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How to grow a daycare business – Ask Evan with Firepole Marketing


hi I’m Evan Carmichael and welcome to

hi I’m Evan Carmichael and welcome to another edition of ask Evan in today’s

another edition of ask Evan in today’s

another edition of ask Evan in today’s video I’m gonna answer a question from

video I’m gonna answer a question from

video I’m gonna answer a question from one of my newsletter readers kenosha who

one of my newsletter readers kenosha who

one of my newsletter readers kenosha who was currently running a day care

was currently running a day care

was currently running a day care operation she’s not making any money she

operation she’s not making any money she

operation she’s not making any money she said 99% of the money that she makes has

said 99% of the money that she makes has

said 99% of the money that she makes has to go back into the business and she’s

to go back into the business and she’s

to go back into the business and she’s looking for money to expand the company

looking for money to expand the company

looking for money to expand the company out so Kenosha I think this is gonna be

out so Kenosha I think this is gonna be

out so Kenosha I think this is gonna be a tough one for you if you’re not making

a tough one for you if you’re not making

a tough one for you if you’re not making any money yet it’s gonna be hard for

any money yet it’s gonna be hard for

any money yet it’s gonna be hard for banks for example to give you money to

banks for example to give you money to

banks for example to give you money to grow your business if you don’t have any

grow your business if you don’t have any

grow your business if you don’t have any assets to lend against and you’re not

assets to lend against and you’re not

assets to lend against and you’re not turning a profit yet so it’s hard for

turning a profit yet so it’s hard for

turning a profit yet so it’s hard for them to see that cash flow coming in and

them to see that cash flow coming in and

them to see that cash flow coming in and for investors it might be an opportunity

for investors it might be an opportunity

for investors it might be an opportunity but again you’re not making money and

but again you’re not making money and

but again you’re not making money and it’s not typically the type of business

it’s not typically the type of business

it’s not typically the type of business that investors are really attracted to

that investors are really attracted to

that investors are really attracted to so I think the best bet for you is gonna

so I think the best bet for you is gonna

so I think the best bet for you is gonna be trying to get the money from your

be trying to get the money from your

be trying to get the money from your customers and step once it’s your

customers and step once it’s your

customers and step once it’s your service based business would be provide

service based business would be provide

service based business would be provide awesome service so how can you make your

awesome service so how can you make your

awesome service so how can you make your business the best daycare center around

business the best daycare center around

business the best daycare center around make the kids love coming to your place

make the kids love coming to your place

make the kids love coming to your place the parents feel really comfortable with

the parents feel really comfortable with

the parents feel really comfortable with you when you’re providing basically the

you when you’re providing basically the

you when you’re providing basically the best childcare service out there so

best childcare service out there so

best childcare service out there so think about those options so that you

think about those options so that you

think about those options so that you have people loving what you do wanting

have people loving what you do wanting

have people loving what you do wanting to come back telling their friends about

to come back telling their friends about

to come back telling their friends about it and your business is basically

it and your business is basically

it and your business is basically exploding at the seams you can’t support

exploding at the seams you can’t support

exploding at the seams you can’t support any more people coming into your

any more people coming into your

any more people coming into your facility at that point you’re ready to

facility at that point you’re ready to

facility at that point you’re ready to look at expanding the next thing once

look at expanding the next thing once

look at expanding the next thing once you have that great service that you’re

you have that great service that you’re

you have that great service that you’re offering you start to increase your

offering you start to increase your

offering you start to increase your prices but if you have a lot of demand

prices but if you have a lot of demand

prices but if you have a lot of demand you have a lot of people coming because

you have a lot of people coming because

you have a lot of people coming because you provide this awesome service that

you provide this awesome service that

you provide this awesome service that everybody wants then you should be able

everybody wants then you should be able

everybody wants then you should be able to increase your prices and a lot of

to increase your prices and a lot of

to increase your prices and a lot of entrepreneurs underpriced themselves and

entrepreneurs underpriced themselves and

entrepreneurs underpriced themselves and you know they should be able to make a

you know they should be able to make a

you know they should be able to make a lot more money than they can’t so you

lot more money than they can’t so you

lot more money than they can’t so you could test it out just start with little

could test it out just start with little

could test it out just start with little price increases and that’s a great way

price increases and that’s a great way

price increases and that’s a great way to earn money coming in that you can use

to earn money coming in that you can use

to earn money coming in that you can use to grow your business the last thing you

