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Babysitting too is a talent that can be capitalized on. Most babysitters don’t realize the potential, but more people have kids with no one to take care of them when the parents are working, and let’s face it in this economy most parents are working. If you are a babysitter and you want to start your own business then you need just these 9 steps.
Start a Babysitting Business with 9 Easy Steps:
Even though babysitting is not a new vocation, the motivation to turn into a business is new. However, it works exactly like any other business, without any further ado let’s dig in.
STEP 1: Make Babysitting Business Plan
Any successful business needs a robust plan that guides it through, it is the mark of a good entrepreneur to have a full proof plan, some of the important questions you need to ask yourself are-
How much does it cost to start a babysitting business?Ongoing Expenses for a babysitting business?Know your Target Audience How Does a babysitting business make money? How much should you charge per day for babysitting? How much profit can a babysitting business make? How can you grow your business and make it profitable? Decide Your Business Name?
Let’s discuss each of them in detail to have more ideas about your business.
How much does it cost to start a babysitting business?
There are three main things you will be spending your money on, that is your transportation (even if it’s public transportation, it will still cost 15 to 20 dollars) then comes the website cost that goes up to 500 if you want a good website and the third one is marketing. Now marking and making a website are two pods in a pea, so your marketing will only be as good as your website and vice versa. So remember this stage is an investment.
Ongoing Expenses for a babysitting business?
The transportation and the housing expenses aside this is just like any other start-up so ongoing expenses will be a bit overwhelming in the beginning, if you are looking to employ more babysitters in your rooster consider paying them the freelancer fee to cut costs. Other than that most of your money will go into insurance and marketing.
Know your Target Audience- Working families, single parents, affluent to middle class should be your target audience. You should seek out building a trustworthy relationship with your clients. They are looking for a long time commitment for the child and that’s where you come in.
How Does a babysitting business make money?- Every time they babysit they get paid, some work all seven days, some work on exceptional nights, some do both. Mostly it depends on how much caregiving the child needs and the parents can afford it according to their situation.
How much should you charge per day for babysitting?- Ideally, it should be on an hourly basis, go for 13 to 15 dollars per hour, depending on the age of the kids, the time you’re required and how many kids are there in the house.
How much profit can a babysitting business make?- You can make 2,700 dollars per week if you are charging 15 dollars per hour for 45 hours. Like we said the growth is eminent in this field if you play your cards right.
How can you grow your business and make it profitable?-
Try making your business go online, most parents switch to the internet to research what’s best for their child. This allows you to showcase the portfolios of all the babysitter options you have. Consider opening a babysitting facility that will allow you to take on more than one client. You can also give online or offline courses which may include basic first aid, safety, and CPR. Make yourself and your employees for special hours where parents are more likely to look for a last-minute babysitter.
Decide Your Business Name?
Check the web domain availability, pick a relatable yet memorable name. It’s important to go for a name that is not taken, try checking your state’s business records and social media platforms to make sure your business name is unique.
STEP 2: Form a Legal Entity
The most known and suitable structure for your kind of business can be a sole proprietorship or LLC that translates into a Limited Liability Company and Corporation. This will protect you in case your business ends up getting sued. You can start an LLC all by yourself; you just need to pay some minimal cost to the state LLC or hire an LLC service for a small fee.
STEP 3: Taxes Registration
You will have to register for various state and federal taxes before you open your business. Depending on what type your business will fall under you’d be taxed accordingly.
STEP 4: Registration for Business Bank Account & Credit Card
Using a specific account for business banking and credit is quite important for your business and the protection of your assets. If your personal and business accounts are mixed your assets such as your house, car, etc are at risk. In case your corporation ends up being sued, it leaves you and your assets vulnerable. Also building your credit helps you in getting more financing in the future, i.e you can have better interest rates and a higher line of credit.
Open a business bank account-
This will separate your business assets from your assets. It also makes tax filing quite easy.
Get a business credit card-
This will separate your expenses, everything you spend on your business will be in one place. It will also build your company’s credit. Helping you in getting better investments later on.
STEP 5: Business accounting Set up
This way you will have a better understanding of your business performance, so you have to make sure to record your multiple expenses. This has to be accurate and in detail.
