How to Start a Day-Care Service in India?
The market for childcare in India is expected to grow at a CAGR of 19% during the period 2019-2024. The numbers of daycare centres are rapidly increasing across all the metropolitan cities in India due to the rise in the number of nuclear families, with both parents being tied up due to professional constraints.
Guardians don’t have ample time to take care of their children owing to work and other occupational constraints. Hence, they require a reliable person or centre to look after their children. In this scenario, a daycare business plan is a lucrative business model.
If you are looking for a guide to start your cay-care services, follow the steps mentioned below –
Step 1 – Research
As the first step to start your own daycare business, you are required to conduct thorough market research to gain knowledge regarding the niche. It will help to start your venture from scratch and eventually help you grow your business.
You are also required to list the legal and financial requirements you may face in the process. Also, learning about the services that are currently not present in the market will set you apart from the rest.
Step 2 – Develop a proper business plan
Once you have researched about the requirements, you are required to draft a unique home daycare business plan. A thorough business plan will set you apart from your competitors and help you establish it comfortably.
To create a growth plan for your business, take into consideration the area you are looking to serve and the age group you are willing to work with. Ensure that you conduct a SWOT analysis to understand the weaknesses that your plan has and rectify them.
Also, a thorough business plan will provide you with an idea regarding all your financial requirements. It will help you down the line to determine the budget that you can spend on the location and resources and avail financial aid according to that.
Step 3 – Finance your business
Once you have developed a plan, the next step involves availing the finance to acquire the location and pay for the required expenses. Such costs include purchasing furniture, hiring staff, buying other essential items (toys, utensils, etc.) and others.
Depending on your requirements, you can avail funds accordingly from any source you want. However, availing a business loan from any reputed financial institution can be the ideal option for you owing to the various benefits it offers.
For instance, NBFCs like Bajaj Finserv offers a loan amount of up to Rs. 30 Lakh in case of such credits based on your daycare proposal. Along with that, you can avail additional benefits like easy repayment terms and quick loan disbursal.
Step 4 – Find the right location
The primary aspect that can make your business stand out from the rest is the location of your venture. Ensure that the site you choose is spacious enough. You can also opt for a commercial space if it is readily available in the area that you are looking to serve.
Aldo, while selecting allocation for your daycare business plan in India, ensure that the unit is hygienic and safe from children. A space far from traffic and pollution should be an ideal pick for you. Also, such spaces will require considerably fewer expenses as they are distant from prime locations.
The above mentioned steps will provide you with a thorough idea regarding how to start a day-care business plan in India. Ensure that you acquire all licenses from the concerned authorities before you start your venture