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A lot has changed in the last few years particularly in the economic trends of the country. Nowadays, family structures have shifted from the earlier system where the husband was the sole bread winner and the wife was left at home as a housewife. In the modern trends, both have taken up the same role by taking up employment. This has essentially brought one problem where the children have no one to take care of them during the day. Even worse is that the push to a 24 hour economy makes it hard for the parents to spend time with their children during the day and even some nights. It is for this reason that I think that the day care business is the most appropriate gap to pursue at this stage.
For one, families are not comfortable with the idea of a nanny due to various reasons. It is for this reason that the day care business has been doing so well in the last few years. It is also imperative to point out the increasing number of single parents who have to take care of their children despite the unwelcoming nature of their jobs. This means that they have to look for alternatives to take care of their children. It is for this reason that this business cannot fail as long as the setup is okay. While the day care business care has been going for quite some time now, recent studies have shown that parents do not trust them a lot. In fact, more than 61% of them utilize the resources of at least two cares just to be sure that their children are safe (Entrepreneur, 2011).
It is with this reasoning that I would pursue the home based day care setup. This setup means that instead of looking for a commercial building to start the business, I would use my house instead. The large house is more than enough to host a couple of kids. Furthermore, parents are more comfortable with the idea of a home since it does not sound as commercial as the rest of the competition in town. Therefore, acquiring kids for the business is actually the least of my worries. It is also financially viable since the startup costs are relatively less compared to the rest of the day care competition. The most important aspect is to target a certain age group that will be comfortable to work with smoothly. Considering that I have family members in preschool, this is the best age group. This essentially calls for various toys, low tables and high chairs amongst other basic equipment. Insurance and registration is also important to legitimize the business and also as a precautionary measure (Entrepreneur, 2011)
Personally, I think this is the best business opportunity at the time. For one, the startup costs are low and with the current economic conditions, it might not be wise to start one that requires loaning from financial institutions. The target market is also readily available since children will always be born in spite of the conditions. Moreover, advertising is cheap since in some of these industries, the word-of-mouth is the most favorable. While I acknowledge that the industry is stable and thus there is competition, it is not that stiff as it has not attracted the whole target market. With my people skills and such a business opportunity, there is nothing stopping me from earning money easily just by doing what I love.
References
Entrepreneur. (2011). How to Offer Child-Care Services. Entrepreneur Media. Internet.
Retrieved from http://www.entrepreneur.com/article/41422#
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