In addition to complimentary side income you may want to evaluate to be sure you are maxing your take home pay with the children you have now....
Some ways to increase profits/earnings with the students you currently have:
Include (or add, if needed) Annual Rate Increases
Tom Copeland describes this here:
http://tomcopelandblog.com/easiest-way-raise-rates
My rates are set to rise each September ~5%, that is listed on my rate sheet and on my website. It is not in the contract but my parents sign a new contract each year.... that said I might add it now that I realize the oversight.
Meals / Snacks
Food is a major expense. Are you participating in the Food Program? Many on here and Tom Copeland feel not participating in the food program is walking away from $$$.
If you are not interested in the Food Program have you considered having parents provide their own lunch? I have parents provide lunches and as of now I provide an AM & PM snack - we may reduce this to and AM snack only. I sell it to parents as a positive for their child.
Benefits to children bringing a lunch from home:
- allows teachers to focus on engaging with children
- teaches ownership
- teaches respect for others property
- creates a mid-day connection to home for the child
- ensures once a day the child has meals they like and similar to what is served in their family
- helps parents understand their child's likes/ dislikes and appetite
If someone asked my favorite policy, parents providing lunches would be it!
I save both money and time having parents provide lunch and I am able to engage with the children without the added distraction of preparing food. I prep snacks in advance so kitchen time is really just washing and cutting fruits that need to be cut fresh. (I will add in my area parents are really high maintenance, wanting all organic, some have their children Paleo or following Whole 30, GF, etc.
)
Switch to a tiered rate structure
The quotes below are from another thread but I feel they best express what my response would be about contracted hours / tiered rates. I initially offered contracted hours when I first opened as a way to discourage all day enrollment sadly my first family that enrolled from open to close which was not my intent.
Luckily contracted hours saved me because utilizing them I am making $10 more per day than the highest home daycare in my area charges for infants and the one in my care is 2 so even though I don't love him here from open to close I am paid well for it.
Originally Posted by daycare:
You've all seen nanny de graduating fee scale??
Well I'm not going to post major details but I used to work from 630 to 6. After picking up her graduating fee scale with her help I now work from 730 to 5 and 99% of my kids are gone by 4:00-4:30. Yup one kid until 5, which that kid will be fine in the fall.
AND I make more money. If you really want help with it I know nanny de has a consulting business. It only cost me $50 to get her to help me transition to that fee scale which you can see is worth WAY WAY more than $50......
Originally Posted by Blackcat31:
I offer tiered rates according to pick up time.
I don't count actual hours in care because I don't care.
I only offer 3 pick up times. 3:00, 4:00 and 5:00.
I don't care what time a family arrives (they still have to schedule it so I know) but I open at 7:00. It doesn't matter to me if I have 1 or all 12 kids here at 7:00. I am working at 7:00 so makes no difference either way.
I ONLY care what time a child is going to be picked up.....so that I know what time I will be getting off work.
I set my old weekly rate (that used to be for any kid there from open to close) as my earliest pick up time (3:00) and added fees from there. The ONLY families that got a rate increase were those that couldnt pick up by 3:00 (it's amazing how many "couldn't do that prior to the rate change but suddenly could when I implemented the rate scale 
)
If families need a 4:00 pick up M, T, W and Th but need a 5:00 pick up for Friday, they still pay the weekly rate for 5:00 pick up. If they are off work at 4:00 M-Th then they have an hour each day they can do whatever they want. I charge weekly so breaking it down daily was way too much accounting.
I add or subtract to the rate depending on whether or not they are 3, 4 or 5 days a week. My "old" flat weekly rate is now what I earn for a 3 day a week child that attends only 3 days a week. I now work less hours and make more money AND I know exactly what time I am "off" work each day allowing me to schedule whatever appointments I need to outside of work.
I also operate on contracted hours so if a family schedules a 3:00 pick up and they don't pick up at 3:00, I charge late fees...even if I have other kids present still.
Make sense?
ETA: Oh and like a previous poster said... I "sold" it to parents as a way for them to save money and every one of them loved the idea!
I can send you the letter I used if you are interested.