Many schools nowadays are struggling to raise funds internally or get sufficient funds allocated by the government. This means that the amount paid by students for school fees is not sufficient to meet the need of the institution. 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. Some of the methods school can use to raise extra funds are.
Schools can raise funds by making products or buying them and reselling at a margin. For example having art and design class make painting that school sells or charges people to see in a school exhibition. What makes this the good idea is that the person giving money gets a short-term reward for their investment. Hence increasing the number of people who become buyers of the school’s products. 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.
Another way of raising funds is an[approaching companies to assist the school financial start the new programs. Companies understand the importance of innovation, therefore, are willing to sponsor new school programs. For example there are numerous academic contests that are sponsored by large enterprises in the state. The company benefits by creating a publicity about their goods and services through paying for the expenses of the school having a given event. 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.
Fund for new school programs can also be raised by starting selling tickets to a game which participants stand to win big prizes. The objective is to sell as many tickets as possible by making the winning very lucrative to the target market. 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.
Schools are usually advised to not focus on having a single method of raising additional revenue but to use as many good ideas as possible. Therefore the school can receive money from a large group of people. Having a creative fundraising idea can help even exceed the targeted amount.