Daycare Business Plan
NJ Daycare Inc. is a small provider of daycare services, organized as a sole proprietorship. The industry is large, but highly fragmented, and most businesses have only 1 or 2 employees, and revenues of around $54,000 annually. This daycare will be similar to the ones already existing in the industry, but catering to evenings and extended hours, a subset of the overall daycare market. The state has many different licensing requirements, and it is believed that our daycare will meet all of these requirements for obtaining a license.
Mission Statement
NJ Daycare Inc. aims to provide the highest quality daycare service, combining a stimulation, education-forward environment with convenience and low cost for parents, in its mission to be the best daycare in northern New Jersey.
Industry
The daycare industry is large but highly fragmented. The market research company IBIS World (2014) estimates the size of the market at $46 billion, but without any dominant market player. Indeed, not one company has market share of note, making daycare one of the most heavily-fragmented industries in the country. The daycare industry is believed to be positively correlated with a healthy economy, which means that it should be growing at present. This is because parents who were not working re-enter the workforce during economic boom times, and working parents have more discretionary income, both factors that contribute to demand growth in the industry (IBIS World, 2013). There are 887,745 daycare businesses, meaning that the average daycare in the U.S. earns annual revenue of $54,114. The industry is indeed heavily fragmented, as this tiny revenue per business indicates that most are likely part-time businesses or run by just one or two people. There are around 1.7 million people employed in the industry,...
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