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I want to start a daycare in Ohio

    • 18 posts
    August 28, 2006 3:51 PM EDT
    Eric,

    I appreciated your feedback. I too  am starting a new business. I have incorporated and have worked with a couple of vendors who requested payment in advance. I am working with virtually no capital.

    What are the advantages to obtaining a Duns number?

    Thanks,

    Jack

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    Jack Edelman The Promotions Department, Inc. 10301 NW 18th Manor Plantation, FL 33322 954-257-3644 fax 954-382-0049 http://www.distributorcentral.com/websites/the promotionsdepartmentinc sales@promotionsdept.us "Call The Promotions Department, they`ll take ca

    • 18 posts
    August 29, 2006 5:03 AM EDT
    Very helpful... thanks!

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    Jack Edelman The Promotions Department, Inc. 10301 NW 18th Manor Plantation, FL 33322 954-257-3644 fax 954-382-0049 http://www.distributorcentral.com/websites/the promotionsdepartmentinc sales@promotionsdept.us "Call The Promotions Department, they`ll take ca

    • 1 posts
    August 28, 2006 2:20 PM EDT

    I want to start a daycare in Ohio but I don`t have the money. I have a business plan and a building ready to lease but I don` t have about 50,000 to spend on supplies and renovations. I have bad credit and my family doesn`t have the money to give for loans.

    • 12 posts
    August 28, 2006 2:35 PM EDT

    Hi Kellandjohn,

     I know the dilemma and I have some suggestions for financing. I suggest you become a corporation. Why? Well let me tell you…

    A corporation is its own identity. Meaning loans, debt etc are given to the corporation not to the principals.

    Now hold on now it’s not just as simple as incorporate and money is easy to get.
    You will have to build up a credit file just like a person. There are several companies out there who can help you build a business credit file.

    You should apply for a DUNS number that is free and will be used for investors, banks etc to use when deciding to loan or not to loan.

    You can go the PPM route which is you 15% to 40% of your company to private shareholders. You will need a business plan so make sure it is accurate, and verifiable. There are several companies who will help you file for this and they get paid on the back-end meaning they get you the money and they get 2% - 5% of the final total of money.

    If you are women there are several minority grants the government offers to help minority business owners. Do a grant search online.

    Also there is some angel investing networks that only do women business.
    A simple search for angle investors should reveal the links.

    I would suggest looking at the SBA and SCORE websites for some helpful advice and I think they will review your business plan for free.

    -or-

    You can scale down your business plan open up a home daycare or partner with someone whose home you can use build up your clientele and business bank account until you can get a smaller loan, or self-finance the move.

    I hope this helps, good luck-

    Eric

    MeanMachine2006-8-28 19:39:32
    • 12 posts
    August 28, 2006 6:54 PM EDT
    Hi Jackede,

    A DUNS number is the worldwide accepted equivalent of what your Social Security number is used for in the states. It allows creditors, companies who do business with, potential clients and lenders to get to know about your company, many lenders and venders will not issue credit without a DUNS number, D&B issues a credit rating based upon history.

    Without a DUNS number or good credit standing in DUNS then the banks will require you to personally co-sign loans etc so they will take your house or car if the loan does not get paid back. Vendors will want to get paid in advance as they have no recourse to pursue or ability to judge bad loan from good loan.

    In other words having a DUNS number is essential to doing business if you need a loan, or credit. It gives lenders a way to measure your risk at paying them.

    If you ever want to do business with the government you will be required to have a DUNS number.

    Also having a DUNS number will make you more credible in the industry and taken seriously as business. (Otherwise why go through the time effort and scrutiny??)

    Now getting DUNS is free, Dunn and Bradstreet will track your data, etc. However they have several programs to choose from that will cost. Like a credit building program which takes more data. I think it cost $250. You can go to the site and choose which program fits what you want to do. (They always sucker you in with the free stuff then hit for the cash before you can get out the door.)

    If you are not under financial pressures then you can take it slow get the free DUNS and build your good credit record. If you want to fast track it then you will need to pay a fee.

    It all depends upon your need.
    http://www.dnb.com/us/

    What a sample DUNS report shows about a business:
    https://www.dnb.com/product/birsampl.htm

    I hope this information is helpful,

    Eric
    • 12 posts
    August 29, 2006 5:43 AM EDT

    I am happy to be of service.

     

    Take care,

     Eric

    • 1 posts
    January 3, 2012 8:03 PM EST

    a lot of fun to run a daycare center, also you can make very good money too. Me and my wife run a daycare at our own home,, we watch our own kid and 4 other kids.

    Me and my wife discuss about start up a daycare center but it is cost too much and they regs to have some kind of license such as CPR.

     

    I highly recommend you this site http://care.smartchildguide.com you can get a lot of information there about daycare.

     

     



    • 51 posts
    April 22, 2013 7:34 PM EDT

    ohio is the best place to stark county childcare daycare school and some good schools doing it very well and children are very happy in this school .