A home daycare can be a rewarding career. You can be a positive influence in the lives of young children, and parents in your community can rest assured that their children are in good, loving and capable hands when you’re not with them.

If you have a genuine and deep love for children, and a lot of patience, kindness, and understanding, a home-based daycare business might be perfect for you.

Here are some of the many benefits of this type of business:

Increased demand. The demand for child care is projected to increase as mothers and fathers continue to work outside the home.

Emotionally rewarding. The early years are a crucial time in a child’s life. As a daycare provider, you can make a big difference in the lives of all the children in your care.

Stay at home with your own children. This type of career, more than many others, offers you the chance to enjoy time at home with your own children while caring for others.

Starting a Home Daycare Business

While it has many benefits, an in-home daycare is not likely to result in much financial gain. So when going into this business, it is important that you understand why you are starting this business. And, of course, love for children must be paramount.

Any parent or caregiver will say that being around children all day can be incredibly demanding. You’ll want to make sure you have a solid business plan before embarking on this type of career, and that starts with a lot of research.

Here are some of the questions you will need to consider:

Will your community support a day care home? In other words, does your area need another daycare?

Will you be able to charge enough in your area to make this a profitable venture (or at least stay afloat financially)? What is the “going rate” per child in your area for child care?

What are parents in your community looking for in a daycare? Interview parents in your neighborhood and find out what characteristics they would like to have. What kind of unique features could you provide as a sitter?

What kind of changes will you need to make to your home and yard to make this work? What kind of effect will this business have on your everyday family life?

What are your state and local government regulations? You will need caregiver/child ratio, indoor and outdoor space per child, nutrition, and licensing requirements.

What kind of financial outlay would be required? As with any business, you’ll need to start with a solid business plan that specifically addresses income and expenses.

What is your childcare philosophy? How will you handle discipline problems? You will need to have a solid manual of policies and procedures in writing before you open your business.

What hours will it be open? What will you do when the children are picked up late?

What meals will you serve? What kind of snacks will you serve and when?

What will your daily routine be? What type of preschool curriculum will you offer? Start thinking about potential study units, field trips, and special guests now.

Are you certified in CPR? Regardless of whether it’s a state requirement, you’ll want to make sure you have a CPR certification and first aid knowledge so that you’re equipped to handle anything that may occur in the course of your day with the kids.

What type of insurance will you need? Find out about liability insurance, as well as changes to your homeowners insurance (for accidents that may occur on your property).

How will you market your business? Generally, this business does not require much marketing. That’s partly due to the high demand for quality child care. And, for home daycares, your neighbors and acquaintances are likely to be your top prospects, so word of mouth is often enough. Still, it’s a good idea to create a professional brochure that details the daycare’s philosophy, curriculum, hours, and fees.

In what other ways could you structure your business? Before you start a home-based child care business, think about all the other possibilities in the child care industry. For example, in my city there is a very successful babysitting service where caregivers travel to vacationers’ houses or hotel rooms. Last time I checked, the service was charging upwards of $20 per hour with a 3 hour minimum. Or consider a walk-in daycare that could provide during times when childcare is hardest to find (evenings and weekends, for example). If you find a very specific niche and fill it, you can usually charge more per hour.

If all of this seems overwhelming, you might want to invest in a business kit with the essentials: forms, policies and procedures, sample business plans, as well as forms you’ll probably need but may not immediately come to mind.

There’s nothing like owning your own business. Enjoy the process of researching and creating your own!