Every extra-curricular activity has registration fees, so how you decide how much to charge for your preschool registration fees! This post covers how to determine your registration fee rate, what to use the money for, when you should collect the money and why you should never waive your preschool’s registration fee.
What Are Registration Fees And What Do They Cover?
When you sign your child up for a ballet class there is a registration fee. When you sign them up for a T-Ball league, there is a registration fee. Art classes? Swimming lessons? Coding clubs? They all have registration fees. Your preschool needs one, too. How much to charge for your preschool registration fees? Research your competition to determine their fees and set yours in the same price range.
But, Why Should You Charge A Registration Fee?
The money generated from registration fees can be used to invest back into your preschool. This is only part of the things you could use that money for:
- New furniture
- New curriculum
- New materials
- Teacher training
- Decorating and sprucing up your preschool room or building
Investing this money back into your school will help you to continually upgrade your facilities, materials, and skills. This constant improvement will allow you to raise your tuition rates every two years. As you offer a more valuable product, you can charge a more premium price for it.
Another thing you can use your registration fees for is to cover the cost of school supplies for each of your students. You could charge a registration fee and a supplies fee, or you could tell parents to bring supplies for their child, but by providing the school supplies for each student you are able to tell the parents that their child’s school supplies are free with their registration. This adds perceived value to your preschool.
The Best Time To Collect Registration Fees
The best time to collect registration fees is in March when you have your pre-registration event. By pre-registering your students for the following school year, you will be better able to make staffing decisions, secure discounts on field trip locations, and make other plans, knowing how many students you are expecting for the school year. By paying a registration fee, your preschool families are holding their child’s spot in your preschool.
Never Waive Your Registration Fee
Should you waive the registration fee to incentivize parents to enroll their child? No! By paying the non refundable registration fee they will have some “skin in the game.” This payment decreases the likelihood that they will withdraw their child before the school year starts. It helps parents to keep their commitment to your preschool.
When Should You Discount Your Registration Fee?
About two weeks before school starts, if you still have openings in any of your classes, offer a 50% discount on the registration fee. This gives parents a sense of urgency and scarcity to enroll their child before they miss out on this huge deal. The parents who had to pay full price registration back in March also got their first choice of spots in your classes instead of having to take whatever was left. By offering the discounted rate, you are more likely to fill your classes and save yourself from losing the money those vacancies would bring.
Keep these tips in mind when you are deciding how much to charge for your preschool registration fees.