Babysitting vs. Daycare

by Sherry Holetzky | More from this Blogger

While a full time home daycare business might be right for some people, others may not want to commit to such long hours. Perhaps you don't need a full fledged business or a full time income, but you would like to make some extra money.

If this describes you, you may well be able to pull in a decent amount of extra income providing babysitting or part time daycare services during times that most daycares are unavailable. For example, it can be really difficult to find a babysitter when you want to take your husband out on a Saturday night to celebrate your anniversary, or to find someone to watch the kids Sunday morning because you have to work. A friend who is a single mom who works the Sunday brunch shift might be eternally grateful for your services.

You'll have to determine in advance what a fair price will be. Decide if you will charge by the hour or charge a flat fee. Also, if you're going to provide extra early or extra late babysitting, despite already offering essentially "after hours" services, figure out how much your time is worth and how much of a premium it is fair to charge. Make sure people know in advance what your rates are.

It is a good idea to accept payment as services are rendered instead of waiting to get paid. Not only will you have immediate cash, but you won't take the chance of having someone get into you for a lot of money and then not being able to pay.

You and your home may need to meet health or other standards if you are going to baby sit on a regular basis, so be sure to find out what local and state requirements are.

Babysitting money should still be declared on your taxes, even if you don't actually have a home business per se. You might be able to simply add the amount on the line that says "other income" as you're filling out your return, but it's always good to speak with a tax preparation professional.

Learn more about Sherry Holetzky

Sherry Holetzky is a work at home mom and freelance writer. Married to her best friend, Sherry and her husband are raising their family in a quiet rural setting in the beautiful Ozark Mountains.

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