business. The SBA suggests creating your plan so that it only focuses on the important points of the key elements of your plan. It might even help to think of your business plan as mini-plans for the different elements of your daycare business.
Create your business success plan
Daycare Owner Needs A Business Plan
Here are a few things you may want to include in your daycare business plan:
- Your Services
- Marketing
- Pricing
- Operations
So there are 5 great reasons for creating a business plan for your daycare. Remember, if it helps you can call it a success plan and break it down into several mini-plans for planning out what you want for your daycare business.
Want to remember this? “Why A Daycare Owner Needs A Business Plan To Be Successful-” to your favorite Pinterest boards!
Do you have a daycare business plan? Please leave me a comment here and tell me why not or if you do, how you use it.
