This months big idea. It's a whopper!

[TexasChickenLady]

Ok well incase you didn't know i'm a sahm and i never have any money of my very own that I actually made myself. Well i've run out of ideas on making money for myself. I don't have enough chickens to sell eggs, my house is to far away from town to do in home childcare, I rufuse to work on my computer because I have a distructive 1 yo who loves to turn my computer off! Ect. Ect. Anyway today I got to thinking...what if myself and a friend could buy a house thats for sale in town next to the library and turn it into a daycare. This way my baby could be with me. Ok reality hits, i do not have any credit, what I do have is nothing to be happy about, my husband wants nothing to do with it finacially and my friend who is a preschool teacher has wanted to do this in her own home but lives too far out of town. I know she's willing but how do you share a business with a friend. I talked to the realestate agent and she said that this home would mke a great daycare but it's a fixer upper (which I'm willing to do myself) However theres no chance a nobody like me is gonna be able to fiance this house. Unless I contact this man,(who I already know) he's real big on taking on house notes and then letting you Rent to own type thing, this way I dont have to go through the bank, I just pay him the mortgage payment and when the house is paid for then I own it. This is all with a contract ofcourse! What should I do? Is this idea worth the trouble? Where am I going wrong? Thanks in advance.

 

[FloridaChickenChick]

Contact SCORE -- you can probably get to them through a local community college.

I don't care how far you are from the college; if you're serious about this you need serious advice -- the number of new business enterprises that fail during the first three years is just staggering and you'll increase your odds of success if you are VERY WELL prepared.

You can get free advice and assistance with business planning from SCORE or the entrepreneurial/business incubator at a community college. These programs are generally free. Try Clarendon Community College -- they have a Pampa campus. If they don't have what you need, ask where you can get it! The Dept of Business & Technology can be reached at 806- 874- 4822 ext. 125

GOOD LUCK!

 

[verity]

Sounds as if you are really willing to work hard -- but be SURE you 'do your homework' before getting into ANY kind of business -- with today's economy crisis any new venture is risky -- look at this from every angle!
Good luck!

SueR

 

[Hangin Wit My Peeps]

My husband is in business with his BF and all is well. It's been three years and they got some major clients and if both parties are willing to keep the spouse out of it (in case of divorce) that would be a good idea I think. Us wives here decided it's only fair...they share the money with us now but we didn't want one wife divorcing the hubby and taking half of "our" business. We were just all fine with it

As long as everyone agrees should be no problems.

 

[Dixiedoodle]

There are gov. grants for just such a thing.. Daycares are needed everywhere IF the job markets justify it.. Type in Goverment Grants and Daycare see how/where you can get help.. These are not loans --these are grants. You might have to take a few low income or handicap children but with your friends teaching skills it shouldn't be a problem... check it out...

Get a notebook and collect all the data you can find such as laws and regulations concerning a daycare--number of kids per teacher/caregiver, safety items needed, training, . Then contact a lic. contractor and get him to give you an est. on your ramp, covering/ checking for lead paint or any other coustic materials. you might have to have a new heating/cooling system, new wiring, new plumbing. Contact your insurance agent and get informations about liablity insurance.. (Not knowing how old your 'house' is or your states regulations--these are just thoughts.. Good luck Dixie

 

[onthespot]

bear in mind you don't have to OWN the place to run a daycare out of it. If your credit is dinged, see if you and your friend can rent, or lease/option for a year or something.