Looking to raise funds amidst Covid-19?
Schools have faced budgetary pressures for a long-time, and COVID-19 has certainly had an impact. According to the National Association of Head Teachers, the extra costs associated with COVID-19 included paying extra for staff to clean buildings thoroughly, purchasing or renting hand-washing and sanitising stations and purchasing signage and banners to remind students to keep to the guidelines. This cost is thought to be as high as £10,000 for schools, without even considering the income lost.
Is it normal for schools to build revenue streams?
Schools exploring new streams of income is not a new concept, and it’s clear that budgetary pressures have been around for a long time. Even back in 2018 academies were struggling with finances as reported in this article from the Guardian. The Department for Education have confirmed that state-funded schools will receive their budgets for this coming year regardless of any closures due to Coronavirus. There may also be the opportunity to apply for reimbursement for specific and exceptional costs, as outlined in Government guidelines from the 7th of April.
There are two main areas in which financial efficiency can be looked at. The first being, generating savings through using existing resources more efficiently – but many schools have already stretched their resources to the limit.
Creating school income revenue streams
The second, more underutilised area is through income generation – creating opportunities using existing and new resources to generate additional revenue streams that can be added to traditional funding to further your school’s objectives.
School Revenue Stream Examples
Here are some of the ways in which you can make savings for your school or trust, and better manage your resources.
- RENT OUT YOUR CARPARK – If you’ve got a large space for car parking, you’re able to rent out the space with WisePay! It’s perfect if you’re near a town centre or a large venue where car parking spaces are limited.
- VIRTUAL EVENTS – At this time of year, events are usually coming in thick and fast, but things have had to be a little different this year. Why not host virtual events on Zoom and offer ticketing options?
- OFFER A SECOND-HAND MARKET – Why not offer a marketplace for second-hand uniforms or clothing? This would be a great place for parents to save some money, and a great way to reduce waste by recycling uniform.
- SELL GIFTS – People are always on the hunt for a good gift for close family and friends, especially now. Why not make some amazing, and simple, creations with students and sell them as a way to generate new income?
- CHROMEBOOK PROGRAMMES – Chromebook programmes are a great way to generate some income for schools, by selling parents chromebooks as an easy way for students to do home-learning and homework at a slightly marked-up price to your purchase price.
- ESTABLISH AN ALUMNI DIVISION – Reach out to past students and ask for donations to the school. Some schools have been known to name buildings or rooms after successful students who have donated.
- USE YOUR SPORTS FACILITIES – If you have them, look and renting out your school pool or sports courts are not only a great way to make money, but you can also strengthen your relationship with the local community.
- AFFILIATE SPENDING ONLINE – Lots of websites including Amazon and M&S have affiliate programmes, where you earn a percentage of any sales made through their links. Parent’s pay no more than usual for items, and the school will earn a percentage!
- PUT UP SOME BILLBOARDS – If your school is based on a main road, or has space near the main road, this could be sold to local businesses for them to promote themselves.
- HAVE A CAR BOOT SALE – Rent out your car park or field for a car boot sale one weekend. This is a great way to make money and build a rapport with the local community and parents.
All of these ideas are just a starting point for your school to make extra income – be creative! If you’re looking for a fantastic (and often relatively passive) way to rent out your school facilities, check out WisePay’s parking payments or their event payments.