Childminding - expenses - working out the figures

[wonderwoo]

I am really hoping to become a childminder. I have been looking at the cost of setting up, and then yearly/monthly running costs. I wondered if any experienced childminders could help me with the figures please?

I think these are my running costs, but I have no idea how much some of them will cost:

1. dbs updates yearly - £13 each adult living here
2. First Aid Course (3 yearly) = £30 a year
3. Increase in car insurance = £???
4. Increase in contents insurance = £???
5. Public liability insurance = £60 ???
6. Professional Membership = £???
7. Advertising/Cost of being on directories = £???
8. website - £???
9. Further training courses = £???
10. crafts =

10. ink = 11. petrol = 12. toddler groups etc = 13. food = 14. replacement books/toys/equipment = ??? 15. Anything I haven't thought of?

I have guestimated all these figures and yearly running costs and have worked out that I need to charge about ten childminding hours a week to break even (charging £4.50 an hour over 44 weeks a year to allow for holiday/sick). But, I have had to guess so much, I wondered if anybody can provide me with some more accurate estimates? (I realise lots will depend on how many children you have, how much petrol you use etc, just looking for a rough idea)

I will only be able to work part-time due to health reasons and so need to know I can work enough to make at least a small living.

What did it cost you to set up roughly? My estimate seems to be £600-900 (depending on courses undertaken) + equipment + house repairs/toys + storage.

Thanks for any help you can offer me with this.

10 childminding hours? That will only earn you £45 a week before expenses!

Yep and my (very guessimated) expenses came out at £45 a week, hence breaking even.

I accept this may well be way out, which is why I am asking.for advice.

Afraid I can't help with the estimates except to say that the obvious thing you have missed out is paying yourself. You're not 'breaking even' if you can't pay yourself. You wouldn't work 10 hours for someone else without being paid. Appreciate you may be working this out as 'anything else is profit (pay)' but it's probably not the best way to approach it - what is the absolute minimum you would be happy to work for (so, say the £7.50 minimum wage). Add that in and anything over that is then 'profit' (more pay). Also don't forget that you can have more than one mindee. So if you have 3 kids, you actually only need to work for a little over 3 hours a week (plus one hour of your acceptable minimum wage) to 'break even'.

Thank you lego. Good point. Will work that out too.

Hi Wonder I am a childminder in England and happy to give you a little more information.

1. dbs updates yearly - £13 each adult living here
2. First Aid Course (3 yearly) = £30 a year you only need to do this every three years. Mine is subsidised by my LA so only cost's £60
3. Increase in car insurance = £??? There was no increase to my premium when I changed to business use
4. Increase in contents insurance = £?? depends on the company, mine didn't go up, however I am not insured for accidents due to the fault of a mindee
5. Public liability insurance = £60?? £100 per year for me through a company who offers advertising and free online training
6. Professional Membership = £??? up to you if you join. I did until I was more confident (and disillusioned by their priorities)
7. Advertising/Cost of being on directories = £??? as above, however most of my families have come from fb advertising
8. website - £??? No one I know has ever gained a family through their website. I really wouldn't bother
9. Further training courses = £??? on top of the online training I mentioned above, roughly £80 per year
10. crafts = depends on how many children you have and their ages and interests. Roughly with only 3 under 5's about £30 per month

10. ink = not much at all. I use online learning journals, email invoices etc 11. petrol = I stay pretty local due to time limitations with preschool drop offs, so only £20 per month extra 12. toddler groups etc = toddler groups, soft play, music group easily about £15 a week per child 13. food = roughly about £4 per day for breakfast, lunch, dinner and snacks per child 14. replacement books/toys/equipment = this is too variable to know 15. Anything I haven't thought of? annual ofsted registration fee £35?, annual Ico registration £30, memberships to local museums, zoo's etc

Hope that helps

gin you are a star! Just what I needed. Thank you so much. I will go and re-do my figures later!

Pacey is just shy of £90 per year and although many people go it alone later I found it helpful when sorting out paperwork, accounts and legals. Plus you get a certain amount of free online training and a mag that demonstrates professional development to Ofsted.

Paperwork...contracts, child record forms, accounts books, receipt books, medicine record forms, accident books need costing in. Not everything can be done online.

Paediatric first aid kit.

Child proofing your home and garden to Ofsted standard

Safeguarding course every 3 years £60

PS you don't have to supply food within your main costs...you can transfer direct to parents so long as they can opt out and supply packed lunch

so you could charge £5 per hour including snacks and water and then offer meals at £2.50 per meal.

agirlcalledmove - can you explain what you mean by transfer direct to parents?

Don't forget that you will have annual or more frequent deep cleaning of carpets sofa and car, you may well have to repaint and general wear and tear on your home at 10%.

Most cms spend a lot on toys and equipment ( I stocked a toy library with mine and still have more than I can house at home, I do earning bags and send things home that children have been enjoying to practice skills)

Thank you very much for your replies... really helpful.

I spent£1300 setting up as a Childminder. This included stair gates, a new phone (needed a smart phone to use the apps, not my old brick). Toddler toilet seats, high chairs, rugs, lots of toys, garden gate, first aid kits, crockery, towels, bibs, Microsoft Windows (I used Linux personally) it all added up.

Parents pay extra for meals.

You will need to do a Childminder course. Mine cost£100.

Make sure parents provide nappies and baby wipes.

Don't bother with a website. All my clients were word of mouth.

Thank you!