The time is now – opportunities to open an ECE business or acquire another location are currently everywhere because right now there is a greater demand for quality child care than there is a supply for it. But what is the best route to acquiring a location; should you takeover an existing location, build from the ground up, or renovate an empty shell?
In this new Youtube video below, I share my reasoning on why now the perfect time to get your foot in the ECE industry or expand your brand, and Coach Jennifer Conner joins me to share her personal experiences utilizing different acquisition methods.
If you are an ECE start-up or a new center owner and you would like my team of expert child care business coaches to assist, you can learn more about our newest level of the Child Care Success Academy that is specifically designed for you here.
Key takeaways from this video:
According to the latest media reports, approximately 13% of child care centers across the United States have closed and an additional 10-15% are distressed, looking for a buyer, or about to close.
There more demand for good quality child care than there is supply than any other time in history as parents head back into the workforce post-Covid shutdowns.
There are three options to building out your child care center;
- Takeover – Taking over an existing, operating child care center from somebody that wants to get out of the game and wants to sell their school to you.
- Build – Find land or demolish an old building and build your center from the ground up. This is best for someone who has a very specific vision for their center and program and is looking to create a “new” look.
- Empty Shell – Finding a building that doesn’t have an operating school in it and figuring out how you can make it purpose-built to your vision.
- A possible fourth option, which is the most expensive option, is to join an existing franchisee if you have the financing to a buildable model based on a franchise system.
- When deciding whether you should buy or lease your real estate, it often depends on what your budget is, how much cash you have to bring to that particular deal, and whether or not you are interested in committing to a long-term wealth-building investment. You should consult with your financial advisor to explore the possibilities available to you and what options are best for you before going down either path.
- Successful entrepreneurs spend time researching their market to find out how their possible competitors are setting themselves apart, and then find the hidden ways to monetize their service/product offered before even opening their doors.
If you’re interested in learning more about the Child Care Success Academy or how working with our team can be of service to your child care business, we invite you to schedule a free 45-minute Coaching Call with one of our Coaches!