Raise your hand if you noticed a slump in enrollments in recent years.
We’ve all been there and powered through the financial crisis with smart daycare management tips.
The rise of competition and economic crisis can often impact daycare businesses. Experienced childcare providers will tell you that juggling annual budgets and saving for business expansions can become challenging. Daycare providers are often left wondering how to save money when enrollments dwindle.
If you’re one of them, we can help.
It doesn’t matter how long you’ve been around. Sometimes a few innovative tweaks within your educational program and curriculum can reignite interest within the local community. You also need the right marketing strategies to boost brand awareness and attract parents.
Not sure where to begin? Don’t fret! We’ve rounded up the best revenue generation strategies for daycare to help your business right here.
Let’s have a look:
1. Improve Budgeting to Make Smart Investments
Our daycare management tips will tell you that budgeting plays a pivotal role in your center’s financial health. You need to know how much you spend monthly and how you utilize funds to formulate an optimum cash flow management plan.
The key lies in cutting non-essential expenses through digitization.
For instance, you can use online forms and permission slips for enrollment, student information, and tuition fee, etc. Communicating with parents digitally streamlines the process. You are less likely to wait for permission and have a better way to file important documents. This reduces the time wasted on searching for missing slips, archiving student records, and updating parents.
Plus, you save money on paper and maintain an old-school filing system.
Aside from this, you can use online shops (like ours) to find printable lesson plans and activity sheets for preschoolers. Having access to educational materials allows staff to prepare everything in less time. In turn, improving childcare quality and gaining parents’ trust.
In addition to this, our budgeting advice includes using local and national grants for funding. Use our grant writing guide to earn financial support. You can use the money to grow your business and increase enrollments.
2. Build Your Brand Presence
One of the most underrated revenue generation strategies for daycare revolves around networking. Instead of struggling to keep up with growing expenses alone, start socializing to receive tips, training, and support.
● Join local family groups on online networks to connect with new parents and caregivers
● Receive NAEYC accreditation to boost your reputation and become a valuable local organization for childcare programs
● Register yourself in local and national childcare resource and referral agency to distinguish yourself as a licensed facility
● Ask current parents and former clients for referrals
● Attend local events to promote your business and form long lasting ties within the community
● Rethink your marketing strategy to promote your daycare business on online and offline forums
● Post flyers in local cafes, library, and community centers to attract parents living/working near you
Forming the right contacts can help you attract parents and recruit qualified staff. These networking activities can make the difference between becoming popular and staying unknown.
3. Introduce New Daycare Programs
Noticed a reduction in enrollments this year?
Find out why through parent feedback and survey to gain some insights into your daycare management. Know what you can do to retain their interest and improve services. Additionally, you can rework your curriculum by introducing new learning activities for toddlers and preschoolers.
Parents are always on the lookout for childcare facilities with extracurricular activities. Use their interest to increase enrollment by introducing yoga classes, dance and drama clubs, and STEM workshops for young age groups. You can also organize a summer camp for families that need a place to drop off kids while parents are at work.
These add on services give you a reason to charge more and increase revenue without receiving parent complaints.
Tip: Sign up for our business training and coaching to present yourself as an industry leader and learn new daycare management tips.
4. Find Alternative Revenue Streams
If your daycare facility stays vacant afterschool, you can rent the space to local groups. Church groups, reading clubs, workshops, and Montessori training service providers might be happy to pay a reasonable fee to utilize your facility.
Alternatively, you can run after school programs yourself to get parents involved. Online parenting classes, young readers club, and in person parenting workshops can help you earn extra cash on the side.
The Bottom Line
Most revenue generation strategies for daycare centers require you to think outside the box. If you want to stay in your parents' minds, you need to keep them engaged. Use national and local platforms for networking and promoting your business. Think of ways to improve your services and automatically increase tuition fees.
Identifying money draining investments and shifting focus to programs that provide higher ROIs can also help.
Need more help? Join Standout Daycare to take your childcare business to the next level. We provide online training and coaching programs that empower daycare providers. Use our platform to collaborate with like-minded professionals, explore business opportunities, and make your business outshine the competition.
Call in today for further inquiries.
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