3. Identify sources of funding
Once you have decided to set up your after school club, you may need to find funding to help you get started. Two options include applying for a Children Business Grant or a Start-Up Loan from the government.
The Childcare Business Grants Scheme has been created to boost the provision of childcare in England. The grant is there to encourage an increase in good quality, affordable and reliable childcare to give working families more childcare provision choices.
The grant will encourage and support the starting up of new childcare businesses by providing a flat rate start-up grant of:
- £500 for new childminding businesses setting up in England (those who are looking after one or more children to whom they are not related, on domestic premises, for reward and for a total of more than 2 hours in any day);
- £1,000 for new childminding businesses, as above, that will provide care for disabled children (applicants will need to demonstrate that they have incurred additional expenditure in setting up their business as a result of this);
- £1,000 for new nursery, out of school club, or childcare on domestic premises setting up in England.
In 2012 the government set up a new scheme to provide start-up loans to new businesses in England, Wales and Northern Ireland. The scheme provides relatively small loans to help new businesses get off the ground.
You can apply for a government Start-Up Loan even if you have already started running your business, so long as you have been trading for less than 12 months. The loans are repayable over 1 to 5 years, and currently have a fixed interest rate of just 6%. Once approved, in addition to the loan you also receive advice and mentoring via the Start-Up Loan Company.
|1. Establish the need → 2. Determine the business structure → 3. Identify sources of funding → 4. Premises → 5. Registration with Ofsted → 6. Staffing and Employment → 7. Materials and Resources → 8. Policies and Procedures → 9. Marketing and Promotion|