STEP 6: Necessary licenses and permits
Get all the important licenses and permits you need, if you don’t do that in time you run the risk of being heavily fined and even shutting down your business.
Requirements of State & Local Business Licensing-
Check what the requirements for licensing in your state and locality are.
Certificate of Occupancy
If your home will be the office for your business then you will need a Certificate of Occupancy(CO). It is mainly to confirm that the building’s codes, zoning regulations as well as government regulations are being met. If you are using some other location then you will have to get the landlord’s CO. After renovations CO sometimes needs to be reissued. If you plan to buy or build a location for your business then you will need to get the Co from the local government. You will have to review the building codes, zoning requirements as well as other regulations. These are technical requirements but are nonetheless important to oblige with.
STEP 7: Business Insurance
Insurance ensures the safety and protects your company’s assets and makes sure the finances are taken care of in case of a loss. There are types of insurance for every type of business. If you are fickle about which insurance plan is the best for you, you can pick the general liability insurance. Another popular insurance that many businesses go for is Workers Compensation Insurance. Nonetheless, insurance is an important part of a business.
STEP 8: Spread Your Brand-
Your brand is what you make it, make sure you know what your brand stands for. You can build on that once the meaning and significance of your brand are clear to you and your market. Now to do that you will also have to know what your competitors are. Market research in these niche fields has long-term benefits.
The thing that works the most in the business of babysitting is word of mouth, so the better your referrals are the more work you will get. Babysitting is built solely on reputation. Start with availing services to your friends and family, offer services to local businesses or religious practices. There are a lot of online resources available to guide you through the initial stages of a babysitting business. If you already have experience in the field, use your portfolio to build your company. From that point on you can turn to social media, like Facebook, Instagram, Twitter as well Linkedin. Build your audience on social media, it will be easier to get more clients like that. Keep your business cards and ads ready to go. Target wedding planners, many events are keeping the “where will the kids go?” question in mind, and you and your business are the answer. If you build a good relationship with the children and their parents then you will keep getting more work, there are no two ways about this in this industry.
STEP 9: Create your business website-
After you have set the tone for your brand, you have to work on the visuals that are creating a logo and then a website. A lot of you might have qualms about the website and think that it’s a difficult process except it’s not. Creating a website is one of the easiest things that you can even do on your own. Most small businesses do that to look more professional and attract more clients. Since most parents turn to the web for help it’s important to be visible there. You should also link your social media profiles with the website. It gives your brand more credibility if you have more followers on fast media sites like Instagram or Twitter. Remember that these social media sites or even Linkedin are no match for having your website. Website building tools like godaddy.com can make your website in a matter of a few hours. You don’t have to take the longer route of hiring a web designer and all the other shenanigans. Most website creating tools also have a free website option, you won’t be able to buy the domain name but your business will be online. However you should prefer buying a domain name,
How to promote & market a babysitting business?
Social media is one of the most powerful tools for it, you have to fall in line with every bug brand that there is. Start with building your followers list and then focusing on brand engagement, Instagram already has tools for it. Once that is done focus on paid partnership with relevant brands such as baby products or toys. Try to make it as personal as you can. These gimmicks are extremely important for marketing, other than that you always have Twitter and LinkedIn where parents can share the reviews of your company so that more people can avail the services.
How to retain your customers-
Start slow and steady, first make your services available and affordable to your friends and family, their word of mouth will reach ahead. You can also go aiming at offices and religious groups to offer your services. Even for weddings and other events. You have to focus on building a genuine relationship with the kids and their parents guaranteeing that they pick your service every time. With this, you can also try to ease into your rates, start with less, because once the family starts trusting you, you will be needed for more hours that is when you can up your price since you have proved your worth.
It is a cutthroat competition even for the most docile occupation, the fact being that people keep making babies and that would make them want to put more hours at work, in today’s economy you rarely see couples where one parent is a primary caregiver for the child. That responsibility comes to a babysitter, so as lucrative as the job may be, it is still a profoundly important one. Getting to shape a child as their primary caregiver is more than an honor. This honorable profession is a five billion dollar industry as of now and if you have the right talents for it then it is worth monetizing.
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