Schools sometimes seek to initiate new programs but lack the money to support such initiatives. 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. To support new programs school have fundraising activities. The list below are techniques that schools employ to raise additional revenues.
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. Many people are open to this fundraising idea as they see the value for their money immediately. 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. Many businesses are willing to play a part in the growth and development of schools within their area location. 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. Also, the school by accepting the financial help of a company is helping them achieve their core value of corporate social responsibility.
Another idea that schools can use to raise revenues is creating a prize-winning competition. 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. 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. Therefore the school can receive money from a large group of people. also the ideas used may stimulate the goodwill of people to contribute even more than the expected amount.