Setting your rates is an important part of running your own business. You should set your rates to earn the income you need, while making sure your setting is affordable. You need to set two rates:
Your Hourly Rate: The amount you charge per hour
Your Daily Rate: The amount you charge for a day - limited to a set number of hours.
Here’s 4 top tips for deciding your rate:
1. Research local childminders
Look at local profiles on www.childcare.co.uk or at childminder listings on your local authority's Family Information Service website. You can also do a general online search or a postcode based search on Google Maps. Your rate needs to be comparable to these other settings. If you want to charge a lot more, you need to be confident in your offer to parents.
2. Consider the quality of your service
Remember to consider the quality and range of services you offer. Do you offer services that other childminders don't offer, for example home-cooked meals, a large outdoor play area or nursery drop off and pick ups?
3. Know what you need to earn
Factor in the number of children you want to care for as well as your expenses. Think about how much you'll pay for travel and petrol, food, nappies, and your tax bill.
4. Include tiney's fee in your rates
Don't forget to account the tiney's fee in your rates.