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10 ways for your school to make extra income

The fact that schools are facing increasing budgetary pressures is not new. The Department of Education estimated that mainstream schools would face costs rising from £1.1 billion (equivalent to 3.1% of the total budget) in 2016–17 to £3.0 billion (8.0%) in 2019–20. In almost all cases, schools will have to counteract these cost pressures by making economies or efficiency savings.

The trend towards actively exploring fresh income streams was also identified in Browne Jacobson’s 2013 leadership survey of academies and maintained schools which revealed that over half of school leaders surveyed (58%) at the time were less or significantly less optimistic about their financial prospects compared to six months earlier.

While not to detract from the focal point, which is to provide the best education for children as possible, with efficient leadership, managing projects that allow schools to generate more money can be well within reach.

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.

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.

Here are some of the ways in which you can make savings for your school or trust, and better manage your resources.

  1. Your carpark could be a fantastic resource, especially if you are near a large sports ground or other venue.
  2. Scope the local area for average hiring costs of venues and see if you can be competitive – there are a plethora of clubs and night classes that your classrooms are perfect for.
  3. Consider offering a market for second-hand uniforms, helping parents save money whilst encouraging recycling.
  4. Meeting rooms in schools often hold projector screens as well as interactive keyboards, making them the perfect place to hold meetings.
  5. If you have an in-house kitchen consider taking the catering provision in-house.
  6. Establish an alumni division within the school so as to ask former students to donate funds to the school.
  7. Using your sporting facilities. Hiring out your school pool, sports courts or other facilities to other schools or the general public for after hours. Renting out facilities is also a fantastic way to make a positive difference to your community.
  8. If your school has a theatre, offer it out for small productions in the weekends and evenings.
  9. Room for some billboards? If part of the school faces a main road or a visible position to the public, this could be sold to local businesses.
  10. Renting out space for fundraisers and car boot sales. A good way to build rapport with the local community and parents is to hold community events.

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 Smart-Booker from WisePay>>