to grow your business the last thing you

to grow your business the last thing you might want to consider is selling

might want to consider is selling

might want to consider is selling subscriptions so I don’t know how your

subscriptions so I don’t know how your

subscriptions so I don’t know how your model works now but maybe they’re buying

model works now but maybe they’re buying

model works now but maybe they’re buying one month at a time or two months at a

one month at a time or two months at a

one month at a time or two months at a time see if you could sell them for

time see if you could sell them for

time see if you could sell them for longer so can you sell them for a season

longer so can you sell them for a season

longer so can you sell them for a season so all the spring roll of summer or can

so all the spring roll of summer or can

so all the spring roll of summer or can you sell them for the entire year and

you sell them for the entire year and

you sell them for the entire year and you might give a little bit of a

you might give a little bit of a

you might give a little bit of a discount to give them an incentive to

discount to give them an incentive to

discount to give them an incentive to want to do that but the advantages you

want to do that but the advantages you

want to do that but the advantages you get you

get you

get you money upfront which can really help with

money upfront which can really help with

money upfront which can really help with your cash flow and also give you the

your cash flow and also give you the

your cash flow and also give you the money that you need to expand your

money that you need to expand your

money that you need to expand your business so Kenosha I hope that helps

business so Kenosha I hope that helps

business so Kenosha I hope that helps that’s my thoughts on it I’m gonna turn

that’s my thoughts on it I’m gonna turn

that’s my thoughts on it I’m gonna turn it over to a friend of mine Danny Indy

it over to a friend of mine Danny Indy

it over to a friend of mine Danny Indy who has some thoughts as well and he’s

who has some thoughts as well and he’s

who has some thoughts as well and he’s gonna give you his advice

Rochelle thank you very much for your

Rochelle thank you very much for your email I get messages like this very

email I get messages like this very

email I get messages like this very frequently from people who want to

frequently from people who want to

frequently from people who want to expand their business or grow into a new

expand their business or grow into a new

expand their business or grow into a new area or do upgrades or any number of

area or do upgrades or any number of

area or do upgrades or any number of things that are gonna cost Mayan they’re

things that are gonna cost Mayan they’re

things that are gonna cost Mayan they’re wondering where they can go to get that

wondering where they can go to get that

wondering where they can go to get that money and I always point them back to

money and I always point them back to

money and I always point them back to the same place which is asking well why

the same place which is asking well why

the same place which is asking well why don’t they have the money already being

don’t they have the money already being

don’t they have the money already being generated by their business you if you

generated by their business you if you

generated by their business you if you mentioned in your in your message that

mentioned in your in your message that

mentioned in your in your message that 99 percent of the money that comes in

99 percent of the money that comes in

99 percent of the money that comes in goes to pay your bills and to keep the

goes to pay your bills and to keep the

goes to pay your bills and to keep the business running and so forth which

business running and so forth which

business running and so forth which means that you aren’t really making a

means that you aren’t really making a

means that you aren’t really making a profit you aren’t making extra money

profit you aren’t making extra money

profit you aren’t making extra money that can be put aside and that’s very

that can be put aside and that’s very

that can be put aside and that’s very concerning to me it makes me wonder

concerning to me it makes me wonder

concerning to me it makes me wonder what’s gonna happen if there is an

what’s gonna happen if there is an

what’s gonna happen if there is an emergency or something comes up or any

emergency or something comes up or any

emergency or something comes up or any business needs to be making more money

business needs to be making more money

business needs to be making more money than it costs to just keep everything

than it costs to just keep everything

than it costs to just keep everything running and so my advice to you would be

running and so my advice to you would be

running and so my advice to you would be to look at the way your business is

to look at the way your business is

to look at the way your business is structured and find ways to improve your

structured and find ways to improve your

structured and find ways to improve your profitability and at a very basic level

profitability and at a very basic level

profitability and at a very basic level there’s two ways of doing that you can

there’s two ways of doing that you can

there’s two ways of doing that you can lower your costs or you can raise the

lower your costs or you can raise the

lower your costs or you can raise the money that’s coming in either way you

money that’s coming in either way you

money that’s coming in either way you end up with more money in your pocket at

end up with more money in your pocket at

end up with more money in your pocket at the end of the day so you can improve

the end of the day so you can improve

the end of the day so you can improve the amount of money that’s coming in by

the amount of money that’s coming in by

the amount of money that’s coming in by raising your prices which is something

raising your prices which is something

raising your prices which is something that most people don’t think to do but

