subject: How To Open Your Own Daycare [print this page] When starting your own daycare center, look at your own strengths and weaknesses to determine what role you will play in the company. Do not assume that you should manage every aspect of the business directly if it will serve you better to work with others. After looking at yourself, consider the best way to get skilled management help.
Roles to Play
If your skill is in administration, you may be the person of choice to act as the business's manager. If your primary skill is working with children, you may be most useful as a staff trainer and lead caregiver. If your skill is in sales, your highest use may be working as a salesperson and customer service manager with parents. You will be most useful to the company and to profits when working in the area you are most skilled at and not by taking on activities which can be performed by someone else. You also might be happiest when working in a role that you are both skilled at and comfortable in.
Finding Help
To fill out the management needs for your day care center, if may be much more cost-effective for you to bring in other managers to take on the roles that you are not trained for, rather than spending time to move up the learning curve in all of those areas. Furthermore, even if you can comfortably manage sales, administration and operation, you may not have the hours in the day available to handle all of these once your business opens. Try to project the workload required of each area to plan for this.
Hiring Managers
Hiring additional managers or bringing on other managing partner are two options. The upside to hiring managers outright is that you have direct control over their work, the ability to set the incentives you feel will help them achieve the best performance, and the ability to fire them if needed. The downside is that they have looser ties to your day care center than a partner and may leave the business in the lurch if a better option comes along.
Bringing on Partners
Partners, on the other hand, would be given partial ownership of the company and rights to dividends, if and when they are paid. You would generally structure the partnership deal to grant shares to the partner only as certain milestones are reached, based on the responsibilities of that person.
For example, if the partner is to be the primary salesperson, they may be given equity ownership only when certain revenue targets are achieved. One upside to taking on partners is that you tie the individual to the company more closely, proving to investors that you are avoiding the risk of key managers leaving unexpectedly. The main downside is that if a partner does not perform it can be more difficult and costly to sever the relationship.
by: Eric Powers
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