1.What kind of business are you trying to set up? - Are you looking to operate your business right from your home or will you be more interested in traveling to your business? Working from your own home is a great option if your house has ample space. But incase your house doesn't have that sort of space provisions, or if working from home is not an option for you consider a franchise arrangement with other companies in the same business.



2.Have you updated yourself about the legal requirements of your proposed business? - Even before you start, you need to find out the kind of licenses and legal conditions you will require from your local business services. Remember to also enquire about the specific qualifications needed to earn them and how much they are likely to cost you. Your legal requirements will be totally determined by the location of your business. Usually they include health code regulations and inspections along with fire code etc.

3.Are you qualified to begin your own business? - You might consider it unnecessary but training yourself in the proper method is extremely important before starting your business. Do take all special training (which may include everything from first aid classes, CPR etc.) and certifications (in subjects such as childcare and childcare development) that maybe required for you to make your business successful. Remember your certifications will legitimize your business in the eyes of potential buyers and should therefore prove an asset.

4.Are you aware of the insurance needs of your future business? - Make sure you find out all about the insurance requirements of your future business. Insurance will help you deal with any accidental injury or damage, which might affect your business. In case you choose to run your business from your home you may have to increase the limits of your current policy or even buy a totally new policy. Even if you are running your business from outside insurance should be one of your primary concerns.

5.Have you surveyed your market? - Before you begin to make all the arrangements required for the business just go out there and survey the location you have chosen. For all you know your place you have opted for doesn't need another childcare provider. Find out the status of the other childcare providers in the area. Do they have their hands full with work? Do they have more clients than they can honestly handle or are they expanding quickly to meet demands? Is their business growing in a consistent basis or is theirs only a moderately profitable establishment? Choose a location which needs you rather than a place which is convenient for you.

6.What do you need? - Take some time out and clearly jot down everything that you are likely to need in order to begin. Against each of the items you note write down an estimated price. Compare the ultimate sum of these prices with your total budget. Remember childcare is not child's play and requires hard work (and by that we mean physical work).

Don't overestimate your resources. Are you capable of handling the entire business or do you need extra help? Planning in advance will go a long way in ensuring the success of your business.