Many schools nowadays are struggling to raise funds internally or get sufficient funds allocated by the government. This is because the government is reluctant to allocate more money to support new school programs. 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. Fundraising activities are becoming popular in many schools as a means of meeting the extra school expenses. The list below are techniques that schools employ to raise additional revenues.
One of the simplest fundraising ideas is starting products selling program. 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. Hence increasing the number of people who become buyers of the school’s products. 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.
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 instance, companies may offer to buy the school games uniforms and kits. 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.