I want to start a business, where do I start, What do I consider ? Help.
April 24, 2017 6:47 AM Subscribe
I have an idea for a business that involves mobile vacation adventure camps for kids 5-10, in addition to babysitting services and party rentals.
This will require some funding and I will need to do a business plan. I have no prior experience in business, no idea how to do that, just have an awesome idea that I want to bring to fruition. How do I go about doing that? What does the financial institution need to know? How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment? Additionally, what are some of the things I will need to consider before undertaking such a venture, i.e. insurance etcetera. Any pointers, anything whatsoever will be helpful. Thanks much.
This will require some funding and I will need to do a business plan. I have no prior experience in business, no idea how to do that, just have an awesome idea that I want to bring to fruition. How do I go about doing that? What does the financial institution need to know? How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment? Additionally, what are some of the things I will need to consider before undertaking such a venture, i.e. insurance etcetera. Any pointers, anything whatsoever will be helpful. Thanks much.
You'll need
- a first aid certificate;
- a first aid kit;
- a working with children clearance and a police clearance;
- insurance;
- to know what the minimum legal staff: children ratios are (it varies according to the age of the children)
posted by Sockpuppets 'R' Us at 7:28 AM on April 24, 2017 [7 favorites]
- a first aid certificate;
- a first aid kit;
- a working with children clearance and a police clearance;
- insurance;
- to know what the minimum legal staff: children ratios are (it varies according to the age of the children)
posted by Sockpuppets 'R' Us at 7:28 AM on April 24, 2017 [7 favorites]
There's a nonprofit called SCORE that matches entrepreneurs with business mentors.
posted by FencingGal at 7:29 AM on April 24, 2017 [1 favorite]
posted by FencingGal at 7:29 AM on April 24, 2017 [1 favorite]
Locally, the office of Mercy Corp does small business development workshops and offers grants in certain situations. I went to one workshop and it was really interesting to see the people who were launching small businesses and hear about their plans.
The business you described sounds full of hurdles, can you network with child events people locally?
posted by amanda at 8:35 AM on April 24, 2017
The business you described sounds full of hurdles, can you network with child events people locally?
posted by amanda at 8:35 AM on April 24, 2017
The Small Business Association and SCORE are great. If you are female (and depending on where you live) there's also an amazing organization called the Center for Women and Enterprise. You can get an array of services from them, including classes and one-on-one meetings to get advice from lawyers and accountants for free.
posted by pangolin party at 9:18 AM on April 24, 2017
posted by pangolin party at 9:18 AM on April 24, 2017
Best answer: Start by reading some books on starting a small business and the websites that your locality has with rules and regulations.
How much savings do you have to live off of if it takes a while for the business to become profitable? Is this something that would only work in the summer during school breaks or would you be relying on tourists' children for year-round clientele?
How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment?
Have you described your plan to friends with kids that age that you trust to give honest feedback? The idea of putting a child of mine onto a bus for eight hours a day sounds pretty trying for the kids, to be honest, so you'll need a good pitch that answers questions on how you'll make it appealing to parents and handle issues that arise. Will you have an adult whose sole job is supervising the kids while another drives?
What's the plan when a kid has the stomach flu or gets motion sick and throws up? If you're dealing with kids as young as five, some of them are still peeing and pooping in their pants at that age. At least some parents are going to demand their money back in those situations if you have to stop the fun to deal with the mess.
posted by Candleman at 10:14 AM on April 24, 2017 [3 favorites]
How much savings do you have to live off of if it takes a while for the business to become profitable? Is this something that would only work in the summer during school breaks or would you be relying on tourists' children for year-round clientele?
How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment?
Have you described your plan to friends with kids that age that you trust to give honest feedback? The idea of putting a child of mine onto a bus for eight hours a day sounds pretty trying for the kids, to be honest, so you'll need a good pitch that answers questions on how you'll make it appealing to parents and handle issues that arise. Will you have an adult whose sole job is supervising the kids while another drives?
What's the plan when a kid has the stomach flu or gets motion sick and throws up? If you're dealing with kids as young as five, some of them are still peeing and pooping in their pants at that age. At least some parents are going to demand their money back in those situations if you have to stop the fun to deal with the mess.
posted by Candleman at 10:14 AM on April 24, 2017 [3 favorites]
Best answer: Here are some things that come to mind.
1. Competitive analysis. I would do this first. Which camps are in your area and what do they offer vs. what do they charge?
I mention this because where I am, the sort of "mobile adventure camp" (public transit) is one of the cheapest options as that's what all the community centres tend to offer, where there's not great facilities there (although usually a gathering spot with a washroom, pick up area/gym/etc.) -- by cheap I mean free to about $50/week/child. They qualify for subsidies for staff and hire lovely but generally not that skilled teenagers. Then you have the camps that have actual facilities and pro staff (gymnastics. etc.) and those cost a lot more but offer a lot of premium services like early/late flexible drop off/pick up and credentials.
Are all the camps in the area half-full or overflowing? This is really key. Again, where I live, pretty much every music/language/math/gaming/lego school or gym/martial arts academy/swim club/sports center/arts center is running a camp not just to do it but because it drives enrolment for the full-year programs, so sometimes they are loss leaders. Plus the community centres and some schools. There are still plenty of kids to sign up but filling a camp can be hard especially in the first few years.
