Discovery Point Blog
Own a Child Care Business in North Carolina
When making the decision to open a child care business, one of the main factors that will determine your success is the location that you choose. There are a number of reasons why North Carolina is an excellent place to own and operate a child care business.
Many of these reasons have to do with the state’s demographics. According to the North Carolina Department of Health and Human Services, the state’s rate of working mothers with young children is among the highest in the country. Additionally, North Carolina has more one-parent households than the national average. As a result, child care is a huge priority in the state, and more than 200,000 children are enrolled in child care.
It’s also important to note that the child population within the state has continued to grow over the past decade. In fact, the under-18 population has been in a consistent trend of upward growth since at least 2010, with a total of 2,306,400 children under 18 reported in 2020. Owning a child care business in North Carolina enables you to support families in this state with their child care needs while also operating a successful business whose services are constantly in demand.
Should You Purchase a Resale Franchise or Open a New Location?
If you’re interested in running a child care business in North Carolina with a trusted franchise brand, the next step is to determine whether you’d rather purchase a resale or open a brand new location. Each of these options comes with pros and cons, so what’s most important when making this decision is to consider your personal priorities and risk tolerance.
Opening a new franchise location can allow you to take part in building your child care business from the ground up. You can participate in choosing the site location and bring educational child care services to a community that may not currently have great access to this type of care.
The flipside of these benefits is that the process of opening your business can take quite some time. In addition to the time it takes to purchase the real estate and build the center, there is also licensing and teacher training to consider. It will also take time to spread the word about your new child care location and build up a consistent client base.
Purchasing a resale franchise, in contrast, makes it possible for you to skip some of the more time-consuming aspects of opening a new child care business. You’ll have a good idea of the numbers the business runs thanks to the financial reports provided by the previous owner. You may also have an easier time of acquiring financing thanks to this information. While there’s always a risk in buying an existing business, you can bring fresh energy and use your skills and talents to solve problems that may have been holding it back from reaching its full potential.
Choosing a Location for Your Child Care Business in North Carolina
Another element that will factor into your decision to open a new franchise location or buy a resale is the community in which you want to run your business. According to the University of North Carolina at Chapel Hill, the child population is shrinking in the state’s rural counties and growing in urban counties. As a result, some of the more populous areas of the state may be the best options for your child care business.
Below, we’ve provided a brief overview of three communities in North Carolina that you may want to consider. Each of these communities is located in what is known as the Research Triangle, a huge metropolitan area in North Carolina which is home to over 2 million people.
Durham is the fourth most populous city in the state and among the country’s 100 most populous cities as well. Durham County’s child population is 74,191, and 34.4% of this population is under the age of six, meaning Durham County has a higher percentage of young children than the statewide average. Ranked by Livability.com as #25 on their Best Places to Live in America list, this city offers an excellent environment in which to run a child care business while enjoying a high quality of life.
With a population of 44,068, Wake Forest is the sixth largest municipality in the Research Triangle and has easy access to the more populous cities of Raleigh and Durham while maintaining a tightly knit sense of community. Thanks to the affordability of this area, Wake Forest is home to many families, with 28.2% of the population under 18 years of age. Moreover, the city is continuing to grow. In fact, Wake Forest experienced a nearly 60% population increase between 2010 and 2020, according to Census data.
Raleigh, the capital of North Carolina, has an estimated population of 469,124 people, 20.4% of whom are under the age of 18. Known as the City of Oaks, this capital has retained its small-town charm despite being a centrally located hub with fantastic opportunities for both work and education.
The city’s population continues to expand year after year, thanks in part to huge growth in STEM jobs and its ranking as number two in the country for STEM job growth. Raleigh also holds the seat of Wake County, which has been reported as growing over twice as fast as other communities in North Carolina. As young professionals are drawn into the area, the need for child care services is sure to remain high in Raleigh for the foreseeable future.
Are you eager to learn more about owning a child care business in North Carolina? Whether you’re interested in purchasing a resale location or opening a brand new child care center, contact Discovery Point today at 770-623-1140 to hear about our exciting child care franchise opportunities.