retainer fee (help and advise please )

[ja-lula-belli]

Hi I have had an enquiry for a girl to start in January. She would need 4 days pick up from nursery 3 miles away and have her the rest of the day. Only thing is I can only have 2 mindees in total at the moment as my children are still under 8. (Year I have 4! Lol ) so if I was to take on this girl I would have no income until January!
How does retainer fees work?
And any advise on if this is a good idea to take her or because I only have the one space should I be looking for a full timer to have the best possible income?
Thank you all

Ja-Lula-Bell*****minding

[EmmaReed84]

This is such a difficult a thing to workout. You could hold out and wait for something more substantial, and end up not getting anything for ages. or you could take this on for a few weeks later, someone to contact you.

I have been waiting for ages to take on more work since my full timer left, I was struggling, then a Mum got in touch who wanted care for 3 days for her child. Just after this, another parent got in touch wanting care for 3 days for TWO children. I ended up signing up the parent with one child as I cannot hold out for something that might not happen.

My advice would be do what is right for you NOW! Don't wait around for something might not come about. It is frustrating, but that's life and a CM business LOL!!

[ja-lula-belli]

I am so unsure. Can a retainer fee be non refundable? I think that is the only way I would consider it. As she wants 4 days in Jan it's quite a good source of income then.
But she can't even tell me if it's a morning place or afternoon place thus even more unable to arrange more children around it? Ahhhh I really don't know what to do!

Ja-Lula-Bell*****minding

[Kiddleywinks]

I am so unsure. Can a retainer fee be non refundable? I think that is the only way I would consider it. As she wants 4 days in Jan it's quite a good source of income then.
But she can't even tell me if it's a morning place or afternoon place thus even more unable to arrange more children around it? Ahhhh I really don't know what to do!

Ja-Lula-Bell*****minding

The whole point of a retainer is for this situation

You have a space available now, parent doesn't want to start till January, retainer covers your lack of income during this time and ensures the place is held for parent
If the parent decided not to start the contract, then you wouldn't refund the retainer.

How long have you been waiting for a mindee?
Is it financially viable for you to wait for someone else?

I charge a 4 week deposit (held until the last 4 weeks of contract) and this is due when we sign a contract - I've found that that has sorted out vague/undecided parents from the serious ones.
Serious clients now, that will pay a deposit and a retainer, are worth more (to me) than several enquiries of 'possibles' between now and January

[ja-lula-belli]

The whole point of a retainer is for this situation

You have a space available now, parent doesn't want to start till January, retainer covers your lack of income during this time and ensures the place is held for parent
If the parent decided not to start the contract, then you wouldn't refund the retainer.

How long have you been waiting for a mindee?
Is it financially viable for you to wait for someone else?

I charge a 4 week deposit (held until the last 4 weeks of contract) and this is due when we sign a contract - I've found that that has sorted out vague/undecided parents from the serious ones.
Serious clients now, that will pay a deposit and a retainer, are worth more (to me) than several enquiries of 'possibles' between now and January

Thank you very much for your advice. I have decided that I would want a non refundable months fee and I also gave her the option to start with me in Dec (give her other minder her 4 weeks notice for Nov) and then just pay a 2 week deposit which will be taken from her first months fee. Which would probably be a better idea as her child is starting nursery in January and this would give her daughter a good settling in before the big change of nursery.

Ja-Lula-Bell*****minding

[dawnn93]

I would ask her for a retainer as it's a long way off possibly 1 months fee if they think that's too much and if you can afford it say I'll accept half. It's a non refundable retainer if they pull out but it also means if something comes up say November you can give them the money back and say you have a change of circumstances either way u win
Give them a time scale to pay the retainer as I've been burnt with this before a parent was "absolutely using my service" for school pick up and never came with the retainer 2 days before contract was to start got an email saying they went elsewhere and I had already turned someone away.
Your terms and make sure you don't fall victim like I did