Thinking of starting a childcare business
Market Research
The aim of market research is for you to make the right choice when beginning your new venture. You need very specific information and need to ask the right questions to the right people.
Below are some examples of questions for you to begin your research:
Your customers:
- Who are your customers?
- What age will you cater for?
- How much are your customers willing to pay?
- How many children would be attending?
Your competitors:
- Who are your competitors?
- Can you identify any gaps?
- What service are your competitors offering?
- How much do they charge?
- What activities do they offer?
How will your service be better, why will a parent want to pay for their child to attend your setting?
You can design a simple questionnaire, visit parent and toddler groups or carry out market research at local schools or supermarkets (you must ask permission before you do so)
Existing provision
When looking at opening a new childcare provision it is very important to see what services other provisions are offering in your chosen area, things to look out for are:
- Price range - are these per hour, per week or per month?
- Vacancies - by age range
- Waiting list
- Opening hours - are unsociable hours offered?
- Location - accessible by public transport, are there good links?
- Service offered
- Languages spoken