S. I started watching kids almost by accident. I thought because of my background it would be easy to watch kids in my own home. I have a degree in early childhood education and I worked for LaPetite Academy for quite a while, and when I left La Petite after the birth of my daughter I also worked as a nanny for a few years. Let me just say if I had it to do ver I would do a lot differently!
The first bit of advice I will impart is no matter how low scale you plan on whether it is one child or a friends kid, sit down and decide what it will take to cover the expences, because every little thing adds up, and you want to feel like you are making some money out of it after all.
Also set hours...stick to them and charge late fees! You gain Nothing by being Nice....one time of being nice turns into several nights a week of watching the clock and wondering when the parents will stroll in, after late dinners, and missed after school activities and just late nights of frustration I sure learned my lesson. I had one mom who would run any errand she had, go tan and have every excuse under the sun for not picking her child up on time. My favorite was, I wouldn't have made it here if I hadn't stopped for gas, that got old really quick I had to bite my tongue to remind her that the car would indeed make it to walmart even if she had her daughter in the car.
Also, the best thing you can do is have them pay for the week in advance, yes it is a bit of a hardship for a parent if they are just starting a new job but it safe guards you from being ripped off. If you don't go with being payed a week in advance then stay firm if you don't get paid, the kids don't come back for care until the money is in your hand.
Have a set in stone guidelines for what you will and will not accept for illness, and never waiver from it, if you get sick and have Doctor bills there goes your profit.
Get back up phone numbers of extended family members in case mom or dad go awol and there is an emergancy.
Give your kids the respect they deserve, their rooms should be a safe haven for them and they should have toys that are theirs alone and not be forced to share.
Don't be shy about including a clause in your contract making a parent responsible if a child does something extremely destructive in your home.
Also I know I sound jaded, but honestly it can be wonderful, just lay out the ground rules so it stays a joy...it can be extremely rewarding experience all around. I thoughrly enjoy being a trusted person to these other parents and I get pretty attached to the kids in my care.
Good luck
B.