Hazbaz
13-09-2016, 05:57 PM
Hello Everyone!
I am considering setting up on my own as a childminder but first need to work out projected earnings in relation to working pattern to ensure I will be able to make a living from it.
So my first question is do any of you work in terms and essentially operate as a small nursery would?
If so, what if you don't mind my asking, is your average annual income and from that, personal salary before and after tax?
Thank you in advance to all those who share!
Kiddleywinks
15-09-2016, 06:50 AM
Hello Everyone! I am considering setting up on my own as a childminder but first need to work out projected earnings in relation to working pattern to ensure I will be able to make a living from it. So my first question is do any of you work in terms and essentially operate as a small nursery would? If so, what if you don't mind my asking, is your average annual income and from that, personal salary before and after tax? Thank you in advance to all those who share!
Hi and welcome :waving
Your questions are subjective really as each person has different objectives with how they run their business, how many children they want to have, whether they have assistants or run single handed.
There's too many variables to give specific figures lol
Do I operate like a nursery? No, is the short answer.
I am a home from home service, I don't have specific weekly themes that I follow regardless of the child's interests, any plans I do have can be changed to something different due to a child's request, the weather changing, because I forgot to do my online food shop on Sunday, at a moments notice...
We get out and about more than a nursery can, and for a whole day with a picnic rather than 30 mins at the local park.
What is an average income and personal salary? Again, too many variables as it depends on how many children I have and for how long they stay contracted with me.
The down side to this job, and self employment in general, is it can turn on a dime!
I've had children I've thought (and parents thought) were likely to stay from a baby to school age and beyond, that left after 18 months due to a change in parents circumstances. I've also started with before and after term time only schoolies that have increased days and into the holiday's unexpectedly 6 months in.
I've had no mindees for 6 months, then been full with a waiting list 3 months later, then half empty again 12 months after that for a week, then full again....
You'll find that is a familiar pattern lol
As someone that is self employed, you don't have a personal salary unless you are a ltd company. Your income is your profit. Your profit is the difference between what your business brings in (fees), minus your expenses. You are then taxed on that profit. You are currently taxed on any profit over £10,600 pa
Your expenses can be as little as 30%, or as high as 80% depending on what you spend. 40%-60% is probably classed as an average lol
You would probably be registered for 6 children (including your own)
3x under 5, and 3x 5-8yrs
The 3 under 5's can include 1 child under 12months, the 5-8's are generally school children so before and after school term time and/or more hours in the school holidays
In addition, if space and insurance, and local planning laws allow, you can have upto another 6 children over the age of 8....
Personally, I stick to 6 as I have a 7 seater car and can't fit anymore in lol
I currently have all part timers and 7 children on my books that all slot together nicely, 2 of which don't come in the school holidays.
I had a very well paid job prior to minding, and whilst I 'bring in' far less now, we are much better off.
Job satisfaction is immense for the most part (paperwork is the bugbear lol), I have smashing kids and parents, love what I do, and can't see me changing anytime soon.