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. 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.
The first method is school investing in a relatively small retail business venture. For example it is a popular idea to have school students selling cookies. 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 the students participating in the exercise acquire essential business skills and get to interact with various business gurus who volunteers to help the school establish a successful business activity as a means of raising funds.
School fundraising also be done through the involvement of the nearby business community. Companies understand the importance of innovation, therefore, are willing to sponsor new school programs. Such as offering financial support to building of a school library and acquisition of new edition school books. 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.
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. 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 best way to raise school funds quickly is not to use just one best method of raising money but to use a combination of ideas. Therefore the school can receive money from a large group of people. We have people who will contribute due to the school perseverance in its methods of raising funds; fundraising has never been easier, with the current technology people from all over could contribute.