2. Costs. Bus rental/driver, staff with appropriate ratios who have cleared background checks and first aid, gear, admission fees, marketing/printing forms/etc., snacks/water/sunscreen, and probably the biggest one, insurance. Add that all up and divide it per camper to see what you would have to charge per week to cover your costs. In staffing make sure you account for things like having enough staff on site if someone gets sick or needs assistance or gets lost and so on.
3. Unique sales proposition. Why would a parent choose your camp/service over anyone else's? I'm with Candleman; hours on a bus is basically what I put my child in camp to avoid, plus, I have Fears about my kids getting lost, sunstroke, sick, or in a traffic accident so you are already having a bit of an uphill climb with me for this concept.
4. I'm not clear on how your three concepts relate, except that they are all about kids. I think it's fine to have it under one business umbrella but you should be prepared to explain how they all fit in as a business (as opposed to just an income stream).
5. What are the start-up costs you need to cover.
posted by warriorqueen at 12:21 PM on April 24, 2017 [3 favorites]
1. Competitive analysis. I would do this first. Which camps are in your area and what do they offer vs. what do they charge?
I mention this because where I am, the sort of "mobile adventure camp" (public transit) is one of the cheapest options as that's what all the community centres tend to offer, where there's not great facilities there (although usually a gathering spot with a washroom, pick up area/gym/etc.) -- by cheap I mean free to about $50/week/child. They qualify for subsidies for staff and hire lovely but generally not that skilled teenagers. Then you have the camps that have actual facilities and pro staff (gymnastics. etc.) and those cost a lot more but offer a lot of premium services like early/late flexible drop off/pick up and credentials.
Are all the camps in the area half-full or overflowing? This is really key. Again, where I live, pretty much every music/language/math/gaming/lego school or gym/martial arts academy/swim club/sports center/arts center is running a camp not just to do it but because it drives enrolment for the full-year programs, so sometimes they are loss leaders. Plus the community centres and some schools. There are still plenty of kids to sign up but filling a camp can be hard especially in the first few years.
2. Costs. Bus rental/driver, staff with appropriate ratios who have cleared background checks and first aid, gear, admission fees, marketing/printing forms/etc., snacks/water/sunscreen, and probably the biggest one, insurance. Add that all up and divide it per camper to see what you would have to charge per week to cover your costs. In staffing make sure you account for things like having enough staff on site if someone gets sick or needs assistance or gets lost and so on.
3. Unique sales proposition. Why would a parent choose your camp/service over anyone else's? I'm with Candleman; hours on a bus is basically what I put my child in camp to avoid, plus, I have Fears about my kids getting lost, sunstroke, sick, or in a traffic accident so you are already having a bit of an uphill climb with me for this concept.
4. I'm not clear on how your three concepts relate, except that they are all about kids. I think it's fine to have it under one business umbrella but you should be prepared to explain how they all fit in as a business (as opposed to just an income stream).
5. What are the start-up costs you need to cover.
posted by warriorqueen at 12:21 PM on April 24, 2017 [3 favorites]
Best answer: You'd want to talk to other local businesses that incorporate childcare about insurance, staffing ratios, and the local market. It sounds like this involves long-distance travel from childrens' homes; how would you deal with illness, homesickness, motion sickness, potty accidents, misbehavior, bullying, injury at these distances? You may want to find some sleepaway camps in the area to chat with and see how they deal with these things. What will they eat? How will you keep that food up to food prep and safety standards on the road? Will you buy a bus and hire a driver, or use a bus company? What does the bus company allow on the buses? (Different ones have different rules.)
>How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment?
The "them" in your sentence refers the folks working at the bank, but they're more willing to fund things with a demonstrated interest, and I'd suggest you start by figuring out how to convince parents and children that this is a worthwhile investment of their time and money. The market research would help make your case to the bank if you decide to proceed, and also would help you figure out whether there is a market in your area for keeping small children on buses for 8 hours a day during their summer vacation. I'm really struggling with how I could be convinced of that, as a parent of a kid in your described age range.
posted by tchemgrrl at 1:50 PM on April 24, 2017 [3 favorites]
>How do I convince them that having kids on a bus for perhaps 8 hours a day is a worthwhile investment?
The "them" in your sentence refers the folks working at the bank, but they're more willing to fund things with a demonstrated interest, and I'd suggest you start by figuring out how to convince parents and children that this is a worthwhile investment of their time and money. The market research would help make your case to the bank if you decide to proceed, and also would help you figure out whether there is a market in your area for keeping small children on buses for 8 hours a day during their summer vacation. I'm really struggling with how I could be convinced of that, as a parent of a kid in your described age range.
posted by tchemgrrl at 1:50 PM on April 24, 2017 [3 favorites]
Response by poster: Thank you all so much for all of your very useful information. You have been tremendously helpful.
posted by Whatifyoufly at 11:53 AM on May 3, 2017
posted by Whatifyoufly at 11:53 AM on May 3, 2017
This thread is closed to new comments.
posted by nosila at 6:57 AM on April 24, 2017 [3 favorites]