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 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 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. 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.
School fundraising also be done through the involvement of the nearby business community. Many businesses are willing to play a part in the growth and development of schools within their area location. For example there are numerous academic contests that are sponsored by large enterprises in the state. 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 objective is to sell as many tickets as possible by making the winning very lucrative to the target market. The advantage of this method is that people even if they do not win they do not feel like they lost money as they the money is being used in a school program that is beneficial to the students.
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. 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.