Business Plan: Fosters Youth Center Essay

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Growth Plan
Strategy for growth:
Since 1999, the national child care industry is over $11 billion in revenues and is estimated to grow at 9% for the next several years (www.bls.gov). According to the online article titled “How to Offer Child-Care Services”, one of the biggest challenges facing American families today is caring for their children while the parents work. According to the Bureau of Labor Statistics, only 13 percent of all families fit the traditional model of husband as wage-earner and wife as home-maker. In 61 percent of married-couple families, both husband and wife work outside the home. Six out of every 10 mothers of children under age 6 are employed, and the labor-force participation of women in their childbearing years continues to expand. As the number of working parents rises, so will the demand for childcare. For many working parents, there is no single solution to their child-care needs. More than a third use more than one option, such as day-care centers part of the time and friends, neighbors or relatives on other occasions. A recent study conducted by the Urban Institute, a nonprofit policy research organization, revealed that about 30 percent of working parents have two child-care arrangements, and another 8 percent are using at least three. The study found that 65 percent of parents juggling multiple child-care arrangements use a combination of formal day-care centers, Head Start programs, and baby-sitting by relatives and friends. Another 20 percent use two separate day-care centers. Another issue that has an impact on the need for child-care providers is the new, 24-hour global market. There is so many occupations that require parents to working nights and weekends (www.bls.gov).
The Fosters will need to develop a strategy to meet the needs of these prospective target customers. Granted the center is already planned to be open for business on Saturday from 6am to 1pm. However, the truth in the matter is that their competitors are already providing these alternative services. In an effort to remain sustainable, the center will have to come up with a plan to continue to thrive amongst their competitors. The most practical option is to consider being available for 24-hours. This is where the consultants become useful. They are the individuals who aid in both the research and development department and can advise the owners on what avenues will be most cost effective once they decide to make this dramatic
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