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As many know, I "supplement" our income doing home daycare.
When I started this 11 years ago, I earned under $5000/year. 7 years ago, it was the same. 3 years ago it increased to $7000. And if things continue as they are, 2009 will be 30000. YES, 30,000!! Over the last 2 years I've done some changes. In 2 years, I have teh potential income 42000+. How's that for a raise?
I know some people would thing that this is expensive for "babysitting", but this is SO much more than this. But in my area I'm mid range. I'm actually surprised at how some people charge so much less, but from what I hear from people visiting my home, you get what you pay for.
First, this last year I worked 60 hour weeks+. This year it's looking like 9 hour days! YAY! I get no lunch breaks, no coffee breaks, and if I am sick or go on holidays, there is no program to compensate me, I have no benefits.
But I have come to love what I do. In the last 11 years, there have been only 2 kids I didn't enjoy having. But there have been many parents that I could kick to the curb.
When I started out, I was younger, and taken advantage of. I was working 55-65 hour weeks and earning very very little, $500/mo. I was exhausted, had no predictable income as the parents were dictating what they were paying me. I felt used and unappreciated. I quit. I shut down completely.
After 4 mo it became obvious that we needed that $500/mo to make it.
So we decided to reopen. But this time, I approached it very very differently. I sat down and wrote out my policies, made up contracts, looked at what we *needed* to earn, and added a little extra to cover changes in the economy, in 2 years, I'll likely have another price increase to adjust to the economy again. I advertised, created a website. That year I earned $1000-1200/mo. That was sooo nice. I had parents who appreciated what I did. I was acknowledged at Christmas, Easter, I received cards just because. It was fantastic. I had been with an agency at the time. But they were being a hindrance, cashing parents checks early, not returning calls, not providing the services I was paying for. SO, I decided to go out on my own. My families were thrilled. I decreased their rate alittle bit, but because I wasn't paying agency fees my income increased approx $300/mo.
That next year was a learning experience, I had to terminate a family for deciding they could pay late, whenever they wanted. Not cool. And another because the child seriously didn't fit in, major behavior issues that I couldn't manage. Because one of my kids became "of age" and no longer counted in my ratio, my income increased by 33% a month! Nice raise!
I don't like to increase my rates, but I adjust them as we have to. Somewhere in 2009, there'll be an increase again to reflect the price increases on EVERY single thing.
It's not ALL about money. I plan my days with the kids, we have alot of fun. But being paid a reasonable wage for my time, skill etc, makes it sooo much better!
I intend to continue on for at least 7 more years!!
When I started this 11 years ago, I earned under $5000/year. 7 years ago, it was the same. 3 years ago it increased to $7000. And if things continue as they are, 2009 will be 30000. YES, 30,000!! Over the last 2 years I've done some changes. In 2 years, I have teh potential income 42000+. How's that for a raise?
I know some people would thing that this is expensive for "babysitting", but this is SO much more than this. But in my area I'm mid range. I'm actually surprised at how some people charge so much less, but from what I hear from people visiting my home, you get what you pay for.
First, this last year I worked 60 hour weeks+. This year it's looking like 9 hour days! YAY! I get no lunch breaks, no coffee breaks, and if I am sick or go on holidays, there is no program to compensate me, I have no benefits.
But I have come to love what I do. In the last 11 years, there have been only 2 kids I didn't enjoy having. But there have been many parents that I could kick to the curb.
When I started out, I was younger, and taken advantage of. I was working 55-65 hour weeks and earning very very little, $500/mo. I was exhausted, had no predictable income as the parents were dictating what they were paying me. I felt used and unappreciated. I quit. I shut down completely.
After 4 mo it became obvious that we needed that $500/mo to make it.
So we decided to reopen. But this time, I approached it very very differently. I sat down and wrote out my policies, made up contracts, looked at what we *needed* to earn, and added a little extra to cover changes in the economy, in 2 years, I'll likely have another price increase to adjust to the economy again. I advertised, created a website. That year I earned $1000-1200/mo. That was sooo nice. I had parents who appreciated what I did. I was acknowledged at Christmas, Easter, I received cards just because. It was fantastic. I had been with an agency at the time. But they were being a hindrance, cashing parents checks early, not returning calls, not providing the services I was paying for. SO, I decided to go out on my own. My families were thrilled. I decreased their rate alittle bit, but because I wasn't paying agency fees my income increased approx $300/mo.
That next year was a learning experience, I had to terminate a family for deciding they could pay late, whenever they wanted. Not cool. And another because the child seriously didn't fit in, major behavior issues that I couldn't manage. Because one of my kids became "of age" and no longer counted in my ratio, my income increased by 33% a month! Nice raise!
I don't like to increase my rates, but I adjust them as we have to. Somewhere in 2009, there'll be an increase again to reflect the price increases on EVERY single thing.
It's not ALL about money. I plan my days with the kids, we have alot of fun. But being paid a reasonable wage for my time, skill etc, makes it sooo much better!
I intend to continue on for at least 7 more years!!
Love them. But we are looking at it as a possible time to change, perhaps to strictly before/after school care. This would allow freedom during the day for the homeschooling, without any distractions for her. If I can get 3 before/after school kids, we'll be fine. Now to get flyers out to the schools.
