A Note from Shiketa
This has been an amazingly fun week: I enjoyed gardening with the kiddos at my childcare center and preparing to expand my center. I recently lost the appetite to expand my business because I enjoy coaching so much; I did not think that it was something that I would be happy with until an opportunity was presented to me.
There is a vacant building that is less than 20 feet from my building. The owner of the building knocked on my door and told me that he cut the price of the building in half! I looked at him with my mouth wide open and then I thought, "OK... God has created an opportunity for me to grow my business and reduce the amount of rent that I pay every month."
I must tell you that, I immediately began to prepare what I needed to expand the business, because I did not want to miss that opportunity to grow and potentially earn an additionally $300,000 a year!
So, today I want to share with you how to be prepared for expansion with the opportunity knocks at your door. (see tips below)
Your Child Care Business Mentor,
Preparing For Expansion
1. Evaluate why an expansion will be good for your business
. For example: My expansion, will meet the infant/toddler care need in my community, my business income will earn by $300,000 a year; we will have more space and I will save money on renting space. Also, I will increase the value of my business by owning the real estate.
2. Get your business plan together
. If you are applying for a bank loan, you will need to an update your business plan. Need a plan? (see link below)
3. Have at least 3 year of tax returns on-hand along with a current profit and loss report to show that the business is profitable.
Are you ready for an expansion? Check out the following so that you are prepared:
Four Business Start-up Templates
The one skills that you must develop