I already posted this on two other forums on reddit, which i got no response so im hoping someone here could give some insight into this.
My wife and I are in NYC and we're looking into starting a daycare business. I've been the only one working since February (hiring around here "picked up" only around June due to covid), I only make $50,680/year, she's been juggling looking for a job while at the same time being a (temporary) stay-at-home mom AND an unpaid teacher/teacher assistant (thank you, remote learning and COVID) for our 6 yr old daughter.
Her resume and interview skills are not the issue, rather, competition from other candidates and employer response/consideration is the issue. The jobs she's applying to are simple non complicated jobs but there's a lot of competition for what she's seeking (medical receptionist, which she is experienced in, and basic customer service jobs).
I myself am trying to improve our situation by applying to nursing school, im waiting until december to hear whether i am accepted or not. But even if im accepted, it takes two years to graduate so i need to make those 2 years work in the meantime.
We have an emergency fund with $13,000 in it. I also have an additional savings of $3000 which was originally going to be for down payment on a home but being that saving $400 a month towards a $30,000-$40,000 down payment is agonizing and like watching paint dry, i honestly don't know what to call this fund right now.
And our monthly expenses are about $2162.
However, onto to the point. My coworker runs a successful (licensed) daycare business outside of her home. Meaning she rents out an apartment, separate from her own home, specifically for the daycare business. I asked her about the steps and process of starting one because my wife is considering it.
I'm well aware of the procedural hoops you have to jump through to get licensed here in NY, but my main concern is finding/renting the place. We can't use our own home because 1) it's an apartment WITHIN a private house and 2) definitely not enough indoor space.
So say we rent a one bedroom apartment for the daycare at about $1300-1400/month (the going rate for 1 bedrooms in our part of NYC), and say it takes us a while to find parents to sign up, that means we will be stuck with paying for the apartment in the meantime, however long that will be.
My coworker said we would have to put our flyers but IF the local agency has any kids to send then they could send them to us (as well as give them a voucher to help pay) and also my coworker will send any kids that she rejects (due to maximum capacity) to us as well. But nevertheless, im still a little concerned about this possible "risk" of being stuck in a one year lease that may or may not pay for itself right away.
Should we just hold off on this for now, given our financial situation?
The only other option in terms of a home business is ebay dropshipping, which is low cost and low risk, however, it's a pain in the neck to find products that will sell. I have experience doing this last year and made like $300 in two months, but as i said, going thru the products is exhausting. There are virtual assistants who i can hire that specialize in doing this but it will cost like $50/week.
My wife and I are in NYC and we're looking into starting a daycare business. I've been the only one working since February (hiring around here "picked up" only around June due to covid), I only make $50,680/year, she's been juggling looking for a job while at the same time being a (temporary) stay-at-home mom AND an unpaid teacher/teacher assistant (thank you, remote learning and COVID) for our 6 yr old daughter.
Her resume and interview skills are not the issue, rather, competition from other candidates and employer response/consideration is the issue. The jobs she's applying to are simple non complicated jobs but there's a lot of competition for what she's seeking (medical receptionist, which she is experienced in, and basic customer service jobs).
I myself am trying to improve our situation by applying to nursing school, im waiting until december to hear whether i am accepted or not. But even if im accepted, it takes two years to graduate so i need to make those 2 years work in the meantime.
We have an emergency fund with $13,000 in it. I also have an additional savings of $3000 which was originally going to be for down payment on a home but being that saving $400 a month towards a $30,000-$40,000 down payment is agonizing and like watching paint dry, i honestly don't know what to call this fund right now.
And our monthly expenses are about $2162.
However, onto to the point. My coworker runs a successful (licensed) daycare business outside of her home. Meaning she rents out an apartment, separate from her own home, specifically for the daycare business. I asked her about the steps and process of starting one because my wife is considering it.
I'm well aware of the procedural hoops you have to jump through to get licensed here in NY, but my main concern is finding/renting the place. We can't use our own home because 1) it's an apartment WITHIN a private house and 2) definitely not enough indoor space.
So say we rent a one bedroom apartment for the daycare at about $1300-1400/month (the going rate for 1 bedrooms in our part of NYC), and say it takes us a while to find parents to sign up, that means we will be stuck with paying for the apartment in the meantime, however long that will be.
My coworker said we would have to put our flyers but IF the local agency has any kids to send then they could send them to us (as well as give them a voucher to help pay) and also my coworker will send any kids that she rejects (due to maximum capacity) to us as well. But nevertheless, im still a little concerned about this possible "risk" of being stuck in a one year lease that may or may not pay for itself right away.
Should we just hold off on this for now, given our financial situation?
The only other option in terms of a home business is ebay dropshipping, which is low cost and low risk, however, it's a pain in the neck to find products that will sell. I have experience doing this last year and made like $300 in two months, but as i said, going thru the products is exhausting. There are virtual assistants who i can hire that specialize in doing this but it will cost like $50/week.
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