Schools sometimes seek to initiate new programs but lack the money to support such initiatives. This means that the amount paid by students for school fees is not sufficient to meet the need of the institution. 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. Therefore schools are considering having to fundraise to cater for their expenses budget deficit. The following are some of the fundraising ideas that schools can use to raise a high amount of money.
Schools can raise funds by making products or buying them and reselling at a margin. 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. 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.
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. Also, the school by accepting the financial help of a company is helping them achieve their core value of corporate social responsibility.
Selling of competition tickets where the buyer stands a chance to win the grand prize. The objective is to sell as many tickets as possible by making the winning very lucrative to the target market. On top of standing a chance to win participants are also lured to buy more tickets by the thought that the money is being raised for the growth and development of a school.
The success of the school fundraising is dependent upon the number of ideas used and the effectiveness of each idea. Hence school will increase the success rate of a fundraising by using a combination of various ideas. also the ideas used may stimulate the goodwill of people to contribute even more than the expected amount.