Starting a Business

[LBAK]

Although I don't post that often I read this board religiously and love all the things I've learned from you. I am hoping you will having some good avice for me. I am currently a director of a pre-school, a job I currently love! However, the owner of the school is not willing to extend the hours to accomodate working parents. Because of this the school has gone from 55 students to just 21 students in just 4 years. After much thought and consideration (with DH of course) I have decided to look into opening my own childcare center where the nees of parents and children can be met.

I have a college degree in education, not business so I am floundering a little here. I know how to apply for a state license as that's my responsibiliy in my current position. I don't know how to go about actually starting the business. I know I need a lawyer, accountant,a real estate agent for leasing a commercial property. What else do I do? What is the avantage of having a corporation as opposed to a partnership? I am definitely overwhelmed but I am determined that I can do this. I just want to be educated in all aspects of the actual start up as I can. Any advice or tips will be greatly appreciated.

Thanks,
Lynn

 

[dvcgirl]

Hi LBAK,

Starting your own business can be a very intimidating process, but once you get started it's incredibly invigorating!

I would simply start here, at the US Small Business Association website.... www.sba.com

They talk about the different ways to structure your business and the pros and cons of each. For example, S Corp vs LLC. They also go into ways to write a business plan, how to get apply for a business loan, on and on.

I would start there...start reading and then I would look for books about starting a daycare business. I'm sure that there are tons of them out there.

 

[Cheshire Figment]

I have two suggestions.

The first, especially if you are going to have employees, is to form a corporation. This will protect you (as an individual) from any lawsuits related to something one of your employees may do.

Second is for you (or DH) to go to a local collage and take as first semester course in Principles of Accounting. This way you will be able to understand financial statements.