It is your responsibility to communicate your policies in your business. Clients will appreciate the information, and creates a basis of communication between you and the client. It establishes how you conduct your business, and gives parents an “inside look” of what to expect in your performance. It also lets them know what is expected of them. Continue reading
You’re not alone. Many child care providers feel awkward talking about rates and fee increases with their clients. However, just as many of your clients get annual reviews and increases in their job-related compensation, it isn’t unreasonable for you to need to adjust your rates if only to meet inflation.
If you prefer not to increase your rates across the board, maybe just one of your specialty services might be appropriate, such as infant care. Those clients who rely on you to care for their infant, understand the demands are greater with infants, and are more likely to understand paying more for it.
I always stress in my Taxes & Recordkeeping Seminars for the San Diego Chapter of the YMCA Child Resource Services, that child care providers cannot discuss their rates with other child care providers. It’s against the law. If you need guidance in determining what is a fair rate based on your regional market, consult with Child Resource Services in your area. In San Diego, you would contact Child Resource Services, YMCA of San Diego County.
You will want to consider how often you should raise your rates. Best practices says to not raise them more than once a year, but refrain from locking yourself into that by not putting any rate limiting information in a contract. Things change, and you want to stay as flexible as possible.
Are you planning to attend the National Association for Family Child Care Conference in Orlando, Florida on July 11-12, 2014?
The program guide gives you all the details about workshops and seminars that will be taking place, including valuable business practices for record keeping and general business administration of your child care business.
WHAT’S EVEN BETTER – YOU HAVE DEDUCTIONS! Continue reading
Publication 587 – Business Use of Your Home (See Day Care Facility)
The purpose of this publication is to provide information on figuring and claiming the deduction for business use of your home. It contains special rules for day care providers including standard meal and snack rates. Continue reading
