How can schools generate new income streams?
Schools have faced budgetary pressures for a long-time, and the pandemic has certainly had an impact. As we slowly come out of it, the opportunities for schools to make money increases if an effective school payment system is implemented. Some schools may have outdoor spaces, such as football fields, tennis and badminton courts, which can be rented out to groups organising sports tournaments. Using WisePay’s Smart Booker, you can simply rent out these spaces on your website and take funds easily.
Is it normal for schools to build revenue streams?
Schools exploring new income streams 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.
10 ways for schools to make money
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 your school’s space with WisePay! It’s perfect if you’re near a town centre or a large venue where car parking spaces are limited. This idea will be particularly beneficial whenever you host big events in your premises, such as school plays or Parents’ Evening.
- SCHOOL EVENTS – Speaking of events, there are many ways to involve your students, their families and your local community. With WisePay, you can sell tickets for events from your website easily: whether it’s a sports game, a play or a fair… The system can be personalised to your venue and sell individual tickets or bundles with our feature EventWise.
- OFFER A SECOND-HAND MARKET – Why not offer a marketplace for second-hand uniforms or clothing? Not only does this help towards the achievement of zero carbon emissions, but it also makes it more affordable for families to purchase uniforms. The government have advised doing this as part of their recent press release about helping out families by reducing uniform costs.
- SELL GIFTS – People are always on the hunt for a good gift for close family and friends, especially now. Why not make some simple creations with students and sell them as a way to generate new income? Our Online Shop Service is a great way for you to sell gifts and creations on your website.
- CHROMEBOOK PROGRAMMES – Chromebook programmes are a great way to generate some income for schools, by selling Chromebooks to students for easy home-learning and homework at a slightly marked-up price to your purchase price. You can easily sell Chromebooks online using our Online Shop Service.
- 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. You can easily take donations and voluntary contributions from donors using our Voluntary Contribution Service.
- USE YOUR SPORTS FACILITIES – If you have them, look and renting out your school swimming pool or sports courts are not only a great way to make money, but you can also strengthen your relationship with the local community. Using Smart Booker, you can rent out your spaces and hire out equipment.
- 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. Parents 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.
These ideas are just a starting point for your school to make extra income – be creative!
How can WisePay help?
If you’re looking for a fantastic (and often relatively passive) way to rent out your school facilities, WisePay will be able to help! Our services are all bespoke, so we can find a solution that works for you and your school. If you’re looking to rent out your car park, our Parking Payments Module will be able to help! Or if you’re looking to sell something online, why not take a look at our Online School Shop Module.