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 major limitation of depending upon school fees alone as the source of income is that the school cannot change school fees structure without consultation with all the stakeholders which will take a very long time. To support new programs school have fundraising activities. 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. The good thing about this method is that the person paying for the products get something in return for the amount of money they pay. Therefore many people will be willing to promote the school fundraising by buying products being sold by the school. Also, this idea is also beneficial to the students in learning business schools and also being trained by various business mentors who appreciate the school’s efforts to raise revenue.
The schools can also seek corporate sponsorship as a means of raising funds. This are institutions that are will to assist the school raise funds to host an individual event. 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. One of the core values of many companies is social responsibility; thus schools should be aware that the business is also seeking a strategic partner to help them achieve their core values.
Selling of competition tickets where the buyer stands a chance to win the grand prize. Schools can raise funds by creating a game where participants are supposed to purchase a ticket with a code which at the end of the game one code is selected and the person with a matching codes win the highest prize. 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. The use of several methods makes the school stand a better chance of raising the targeted amounts of funds. also the ideas used may stimulate the goodwill of people to contribute even more than the expected amount.