Setting up a Nursery
Finance
Whether you are looking to build and set up a brand new nursery or purchase a nursery that is already established, money is most certainly going to be needed well before you open your doors for business.
And with money available from savings, borrowing from banks (yes, they still lend money to the right businesses despite recent events), attracting outside investors or taking advantage of funding or government grants there are numerous options open to you when considering running a day nursery.
The first stage of establishing how much money you’re going to need is likely to involve writing a business plan which sets out in writing how you intend to run your nursery and includes financial forecasts which will help you decide things such as:
- How much funding are you likely to need?
- What is the funding needed for?
- When will you actually need the money?
A carefully put together business plan is essential when considering setting up a day nursery as it will help you when you go to banks or other sources of finance. A bank will certainly want to see a business plan which includes details of your business, its objectives, its strategies, the market it is in and its financial forecasts.
For someone with no or limited experience of setting up a business, these can seem like daunting tasks but help is available from a wide variety of sources. Here are just some places you can go for help and assistance when it comes to putting together your business plan:
Business Link – Prepare a Business Plan
Choosing the right finance option
Business Link provide some great advice on the various options available to you when it comes to financing so for further information on financing your new nursery, simply follow the links below:
Getting the right finance is clearly crucial to anyone considering setting up a nursery. Do your research; speak to friends, family, Business Link and the Banks to see what options are available and which option is best for you. If you do this, your chances of securing the best finance package are likely to increase and your first steps into the World of nursery management and ownership will be much smoother.
