5 Ways to Generate More Income for Your Academy
As we are all only too well aware, making the school budget balance is becoming more challenging as funding fails to keep pace with the costs all schools are facing. There is a lot of focus on cutting costs and making financial efficiencies, but what are you doing to increase your income? Below are five examples to get you started!
1. Grant funding
Those awarding grants have targets to meet too and they need to find a recipient for the available funding. If you have an exciting and innovative project on your wish list why should the recipient not be you? You can find some further information on grants through the Education and Skills Funding Agency.
2. Internal fundraising
Are you doing all you can to tap into the goodwill of your most interested stakeholders, the school’s families and friends? There are many traditional staples in this area, such as sponsored events, tea towel sales, photograph sales, but your imagination and creativity will know no bounds in coming up with new ideas for money-making enterprises – how about a school lottery or a pyjama day?
Back to the more traditional type of fundraiser, with social evenings such as bingo or quiz nights. However, something a little more unusual may catch the attention of more people – how about a murder mystery evening, a pet show or a welly wanging competition?
4. Local partnerships
All schools are encouraged to forge better links with their local business communities, allowing them to benefit from a range of careers experiences. You could also benefit financially if you can identify sponsorship opportunities, whether it’s the playing kits, a neighbourhood road safety scheme or a themed activity week in school. There’s also the option of encouraging internet traffic via your school website to benefit from donations per click to retailers’ sites.
Crowdfunding has become a more prominent source of alternative funding in the commercial world and can apply to schools too. On many of these sites, people can be rewarded for their donations on a sliding scale – for example, £10 could get them a personal letter of thanks from a pupil, £50 could see them as VIP guests for the next school production. For a bigger contribution, they could be included for posterity on a benefactors’ board in the school reception or have the new resource named after them. All of this can be dealt with online and create a real buzz as you see progress towards your target. There are many crowdfunding platforms available such as Kickstarter, Crowdfunder and GoFundMe.
Many of the above ideas can not only create the opportunity to raise funds but also to give pupils chances to apply their numeracy and literacy skills when getting involved with campaigns!
If you would like to speak to a member of our academies team about raising finance or would like advice about your academy in general, please get in touch on 01903 234094.