HOW MUCH DOES A CHILDCARE PROVIDER MAKE?
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- เผยแพร่เมื่อ 17 พ.ค. 2024
- Today I am sharing how I pay myself in my home daycare. I will be showing to stay organized and professionalize your own home childcare business. I am a child care provider and toddler curriculum author. I love sharing toddler activities to keep little ones learning and having fun. I would love for you to subscribe and stick around! 👩🏼🏫 ❤️ 🏠
Note: This video is not intended for children. It is an instructional video for childcare providers and early education teachers.
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My name is Hollie, I'm a home daycare provider, and a homeschooling mom of 5. I LOVE creating fun, educational toddler activities to keep those little ones learning and having fun. I also share organizing tips, record-keeping ideas, and how to professionalize the childcare industry. If you are another childcare provider or homeschooling mama, or just plain curious how I get all this done, I would love to have you join me in this journey, go ahead and click that subscribe button!
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I never look at my salary from an hour standpoint...that would be sad. LOL I have tried to cut down on the amount of ‘off duty’ hours I spend on daycare by doing as much planning & prep work during naptime in the afternoon...it has really given me a lot of my personal time back!
Yes, this does help a lot. Afternoon naptime for me is usually consumed with homeschooling my older children. I will usually find time to knock two or three things off my to-do list sometime during the day. We get pretty good at multi-tasking:)
Moo
I’m curious percentage wise what your breakdown looks like. I just started last year and put 1/3 to savings (taxes & retirement), 1/3 to business expenses, and 1/3 to pay myself. So far it seems to be working but I would love to hear a breakdown from experienced providers.
Yep, that is very similar to my percentages. After a couple of years, you can get a better idea of how much to put back, takes a couple of years of tweaking. I currently put back about 40% for taxes, 20% for expenses and 40% is my payroll.
I loathe doing daycare taxes every year, but I took your recommendation and got a redleaf calendar for 2020 😁 I've been doing this for 14 years and so I found some tricks to increase my income. I buy some things like craft kits in bulk so I can use multiple years with each different group. I also do a lot of buying and reselling. I get stuff super cheap, use it with my kiddos till they lose interest, then resell for a profit. This helps when I have age shifts and need new equipment but don't want to break the bank. I also do fundraisers on occasion to help buy larger items that my daycare budget doesn't allot for. This year I also had parents provide certain supplies like tissues and school supplies. I had an option if they wanted to bring extras like paper plates, hand sanitizer, chlorox wipes, etc. This worked amazingly because some parents bought so many of the extra items that it cut a huge chunk off my monthly budget for those type of things. I look forward to hearing more of your ideas 😊
These are all such great ideas, thanks for sharing!
You stated that you have your parents pay the Friday before the week of care. I do something similar. I have them pay that Monday before they can be dropped off. My question is, you stated you have them "pay for a spot, not attendance." When they are absent a day or two during the week already paid, do you credit them forward to the next weeks bill? Or no?
Thank you for all the information.
You are so welcome!
Thanks a lot for this information
You're welcome 😊
So helpful, thanks
You're welcome!
We love road trip USA
Thank you so much for the information. Just trying to figure daycare budget do you have a video on how you allocate items in your budget for daycare?
Great idea, I will write this suggestion down.
Thank you for this video! I’m working on getting my license. When you called the childcare provider to ask for their rates, did you tell them you were asking for your own business or did you ask as if you were trying to enroll your child?
I was always just honest and said I was another provider! You will find people who are going to be all secretive and not helpful, but those are the people you don't want to deal with anyway. I like to take the philosophy that theres room for everyone on the playground. It's also a great way to meet other providers in your area!
Thank you for the video. I was just wondering how you figured out how to do all your finances? How did you start your daycare?
