Worried about financials

hi everyone.
I have had my home daycare for the past 7 years and it has always been very smooth and the registration of new children has never been a problem. but in the past 3 month I have had 2 children leaving (one moved out of the town because it is very expensive to live here) and the second of lost her job and gave notice immediately since they could not afford daycare anymore. I have been trying to get new children in and its been proving me to be very hard. I live in Ontario( richmond hill) which is very very expensive to afford housing for young families now a days so they try and move to east or west or north of the GTA where it is relatively more affordable to live. I am a little worried about the whole new enrollment. I met 2 ladies in my area ( bought a few toys from them) and they were both homedaycare providers and were closing down because they could not get new kids.have you ever had that happen to you and is it just a glitch and will pass? honestly I love what I do cant imagine going back to work in a daycare and have a nagging person supervising me but I dont know how much longer I can handle being 2 kinds short. life is very expensive now a days

I had one year a while back where similar happened. It sucks but it always turns around. You have to decide if you can afford to wait it out with no insight into how long it might last. I'd love to tell you different but that's the way self employment is.

Quote:

Originally Posted by Mawna

hi everyone.
I have had my home daycare for the past 7 years and it has always been very smooth and the registration of new children has never been a problem. but in the past 3 month I have had 2 children leaving (one moved out of the town because it is very expensive to live here) and the second of lost her job and gave notice immediately since they could not afford daycare anymore. I have been trying to get new children in and its been proving me to be very hard. I live in Ontario( richmond hill) which is very very expensive to afford housing for young families now a days so they try and move to east or west or north of the GTA where it is relatively more affordable to live. I am a little worried about the whole new enrollment. I met 2 ladies in my area ( bought a few toys from them) and they were both homedaycare providers and were closing down because they could not get new kids.have you ever had that happen to you and is it just a glitch and will pass? honestly I love what I do cant imagine going back to work in a daycare and have a nagging person supervising me but I dont know how much longer I can handle being 2 kinds short. life is very expensive now a days

Hi I whish I could be mire positive about your situation but unfortunately the new regulation "only two under two's" is closing homedaycares.

I honestly whish I could say it comes in waves but, with this new regulation is absolutely a new ball game.

I have friends who are closing and going for minimum wage (I think it makes sense rather than operating a whole homedaycare operation with only two or three kids enrolled ), I honestly had hopes that conservatives might turn around an at least propose a change unfortunately nothing have been said.

Other childcare sectors such as centres, homedaycare agencies, parents organization are constantly rallying sending letters, highlighting contstantly the media with their news etc.

But I haven't heard anything from our sector yet.

I really wish I could tell you it comes and goes in waves, like past years. Facing our current reality, that is not the fact, it is a total different ball game with the "two under twos" regulation. And sadly, I haven't heard any proposed changes for turning that back, I thought it would be best (three under two's and only two under 18 or 20 months would work best).

My time is also coming and I slightly started to face out (selling my things); opening my eyes for better options etc .

So, my sincere advise would be to keep open if you still can survive with a low income and keep looking but also look for better oportunities. In the worst of the cases you might have to operate at a loss until the two under two's turn two.

Currently to find children to fill over two's spots have become challenging, they have opened many preschools and centres in my area so my market have been reduced. Even if I find them I cannot compete with their low rates.

It is interesting to hear that your area is wealthy and less new families can afford to buy or lI've there. There is currently something huge happening in the real state sector, and currently young families are opting (no choise really because banks are in control of this) to buy more affordable houses to my understanding the banks have increased a stress percentage on their mortgage loans so if you where able to buy a 1000000 home they will make sure you have access to only 800,000 home. (They're protecting investors).

Anyway, maybe it might or might not have any direct effect in our sector only time will tell.