that most people don’t think to do but

that most people don’t think to do but most people really should be doing a lot

most people really should be doing a lot

most people really should be doing a lot of businesses especially small

of businesses especially small

of businesses especially small businesses aren’t charging as much as

businesses aren’t charging as much as

businesses aren’t charging as much as they should or could you can add an

they should or could you can add an

they should or could you can add an extra product offer or an upsell or

extra product offer or an upsell or

extra product offer or an upsell or cross-sell have something extra to offer

cross-sell have something extra to offer

cross-sell have something extra to offer to the people already doing business

to the people already doing business

to the people already doing business with you you mentioned that you’re

with you you mentioned that you’re

with you you mentioned that you’re running a daycare maybe you could offer

running a daycare maybe you could offer

running a daycare maybe you could offer an extra babysitting service in the

an extra babysitting service in the

an extra babysitting service in the afternoon or you have some products that

afternoon or you have some products that

afternoon or you have some products that you recommend and that you respect and

you recommend and that you respect and

you recommend and that you respect and you think are valuable that the parents

you think are valuable that the parents

you think are valuable that the parents might be interested in getting to use

might be interested in getting to use

might be interested in getting to use with their kids at home and so you could

with their kids at home and so you could

with their kids at home and so you could resell those and add a little bit more

resell those and add a little bit more

resell those and add a little bit more money to what’s coming in you could also

money to what’s coming in you could also

money to what’s coming in you could also look at reducing your cost you could

look at reducing your cost you could

look at reducing your cost you could renegotiate some of your contracts or

renegotiate some of your contracts or

renegotiate some of your contracts or see if you can switch suppliers or just

see if you can switch suppliers or just

see if you can switch suppliers or just find a way to make things cost less if

find a way to make things cost less if

find a way to make things cost less if you can increase

you can increase

you can increase the amount of money that you’re bringing

the amount of money that you’re bringing

the amount of money that you’re bringing in by five or ten percent and reduce

in by five or ten percent and reduce

in by five or ten percent and reduce your costs by five or ten percent that

your costs by five or ten percent that

your costs by five or ten percent that suddenly becomes a very big improvement

suddenly becomes a very big improvement

suddenly becomes a very big improvement to your profit margin and that’s really

to your profit margin and that’s really

to your profit margin and that’s really where the money should be coming from to

where the money should be coming from to

where the money should be coming from to make the kind of improvements and to

make the kind of improvements and to

make the kind of improvements and to grow and expand in the way that you’re

grow and expand in the way that you’re

grow and expand in the way that you’re looking for so I hope that this was

looking for so I hope that this was

looking for so I hope that this was helpful if you have any more questions

helpful if you have any more questions

helpful if you have any more questions you can find me directly at firepole

you can find me directly at firepole

you can find me directly at firepole marketing.com feel free to go there and

marketing.com feel free to go there and

marketing.com feel free to go there and just send me an email I’m happy to

just send me an email I’m happy to

just send me an email I’m happy to answer any further questions and of

answer any further questions and of

answer any further questions and of course you can submit another question

course you can submit another question

course you can submit another question to Evan and he’ll pass it along to me

to Evan and he’ll pass it along to me

to Evan and he’ll pass it along to me thank you very much and have a blessed

thank you very much and have a blessed

thank you very much and have a blessed day

Kenosha I hope that helped I hope what I

Kenosha I hope that helped I hope what I said was useful and I hope what Danny

said was useful and I hope what Danny

said was useful and I hope what Danny said as well can help you grow your

said as well can help you grow your

said as well can help you grow your business good luck I know it’s tough

business good luck I know it’s tough

business good luck I know it’s tough when you’re not making any money you put

when you’re not making any money you put

when you’re not making any money you put so much hard work and effort into trying

so much hard work and effort into trying

so much hard work and effort into trying to get that business off the ground but

to get that business off the ground but

to get that business off the ground but stay with it and try to implement those

stay with it and try to implement those

stay with it and try to implement those ideas that we gave you if you guys liked

ideas that we gave you if you guys liked

ideas that we gave you if you guys liked the video please give it a thumbs up or

the video please give it a thumbs up or

the video please give it a thumbs up or leave a comment below it really helps us

leave a comment below it really helps us

leave a comment below it really helps us make decisions on what new videos that

make decisions on what new videos that

make decisions on what new videos that come up with and hopefully we’ll see you

come up with and hopefully we’ll see you

come up with and hopefully we’ll see you in the next episode as well

”

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