As with any other business venture, setting up a childminding business will require some financial planning. There are also practical and legal matters to take into account.
This Business Guide will help you to complete your cash flow. The topics listed under Income and Expenditure relate to fields in the cash flow section of the Business Plan. Cash sales
'Cash sales' means all income from your main business activity which is received either in advance or on the day when you carry out childminding services. For the purposes of completing a cash flow projection, Cash sales will also include payments received at the end of each week in return for looking after children during that week.
While some of your customers may pay you in cash, remember that Cash sales can also include cheques, childcare vouchers and debit or credit card payments if you decide to accept these. Estimating your income
To prepare your cash flow, you need to estimate how much income you will receive over the next 12 months, and when you will receive it. To do this, you will need to: decide how much you will charge for your services, and what your normal payment terms will be decide what your hours of business will be. For example, for how many hours per day will you agree to look after children, and on how many days each week find out how many children you will be able to look after. Your registration certificate will specify a maximum number of children, depending on your circumstances estimate how much demand there is for your services. For example, do you anticipate that you will normally have the maximum permitted number of children in your care decide if you'll offer 'free' places for...