2 Recognise that you won't be able to manage two nurseries singlehandedly.
3 Seek advice. Most High Street banks have in-house childcare specialists and business packs tailored to the sector. Professional organisations such as the NDNA, NOF, the NNI and EYDCPs are all strengthening the business planning advice they offer providers.
4 Don't compromise on a site, even if one is very hard to find. Experienced providers always make location a top priority.
5 If you're buying a nursery this time round, don't pay too much for goodwill.
6 If you're building a nursery for the first time, make sure it is big enough (small nurseries are seen as uncompetitive) and that it is effective in terms of space and ratios (a nursery full of babies is uneconomical!).
7 Be realistic about future staff and training costs.
8 If you qualify for Government funding, remember it will run out sooner or later.
9 Be realistic about future threats to your business and plan accordingly.
What would happen if the WFTC were reduced? If unemployment were to rise? A nearby school opened a nursery?
10 Don't overestimate profits.
