How to Start Your Own Nanny Agency in Five Steps
There has been an increasing need for nanny agencies in the last few years. Many parents work long hours, so they need someone to look after their kids.
Also, a lot of people have become remote workers, due to the COVID-19 pandemic. These workers can’t work and take care of their kids at the same time. They often decide to hire professional nannies and governesses.
Because of all these factors, starting a nanny agency looks like a smart business move at this moment.
However, starting a business is not so easy. When you launch such a business, you become responsible for childcare professionals you hire. You need to follow many legal regulations, as well.
In this article, we’ll explain how to start a nanny agency in five simple steps.
Bring a business plan
When starting a new business, you must leave nothing to chance. Of course, you should be creative and open-minded, but you need to bring an actionable plan to always know your next step. In that light, consider the following features:
- Pricing. Shop around a bit and compare your competitors. See what they offer at what prices and form your pricing tiers.
- Financial operations. Set your budget and project the revenues for the first six months. Take it easy with hiring and opt for short-term contracts for the nannies your employ. As the business starts growing, consider hiring them on a full-time basis. Work with an experienced accountant to master all the transactions you need to handle as a nanny agency owner.
- Legal matters. Find a lawyer to understand the legal prerequisites you need to meet to start and manage a nanny agency.
Determine the price of services
Start-up costs for this type of service are not too big. Maybe we could even say they are modest. Before the global pandemic, but especially now, many start-up agencies prefer home offices to paid business spaces.If you have enough space for a home office, itwill save you a significant amount of money at the beginning.
However, regardless of where you decide to set up your new business, you are going to need some basics: computer and telephone line in addition to office supplies and marketing materials, such as flyers.
Let's not forget the website, as well. Building a practical website is important and that service will incur additional costs, as well. This is a vital digital challenge on the road to building your own nanny agency. If you ensure proper online presence, you increase your chances of making steady progress from day one.
Also, all the direct fees and costs should be paid by the family that hires the nanny. The price depends on the type of service that the family is asking for. For example,a full-time or live-in nanny can be far more expensive than a part-time nanny.The nanny's compensation can be either fixed or variable.
Take your business responsibilities
Running a nanny agency means providing families with the best service possible. Apart from that, you need to be a responsible and ambitious businessperson handling market research and financial management.
No matter if you’ve ever worked as a nanny, your responsibility is to recruit reliable and committed nannies. This can be an exhausting and time-consuming process. Think about hiring an experienced nanny who will help you handle the interviewing and recruitment process.
Try to offer something new. Interview the parents, find out what they need, and offer them brand new parenting training. It can be beneficial for both you and them.
In addition, you can offer babysitting services. It can ensure steady cash flow and resolve some of the parents' issues, as well.
Set the target audience
It is essential to get familiar with the term targeting, especially if you want to establish your own business or brand.
For the beginning, analyze the existing companies in your chosen field. Learn what the current brand leaders are doing and try to be better than them. It’s always useful to offer something unique, like some free childcare services in addition to the paid ones. It is important to offer your potential clients something that will draw their attention to your venture.
Also, make it clear that, even though nannies are your workers, families are your target clients and your top priority.
Try to see yourself as a matchmaker, as well. You are matching a nanny and a family, and your job is to finda perfect match.
Mind the business name and brand
Choosing the right name is very important when building a business, so a nanny agency is no exception.
There are a couple of "how to name a business" pages that might inspire you to come up with the right name.Check the web domain name availability, as well. It is crucial to secure your domain before someone else "steals it away" from you.
Since your main targets are families, the name should be fun, but it should also communicate trust. Remember that families are searching for someone reliable and that nannies are searching for a solid and stable job.
Someone even said once that naming a business can be even harder than choosing a name for your child. So, please take your time in this process.
Remember that nothing can be perfectly planned, but you can at least reduce the amount of stress and time invested in the process. So, get ready for the leap of faith. Creating something from scratch is not easy but during the process, you will find the strength to deal with both nice things and obstacles. Do not give up even if it is difficult; follow your plan and good luck!