As you know, child care can be very rewarding. Sure, there’s a lot of stress – not to mention poop! – but at the end of the day, you’re making a difference in the lives of children in your community. And that’s an amazing feeling.
But here are a few other reasons it’s great to be in this industry that you may not have considered – factors that actually work in your favor when it comes to the earning potential of your business:
1. Child care is highly recession-resistant. The world is changing daily, and it’s hard to predict the future (as any obsolete travel agent or downsized journalist can tell you). But the bottom line is that parents are always going to have to go to work – and unless they start making infant-sized hard hats and drool-resistant calculators, those parents are always going to need care for their children.
2. You can never be globally outsourced. No matter how advanced the teleconferencing industry becomes, a facility in India will never be able to care for children in Dallas. Texans (and Alaskans, and Brits, and parents all over the world) will always need quality local care for their kids.
3. Your industry enjoys an extremely high Customer Lifetime Value (CLV). Think of each family with kids at your center as a separate customer. Now think about how much money, in total, an average family spends with you over the entire time their kids are in care. Staggering, isn’t it? Even the priciest restaurants and surgeons and lawyers generally can’t boast numbers like these. (For more on CLV, as well as a few other marketing tips, check out my free report.)
4. You get to see – and win over – your customers on a daily basis. Oftentimes twice a day, if the same parent is in charge of both drop-off and pick-up. This, again, is unheard of in nearly all other industries. Your dry cleaner definitely isn’t expecting to see you ten times a week – if so, you may want to invest in a bib and/or more wash-and-wear clothing.
5. Your customers develop an incredibly strong emotional connection with you. People talk all the time about how much they love, say, their Hondas. And they probably do. But that pales in comparison to the feeling they get when they think about the special place they bring their small children almost every single day – and the special people who work there. If you can dazzle parents with the quality of service and care you provide, that devotion is pretty much priceless in almost every sense of the word.
So when the days get long and you get discouraged, take heart – you are in the right business.