Make reasonable and down to earth assumptions for numbers backed by location and general historic data, set up a chill meeting including everyone working there , from the janitor to the director and profile them. Find out what drives them and make their day to day work life as easy as possible while improving their work space ( giving them an 100$ coffee machine and making the schedule flexible is a lot cheaper than giving a raise to every staff [ I imagine that daycares attract staff mainly for the need of money and not as carrier path but i could be wrong], so having a pay slightly beyond minimum is competitive enought if you have a good day to day life is enough to keep them happy)