Start Up Questions

[MsBell]

I am a single mom doing it, and my honest advice is....don't! I started before I separated, and just continued on after, and now i feel totally trapped in this business. Many ladies have already stated very important expenses and reasons that you need to consider, so i won't repeat them, but i will add a few.
1. damages and emergency repairs that will pop up need to be budgetted in, as well as long term expenses that you will have. for example, just this last week, my lawnmower keeled over, fortunately my boyfriend fixed it. I needed a new roof two years ago, I am still paying that off. I needed to buy a new printer last month, lets not get started with my car....there will always be an unexpected expense.
2. unpaid sick days, I needed minor surgery, had to take off two days for that, a day for pre-op appt, and a day for post-op (not to mention the time I had to take for the testing to find out my issue....not one of thoses days were paid, that's over a week. i am guessing that if the parents in your area wont pay $30/day for care, they also won't pay for your sick days?
3. your kids expenses will likely grow in the next few years, my daughter is in grade 8, son in grade 5, school and extra activities get expensive (just this month I have trips to pay for, graduation, sports, etc) my daughter has a cell phone, and everyone her age does, my son does not, and he is one of the only kids in his class that doesn't.
4. Hopefully your ex takes the kids, my ex does....sometimes, but not equally and often travels for business. that leaves me with kids 24/7 which can be too much. as other have said, you can only have two under two, so chances are you will have kids that will be outgrowing naps, so I have weeks where I have kids with me all day, no breaks.....you will need alone /adult time, and if your ex is not there (I don't mean to assume, I just know how it is for me)you will have to get a babysitter, or have family or friends that will help out (I am lucky to have that) Also you will work 50 hours PLUS you will spend time planning, interviewing, cleaning, shopping that you don't do now, so this job is way more then the hours you spend watching kids
5.You will have clients that are simply not fair or considerate, they will not pay you on time, leave without notice, or perhaps you will get a client that you just cant work with and you will want/need to terminate....I budget on a half full daycare, that way, if I have a slow time, I can handle it, and when I am full, I have extra
6. Your kids might not like having their home as a daycare, and even if they do, they and you, will need some room in your home that does not get used by the daycare. I am lucky that I have a spare bedroom for my kids as a "game room" and daycare kids do not use my basement rec room. It is also hard for my kids to have me there, but to understand that I am not availble to them because I am working, that can be very stressful

Right now, for me to go out and get a job, I am 10years out of the "workforce". I would have to take a low-paying job (retail, factory etc) or go back to school. I just cant afford that right now, without disrupting my kids lives (and I don't want to do that)
Now there are many reasons why this works for me too (I have never paid extra taxes at the end of the year, my kids are big expenses, I claim all I can, and I have a great accountant that helps me stay in line. I got almost $700 back this year) I am my own boss, and I have no commute, I can wear yoga pants everyday (or even Pjs if I wanted!)

It can be done, but it's never easy.

Also I just wanted to add, there are everyday expenses that do add up. toilet paper, dish soap, laundry soap, tissues, hand soap, papertowels,cleaning supplies, etc they don't seem like much, but they do add up. water, heat, electric will all go up when you are home all day.