Advice needed re:making contract changes

Hi ladies!
I'm nearing my 1 year mark for being open and am currently full. I do not plan on changing my current daily rate at this point, however I need your advice on something!
In the contract that my clients have all signed, my daily rate lowers by $5/day for the children once they begin school. I wish to take this out of my contract and keep the daily rate the same no matter what the age. None of the children in my care are starting school this year, so this would not even come into effect until September 2013 when 2 of my preschoolers begin J/K and will be coming every other day.

My question is, is it fair to change this on them? I figure if they were DEPENDING on the price change once school starts then they have an entire year to figure out if they wish to continue with me. I'm NOT changing their current rate on them....just the rate that was originally in the contract for when they start school.

Thoughts? Opinions?

I say, go for it! As a business owner, you have the right to change your fees if you see fit. In the past, when my own kids were in home childcare, my provider annually revised her rates to go along with the changing trends. As long as you give them plenty of notice, everything should be ok.

Yes ~ fair to change it for sure ... it is your business and it needs to be 'viable' so therefore your ability to budget or make changes to fees is going to be essential over the course of the time a child starts until they finishes ... I have had clients who started over 5 years ago who are still with me I would not want to be working on that same 'contract'.

My contracts state that they are 'reviewed annually and subject to change with 60 days written notice' at which time clients would have the option to sign a 'new contract' or forfeit their space.

Yes, I think it is fair. Things change... prices go up... that's how it works. However, I'm not sure I'd give this much notice. A lot can happen in a year. I'd maybe give 3 - 6 months notice, but that's it. No sense in making your clients feel like youre changing things when it doesn't effect them yet.

Thanks ladies! I felt the same way, but wanted your opinion to make sure!

Apples- The thing is I'll be making other adjustments to my contract as well (nothing that drastically changes anything, just things I've made a list of over the past year that i'd like added in so there is never a dispute), so I'd like to do it all at once! I'm confident none of them will leave based on that, so I'd rather just get it all over and done with :)

Oh, I misunderstood. I thought I read that you didn't have any changes. Well then drop the bomb all at once. They probably aren't even thinking that far ahead. I began by offering a discounted rate when they got to a certain age. I don't anymore.

I have the parents resign contracts annually. I've been doing this for just over 4 years and my contracts have had small changes some years and in the beginning lots of changes as I learned new lessons. I send out a letter a month ahead of the contract renewal date with the new contracts explaining the changes that I'm making every year.

Nobody has every questioned me because I always say something like: As I learn to improve my daycare program year by year I will be implementing the following changes this year as follows......

It's your business you can change the rates if you want to!!!! ;) I think that is such a fair amount of time to let them prepare. When I change my contracts I just call it an addendum an add to the previous contract. After 7 years I changed my rates when I realized I had been charging the same going rates from 7 years prior. None of my parents had an issue, (sure they went home and let out a little sigh! :0) but they completely understood and said I was worth it :D