If you're in the Childcare Business space, you likely know that any government funding we received from 2020 is now cut off. What does that mean for you as a Childcare owner?
Moving into 2024 and beyond, there will be plenty of daycares that succeed, and plenty that end up closing their doors. Making sure you have a solid funding plan is one of the best ways to ensure your center succeeds. Funding can be daunting to a lot of people, but once you learn how to obtain funding and work that skillset, you'll have access to a lifeline that many other daycares won't!
I will never forget when they cut off our Childcare Assistant program here in Kentucky back when I first got started and were not accepting new clients and they had to change the payment structure where parents copays went up. At this time in my business, 80% of my families were subsidy and we got hit hard. We had to end up changing our business model to attract private pay clients and it was hard to do that when our revenue went down. So I don't like to teach my clients to solely depend on government funding.
Proper funding can make or break your business success.
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