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I also always do a yearly contract since this business can be a learning experience so my parents always know to expect an updated contract in January. Its not always major changes just things added like my policies with sick children, holiday pay, expected time off in the year, etc.
This understandable. Just be aware, each time you make change, you are cancelling prior contract. Client not have agree to new one and is risk they all just walk away on final day of old contract. Even if you adding just 10 day paid leave per year, if your fee is $35 a day, that costing parent extra $350 they not agreed to pay, even if surprised not charged when they join. If fee is $60 day, that $600 more. Need to consider worse case scenario. If all your parent walk away, can you manage financially until new client sign up with new terms?