Generating extra income for your school

Majority schools across the nation are facing unprecedented financial challenges. A combination of factors—such as the impacts of Covid-19, rising operational costs, and a decrease in student enrolment—has created intense pressures on budgets. As a result, many schools are being forced to make difficult decisions, including cutting resources, increasing class sizes, or reducing staff numbers. These cost-cutting measures not only affect the overall quality of education but also add strain on both teachers and students, intensifying issues such as teacher burnout and student mental health concerns, which require additional investment to address.

While trimming expenses is often the go-to strategy, it's not the only solution to mitigate financial strain. By generating additional income streams, schools can alleviate some of the financial burdens and even improve the educational experience. Below are a few suggestions for raising extra funds.

Offer your facilities for community events

School spaces are often ideal venues for local clubs, organisations, or events, especially when equipped with useful amenities like projectors, interactive whiteboards, and seating. Renting out classrooms for small gatherings or school halls for larger events can provide a steady source of income. If your school has a theatre, even a modest one, it could also be an attractive venue for performances or rehearsals.

Advertising your available spaces online or reaching out to nearby businesses can help promote this initiative.

Lease sports facilities

If your school is fortunate enough to have sports amenities like fields, courts, or gyms, renting them out can provide a continuous source of income, especially during evenings, weekends, and school holidays when they’re not in use. There’s a growing demand for such facilities from local sports teams, fitness groups, and community clubs, and with proper promotion, your school could capitalise on this.

1. Offer facilities to local sports teams or clubs: Local football, tennis, or basketball teams often seek affordable spaces for practice, especially during off-peak times. By reaching out to these organisations, you can develop regular rental agreements, ensuring a steady cash flow. Schools with swimming pools or gyms can also cater to local fitness trainers who may need spaces for classes or private lessons.
2. Host seasonal sporting events or camps: During the summer or school breaks, your school can organise or rent out spaces for sports camps or tournaments. These programs often require fields, courts, or indoor gyms and attract participants willing to pay for quality facilities. Partnering with established sports academies can increase visibility and draw larger crowds.
3. Market your facilities for special events: Large sports areas such as football fields or gymnasiums can double as venues for local events like charity runs, outdoor markets, or even community fairs. These events bring in revenue not only from rental fees but can also include sponsorships or partnerships with local vendors.

Rent out school parking during holidays

Parking space, especially in urban or high-traffic areas, is a valuable asset that many schools overlook. When managed effectively, renting out parking spaces can become a lucrative, low-maintenance way to generate additional funds.

You can advertise these parking spaces through local business networks or online platforms like your local council website, parking apps, or community forums. Many employees or event-goers are willing to pay for convenient and secure parking, especially in areas with limited options.

1. Offer parking for special events: If your school is located near a stadium, concert venue, or conference centre, you can lease out parking for those attending events. Depending on the frequency of events, this can be a highly profitable option, especially for large car parks. Charging daily or hourly fees for event-goers or partnering with nearby venues to offer parking packages can drive significant revenue.
2. Create monthly parking leases for local businesses: Many companies struggle to find adequate parking for their staff, particularly in congested areas. By leasing your parking spaces to local businesses on a monthly or seasonal basis, your school can generate a steady stream of income. Businesses benefit from a guaranteed space, while your school can collect reliable payments throughout the year.
3. Make use of unused spaces during school events: Even during the school term, you can capitalize on unused parking. For instance, if your school hosts large events like open days, conferences, or sports matches, you can charge for parking access during these events. This adds convenience for attendees while also contributing to the school’s revenue.

Optimise funding potential

Schools should ensure they are maximising their existing funding opportunities. One way to do this is by running an effective marketing campaign to attract new students, which directly impacts per-pupil funding. Additionally, encouraging families to apply for free school meals, where applicable, can help increase the amount of pupil premium funding a school receives.

How can Bromcom Finance help?

In addition to generating extra income, schools can also reduce costs by investing in the right technology. Cloud-based finance systems, like our Integrated Finance solution, can streamline school operations, enabling more efficient financial management. By automating processes and providing a clear view of where money is spent, schools can better allocate their resources and make informed decisions for the future.

Our finance system also integrates seamlessly with school management information systems (MIS), eliminating the need for costly third-party solutions. With the ability to automate processes, manage finances digitally, and forecast expenses, schools can save both time and money. One school, Nyewood CofE Infant School, estimated potential savings of up to £25,000 annually, which could be used to hire additional staff or improve classroom resources.

In summary, while budgetary pressures remain a significant challenge for schools, there are various ways to alleviate financial strain by both raising funds and cutting unnecessary expenses. Implementing creative strategies, alongside utilising innovative financial technology, can help schools navigate these challenges while continuing to provide quality education for their students.

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