Seeking funding for after school clubs can seem like an overwhelming task unless you know where to look.
At Kids Club HQ, we will go over nine ways to secure finances to help get your childcare business off to a flying start.
Firstly, Do Your Research And Set A Target!
Before you even think about where to get funding for your after school club, consider how much funding you need and set a realistic fundraising goal.
Here are some helpful prompts to help you discover a reasonable figure for your finances:
- What are your expected equipment costs?
- What are your expected staff costs?
- Do you need an emergency fund? If so, how much?
- How much do you need for legal or registration fees?
- What is your monthly rent?
- How much do you spend on utilities?
- Do you have any subscription services that help you run your business smoothly? This could include software tools like Kids Club HQ, our online platform to make tasks like invoicing, booking and registration a piece of cake.
Ways To Get Funding For After School Clubs
Unfortunately, the number of grants available from the government is declining year on year.
However, that doesn’t mean you shouldn’t apply for any! Local authorities and councils are still providing some assistance for a grant for childcare services. Plus, a non-repayable sum is one of the least stressful forms of funding as there is no pressure to repay it.
2. Government Loans
Although the government are tightening the number of grants available, they are committed to helping small businesses in England, Wales, and Northern Ireland get off their feet with a start-up loan which you can use to start a childcare services business. You can also benefit from the scheme if you have been operating for less than a year and suddenly find yourself in need of some help with cash flow.
These loans are typically not huge (around £6,000). However, the loans can be a tremendous weight off your shoulders and help you get things moving before you start receiving bookings.
To help you relieve the stress of managing these bookings when you start receiving them (and you will!), ensure you book a demo to see how we can help you with your tedious admin tasks.
Visit this link to check if you are eligible for a Start Up Loan.
3. Personal Financing
Of course, there is nothing to say you can invest your personal savings into your after school care business.
Using personal finances can seem daunting. Especially when you have likely saved this money for years for expenses, such as a family or a house. However, investing in yourself and your future is the best thing you can do if you have the means, as you don’t need to rely on anyone else to get started.
Just be sure to set out a reliable business plan so you can estimate how long it will take for you to recoup your initial investment or whether you plan to reinvest the profit for a certain length of time to get your business going.
It’s always worth doing a quick Google search or scoping out various charities that offer donations. It can take a while to finalise the forms and get the money in your account, but these funds are a great option if you offer voluntary childcare support.
Here are some good ones to check out in the UK:
5. Run In House Competitions And Events
If you don’t need full startup costs and just need a few hundred pounds for a new piece of equipment or a computer, consider how you may be able to fundraise.
- Putting on a dinner to allow the parents to meet each other is an excellent option. It can be a great opportunity for parents to network and meet the team who look after their children. Just ensure you are upfront about the costs of the event or dinner and that you are fundraising for the club.
- Run a raffle or competition for upcoming holidays such as Christmas, Easter, or the end of a school year.
- Run a community quiz night.
- Sell your older equipment on Gumtree, Facebook Marketplace or eBay.
6. Finding Trustees
Depending on your interpersonal and networking skills, you may be able to find a trustee or a board of trustees willing to support your voluntary childcare business to help out their local community in providing finances directly or organising the fundraising for the afterschool care.
Crowdsourcing is the modern way of asking for donations on the street in person.
As a charity, you can sign up to a site, such as Crowdfunding, and give online users the chance to back your after school care club.
Just make sure you understand the terms of service and fees associated with the site you choose, then get ready to receive donations from anyone around the world.
8. Sponsorship From Larger Organisations
Many larger businesses strive to offer assistance in their local and wider communities through Corporate Social Responsibility initiatives.
Get in touch with companies to inquire about their programmes and schemes. They may help by matching any fundraising figures you achieve throughout the year or just donating a sum of money towards a particular project.
9. Local Initiates
Lastly, it’s always worth keeping an eye on local council websites or bulletin boards in the post office, library or doctors office to check if any local services that can support your childcare program are available to you.
Additionally, it’s worth networking with residents and asking them to notify you if they hear about a scheme that can benefit your business.
Ready For Smoother Finances?
Phew! Now you have a host of ideas to help you secure the funding for after school clubs in your area. And speaking of helping you with the finances of your afterschool club, our Kids Club HQ software might be exactly what you need to help with the less-than entertaining admin side of your work. So enquire now to see how we can take tasks such as invoicing and income reports off your hands.