Childminder's Club: Horrified!

[KatieMac]

This is not a "pity me" post - honest

I am currently doing 04/05's accounts and although I have had a great year, my actual weekly wage (after expenses - but before tax) was £137.50.

This needs to be split between my DH & I - I work about 50 hrs a week and DH works maybe 42 hrs a week.

I am feeling very upset that all my (our) hard work made so little money.

There are some hidden benefits but even adding them in the weekly sum goes up to £240 - but over the 92 hrs that we work collectively makes an hourly rate of about £2.60.

I am disappointed that my venture has been so financially unsucessful even if it has been sucessful emotionally and within our family.

I don't know why I'm writing this...MN can't help - I'm very upset and I suppose disappointed

Message withdrawn

I too was shocked when i did my tax return but it just looks bad on paper i think. In reality, for me anyway, im on ALOT more than what is down on paper. I think childminders allownaces before tax is very good. I certainly dont spend as much on petrol as my allowance allows!! some months i only put £40 in the car but my allowance worked out via milage gives me £60+.
I think in total this year i have made a grand total of £1.80 per hour and thats looking after 3 children!!

Sorry to hear this KM.

Hopefully in years to come you'll see yourselves making more of a profit.

I think what you and your dh have done is really brave and commendable(if that's the right word!) and I really admire your commitment and professionalism.

I know this must be very disheartening (and the thing that gets me down about childminding is the paltry £2.75 an hour wage)but I hope you can carry on and see some more profit soon!

ssd x x x

Thanks ladies - at the moment I'm really concerned aout paying my debts etc

I don't know what to do

Oh KMc

Sorry to hear this

It must be shocking when it is down on paper
But you have got a good business and sure next year will be better won't it?

As I am not working at the mo. due to maternity leave of mindees mum

So am having a break my first one for over 7 years. So earning zilch, but am enjoying being able to mumsnet all day

Sorry Katiemac that sounds fairly harsh. Is there anything you can do (i.e was this just a bad year) Or will it continue this way?

I've started to do this years as I go along - and it does look a bit better - but last year wasn't particularily expensive - his year will be worse with the stuff for the new room & the website etc

DH & I are gutted

Hi Katiemac

Is there no way you can increase your fees? You've put in so much hard work in providing a really great place for kids to be minded that it seems a pity that you can't charge a higher premium for your work. I know in our area we charge an awful lot more than you do, £5 per hour, but would you really lose the mindees if you upped the fee...and if so, are there not enough mindees if you need to get new?

I really hope you solve it as you've put in too much hard work to be disappointed in your income.

Good luck - Joe

Hopefully this time next year you will be telling us what how you have turned it round and made a living wage for you and DH

You are a DEFFO BRILL CM and really hope the next few months will reflect that

In one way it's an improvement - last year I made a loss of £800 - so to make any money in your second year of SE is reasonable I suppose

We had been going to remain as we were for a few months to gain our equilibrium so to speak.....but we will have to try and recruit as many extra children as possible now....

KMc did you include the cost of the house improvements in your expenses? As this will ease the burden as the numbers of children you have will increase have you worked out how long it will take to recover this amt?

A few extra resources but I'm not allowed to put any of the building costs into my accounts (aparently)

I've worked out that I will have to pay my CC bill (for the expansion) and my short term loan will take about 3 years to pay off and the long term one will take 8 years to pay off ( I was hoping to pay that off early)

I'm seriously considering sending back the grant I got from Surestart. If I keep it I need to keep places empty for before & after schoolies & I could fill them with younger children (which pay more)

I know running your own business is hard but I kind of hoped for a better return on my time at the very least.

Business Link - have suggested that I put my rates up - but I'm already the most expensive in this area

I'm sorry I think I must be on a downer today

Whereas if I jacked it all in and got a job - it would take equally long to pay back the debts (if not longer)

Maybe if DH did the childminding and I got a job - would we be better off if i did that?Hmmm

I don't know the answers KMc sorry

I appear to be talking to myself....but I don't mind too much it's useful to get ideas down in B&W.

Options

1. Carry on as we are - not much money - enjoy it - but is it worth the effort?
2. Give up completely - not necessarily more money - would hate to give up - actually like job
3. Stop C/Ming - but let DH carry on - get connected job (in childcare?) more money - but loads more work as I'd still have to do all the minding business stuff as well & DH will complain
4. there must be more options

Sorry RTKM crossed posts...I'm just musing on how unfair life is

IMHO think you should carry on as you are

You have worked hard to build the buisiness real shame to stop now

Is there any chance of increasing fees even a little bit

Would you be better off with mindees or grant thingy

At least you know you have grant payments whereas you may not get filled up {and you are not having to pay for food etc just using up spaces}

Well the grant is £2880 - and if I was full it would be £10,000 (but that's 5 kids before & after school) plus £8000 for school holidays.

But if I give the grant back I could have 2 F/T babies which would be £12,000

So potentially the OOSC is better but I don't have much chance of getting 5 everyday & in the holidays - the babies are far more possible (& I could still have 4 OOS)

It's just stupid

Sorry your feeling down km. I don't know the answers either but I know how hard it can being SE and how demoralisings things can seem when there down on paper.

Is the sure start grant a lot of money? Would it be more economically viable to give that back and have full time children instead of the before and after schoolies? I think that would be the way that I would go. {although I would sink without my before and after schoolies).

You just have to tell yourself that things will get better and threes always an answer to every problem.

whoops crossed posts

I think I feel that 2 babies is a more achieveable goal than 5 before and after school and holiday children.

But I feel that the OOSC is valuable to the school/community/village

But I can't subsidised everyone else

Feel a bit brighter this am
Thanaks Guys
It's still a problem but I can deal.......

Hi Katymac, I'd take on board what Businesslink say, you may be the most expensive but that doesn't have to be bad, it just means you'll have a certain class of person to look after and those who can't afford you will go to the competition...rather than that you go under. You've only recently finished your new challenge so it's very very early days to be thinking about quitting...I know how you feel, I've been SE for 13 years now and I do believe you get what you put in, so you will be rewarded, but you may have to make harsh decisions about charging.

I have to agree with you on teh train of thought regarding babies, two versus five, there's no real decision to be made there if you are looking financially, and I don't kow about you, but I get a lot of joy from babies!

You can't put the building work down but you can certainly offset the electrics, lighting, flooring and all decoration to the business, just not the actual bricks and mortar costs. Get the builder to seperate them out, that's what mine is doing for my extension. I'm sure you are already aware of it but you can also offset all your interest for any loans you are paying against your tax bill too.

I do hope you find a way around this.

Joe

I have worked out with the hidden stuff (elec & council tax etc) I'm actually better off than I thought - my dad helped me do the math

So I do have to decide between OOSC & babies etc