I LOVE the Tom Copland Redleaf Press Daycare Business books, those have so much useful information in them. I have also taken some business courses and read other small business finance books but I always go back to Tom Copland books. I would recommend investing in those.
im not a licensed daycare yet (going to school currently, so even thou I have many years of childcare experience (daycare & babysitting). i think of myself as a mixture of a babysitter and daycare. I had to drop my tuition to 30 a day because others in my area were charging that and my clientele has been slow T.T ... i struggle with figuring out how much of the tuition i should put up and how much i should pay myself becuz sometimes i only have one kid for only a few days a week ^^'
It so hard to initially get going, but once you do you will have calls ALL THE TIME! I would first encourage you to charge your worth. I do consider what the other daycares in my area are charging, but I do not match them dollar for dollar. Some might charge more than me because they can offer a program I can't and others might be less because I offer something they do not. So take that in consideration when you are coming up with your tuition rates. Secondly, I would recommend paying yourself- 60% of the tuition, put 25% up for taxes and 15% for daycare expenses. Keep really good, detailed paperwork for one year and then after taxes, reevaluate the numbers.
Like you I’ve fallen behind and I have a lot of paperwork to catch up on before tax time as well. I hate when I do that!!! I find when I just take less than an hour a month it’s easy to keep everything in order but it just seems like there’s never enough hours in a day!!
I'm with ya! I need a new Netflix show that I can half-watch while I work on paperwork:)
I find once I get started it’s not as bad as I think it will be
I'm right there with yas 🤪I've been trying to buy more daycare items online nowadays because not only does it save time during the week, it also saves time when it comes to figuring out mileage. There's also online receipts which are less easy to lose than paper ones. I used to bag receipts monthly which was helpful for a bit. Last year I made mileage cheat sheets and mapquested all the places I go to figure out mileage. Then I add up my receipts for each location, multiply them and have what I need. No matter how easy I try to make things each year, tax things always change somehow and throw me for an unexpected loop. I've gotten so used to doing itemized deductions family members try to volunteer me to do their taxes 😂
for an example if you make 55 thousand a year and you added all your deductions and it came to almost 55,000 would you claim all that and have a zero profit or would you just not claim that much of your spend down for the business
Good question. I would claim the $55,000 and deduct the entire amount of expenses. If my expenses came to $55,000 I would deduct the entire amount on a Schedule C. Now that would put my business as no profit for the year, which can happen, but it shouldn't every year or IRS could question why you are not a non profit business? Does that make sense?
how much should you put aside for taxes?
what is the process of hiring someone and paying them? - what should you pay them?
I personally put away 30% for taxes. After I have completed my taxes each year, if I have anything left over, I call it a bonus!
If this is your first year, start with a higher percentage, and if you end up with too much, lower the percentage for the following year. Better to have too much than not enough.
As for hiring, I find it easiest to go through a payroll system. Check with your licensing on what requirements they need, such as a background check, educational trainings, CPR and so on. After that, start interviewing.
When deciding what to pay I usually call around commercial daycares in my area and ask what they pay their employees hourly. That will give you a ballpark figure. Depending on experience you will pay more or less.
@@ClubbhouseKids not asking what your bonus is, but do you usually have a good amount left over? like if you didn’t give yourself a bonus what percent would you put aside. I was thinking starting 25% but don’t want to be too low.
@@meganjaime That's a great question and I don't mind being open so it can help. I usually have a couple thousand dollars left over after taxes.
It also can depend if you are a two-income family or a one-income family. If you have a significant other who is working outside of the home and getting taxes taken out of their check, you might be okay putting away a smaller percentage. If you are a one-income family, I would stick to at least 35%, especially that first year, and see what you end up with.
So how do you pay yourself? I didn't understand
Melly's_Lifestyle Right!!
She transfers her allotted paycheck from her business account to her personal account. That way she gets a set paycheck and still has money left over for business expenses and in case she has an unexpected change in her business her income will stay the same. Does that help?
If you make $4000/mo. working 50 hours/week that's 200 hours month. So, $4000 divided by 200 is 20, so you make $20/ hour. If you pay yourself $15/ hour that leaves $5 hour in your business account for taxes and expenses. So, $3000 is my monthly salary and $1000 is left in my account for everything else. I hope that helps.
Thank you for clarifying that!