You're rightly proud of your business, but how well is it doing right now? If you manage an early years or playwork business, you should regularly reflect on your business model. Through looking closely at your processes, you may be able to identify savings and find new ways to run your business more efficiently.
Who's it for?
This advice is for all private, committee run, voluntary and independent early years settings (such as pre schools and day nurseries) and playwork settings (such as holiday playscheme and breakfast clubs).
Further advice is available to help you childminders to develop your childminding business.
What can we help with?
By considering questions like the ones below, we'll help you find ways to identify your business' strengths and weaknesses, identify savings or other sources of funding and help you run more efficiently. You may also be able to find ways to offer Free Early Education for 2, 3 and 4 years olds more flexibly, and if you are planning to retire or sell the business in the next five years you should start thinking about it soon.
- Are your charges and fees still set at the right level?
- How often do you check your bank account and what do you look for?
- Are you still making a profit?
- Do your opening hours still meet parents' needs or should you change?
- Can children get their full 15 and 30 hours free entitlement easily and flexibly?
- Could you offer more FEET funded places?
- Should you start taking children at an earlier age?
- Are you making use of all available grant funding?
- Do you calculate and pay wages efficiently?
- Are you paying for things you don't need to?
- Is there a better way to advertise your places?
- How good are your staff relations?
- Will you be allowed to charge deposits and registration fees, or sell uniforms?
- Do you have enough money for redundancies?
- If the business relies on you or a single person for everything, how would it manage if something happened to you or them?
- Is it worthwhile changing to a limited company?
- Might you want to retire soon and sell the business?
You may also be interested in our information sheets and guidance below.
Files available to download
- Financial planning card (381.7 KB)
Information about financial planning and forecasting income and expenditure
- Business planning card (876.0 KB)
Information on developing a business plan, including identifying where you want your business to be and how you're going to get there
- Guide to incorporation (88.2 KB)
A guide to incorporation for childcare businesses