|22 Jul 2020|
Rachel Hadley-Leonard provided some brilliant inspiration for driving income from unusual sources in our recent webinar.
1. Optimise using the facilities you already have
Many schools already let out their facilities, from theatres to sports fields, but the letting process for these is often not optimised. Research your competition, then review your current charges, rewrite your offering and focus on growing your audience through high quality photos and clear information. Check out how Kellett School in HongKong advertise their facilities here.
Create a stakeholder bond issue
A more complicated income stream, but absolutely worthwhile for schools with an enticing project and the right demographics. This strategy offers your community the opportunity to invest in the school through a specific project, however your school must be certain of its longevity and confident that the project will generate income to pay investors. Check out how the Kings School Gloucester raised £2m to redevelop their sixth form.
Online remote learning opportunities
Hosting online summer school courses can be a great way to add a new income stream; focus on using your strong school brand and be creative in your offering. Your staff can help you come up with fantastic suggestions for courses that can capture imaginations. Eton X is a great example of using their well-known brand to expand their services.
Corporate sponsorship advertising
Adding a sponsorship banner or panel is a quick and easy way to generate income, with each sponsor paying a fee to host an advert on your website. Alternatively, you can offer sponsored email inserts within your newsletter. See this idea in action at Bishop Vesey’s community site.
Sponsored business directory
Similarly, adding a business directory is a great way to help local businesses, and you can charge a listing fee to be displayed on your community site. Look at Churchie Old Boys' Association for some inspiration.
Creating virtual versions of your traditional events
St James’ School art auction is one of the highlights of their alumni events calendar, but this year they have gone digital, hosting the art sale live on their community website with all proceeds going to the school.
Overseas licensing opportunities
A longer-term opportunity could be researching opportunities for overseas licensing. This would require extensive planning and investment, but has been extremely successful for some schools, such as Harrow’s international schools.
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