Schools sometimes seek to initiate new programs but lack the money to support such initiatives. Also, the amount received from the school’s parents may not also be enough to cover all costs that the school plans to incur in a given period. The system used to come up with some school fees each student should pay is very rigid hence lacks elasticity to cater for new school expenses. Therefore schools are considering having to fundraise to cater for their expenses budget deficit. The list below are techniques that schools employ to raise additional revenues.
The first method is school investing in a relatively small retail business venture. Such as opening a school canteen to sell snacks to both students and other people nearby the school. What makes this the good idea is that the person giving money gets a short-term reward for their investment. Thereby school can get a huge market, unlike any other ordinary small retailer. It is common for persons who have in business for a long time to offer to help to student in setting up a successful business venture and guide them on how to maximize profits which are valuable lessons to the students.
The schools can also seek corporate sponsorship as a means of raising funds. Many businesses are willing to play a part in the growth and development of schools within their area location. Such as offering financial support to building of a school library and acquisition of new edition school books. This idea may offer the company an opportunity to grow their marketing plans leading to more sales. Schools should take advantage of the corporate social responsibility as many companies are seeking for activities to be involved in as part of fulfilling this responsibility.
Another idea that schools can use to raise revenues is creating a prize-winning competition. The idea is to create a relatively simple contest which all a persons need to do is buy a ticket and wait to find out if they will be announced as the winner. Everyone likes to win, and therefore the school will find a large group of people who will not give money to the school directly but are willing to participate in the competition.
The success of the school fundraising is dependent upon the number of ideas used and the effectiveness of each idea. Therefore the school can receive money from a large group of people. Having a creative fundraising idea can help even exceed the targeted amount.