Schools sometimes seek to initiate new programs but lack the money to support such initiatives. This means that the amount paid by students for school fees is not sufficient to meet the need of the institution. The major limitation of depending upon school fees alone as the source of income is that the school cannot change school fees structure without consultation with all the stakeholders which will take a very long time. Fundraising activities are becoming popular in many schools as a means of meeting the extra school expenses. Some of the methods school can use to raise extra funds are.
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. 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. It is common for persons who have in business for a long time to offer to help to student in setting up a successful business venture and guide them on how to maximize profits which are valuable lessons to the students.
Another way of raising funds is an[approaching companies to assist the school financial start the new programs. This are institutions that are will to assist the school raise funds to host an individual event. 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. Also, the school by accepting the financial help of a company is helping them achieve their core value of corporate social responsibility.
Selling of competition tickets where the buyer stands a chance to win the grand prize. 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.
Schools are usually advised to not focus on having a single method of raising additional revenue but to use as many good ideas as possible. 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.