Owning Your Own Business with Emphasis on Childcare Centers

OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILDCARE CENTERS

INTRODUCTION

. Owning a business is not an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to do, you need to ask yourself if you will be committed to this venture. If you are, then proceed on with your business; however, if you are not, then owning a business is probably not for you. With owning your own business, you are going to have less personal time than you previously had. Here are some reasons people become entrepreneurs: Many people have a strong desire to be independent. They would rather be their own boss because they do not take orders from others well. Owning a business is also a chance for owners to work at something they enjoy because they will not be forced to sit behind a desk filing work for eight hours a day. You are free to operate at your own pace with your own business. Depending on the type of business you own, you have a great opportunity to accumulate great wealth. This paper will discuss ways in which you can become a business owner, as well as how to start your own childcare center.

PURPOSE AND SCOPE

The purpose of this report is to inform readers of the options available to people who want to own their own business. There is also a growing need for child-care, so with this need, more and more people are deciding to open up child-care centers. In this report, I will lay out steps on how to start your own business and what to do from there, as well as the pros and cons to owning your own business.

SOURCES AND METHODS

In order to give the information needed to start your own business, I have searched many journals as well as business related books. Internet sources have also helped when it comes to getting information. I have also conducted an interview with an owner of a child-care center.

GETTING STARTED

Choosing what kind of business to open is the most important decision to make. Just because you like to make bracelets does not mean you would like running a business that makes bracelets. You need to think about how much money you want to make, past experiences, attitudes on the business you choose, as well as some knowledge and skills with the choice you make.

PROS AND CONS

With everything else in life, there can be advantages and disadvantages to owning a business. For example, some advantages you may have while owning your own business are: you will be your own boss, you will have the chance to make good money, no one can fire you, you can work directly with costumers, and you can gain a great personal satisfaction, as well as a sense of stability for you and your family. On the other hand, some disadvantages may consist of long hours and less vacation time, incomes may not be steady, unpleasant tasks (i.e. not hiring a friend or firing someone), and having businesses that are a large financial risk. There are some pros and cons for home based businesses alone. Some of these pros may consist of the following: start-up costs are lower, shorter commute, and a more flexible schedule. Some of these cons may be that the business is more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to suppliers.

LOCATION AND FINANCIAL ASSISTANCE

To get your business up and running you need money. Initial capital helps you get your business up and running, and working capital is what you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. For example, you can use your own personal funds, or get a loan from a bank, small business investment corporations, and even stocks. Wherever you get the money, it will not be a cheap investment. After you get your business going, you will have many liabilities, or debts, to pay back.

Location also plays a big part in your business. To maximize your profits, you will want a high population looking for your service, or who have a need for your product. You can choose to rent and renovate an existing building or opt to have a new place built for your business. Renovating an existing building may come out to be more cost effective. On the other hand, having a building constructed for your business could appeal to customers. Cost factors, such as land and construction, go into play to where you want your business. You have to ask yourself, is this land around my business area or, if I build, will there be enough room for my building?