90% of Schools in England will Run out of Money in 2023: Here are 5 Ways Schools can Generate Additional Revenue
90% of schools in England will run out of money in 2023 due to the enormous burden of increased energy and salary bills. These concerning figures were recently shared by the Guardian and it’s no secret that headteachers and school leaders across the country will be increasingly put in difficult positions as the year goes on.
This breaking news could lead to the loss of essential teaching and support staff if nothing changes.
Leora Cruddas, Chief Executive of the Confederation of School Trusts, said that next year was looking really difficult: “Many trusts are having to use some or all of their reserves. But reserves can only be spent once.”
In addition to this terrifying news, UK Active recently reported that due to rising energy costs, a further 79% of leisure facilities are at risk of permanent closure within the next 6 months.
While schools across the country are focusing on making cuts across the board, generating an additional income stream can create a lifeline during these challenging times.
We’ve put together 5 ways schools can generate additional revenue below:
Rent parking space during school holidays
Car parks are an asset that could bring in a significant amount of extra income every year if utilised correctly. There are several online providers that allow schools and businesses rent out their spare parking spaces online, and schools can choose how many spaces they let out, how much they should cost, and when they are available.
Hire out your facilities
Does your school have a sports hall, 3G or grass pitch, theatre, multi-use games area (MUGA), dance studio or any other in-demand facilities?
If the answer is yes to any of the above, then your school facilities could be the key to unlocking a huge range of benefits for your school and the wider community.
As school hire experts, we make it simple for people to find local spaces to get together, whilst also helping to provide much-needed funding to schools. A robust lettings programme can help offset some of the new costs schools are facing, by generating a substantial revenue stream. Some of our school partners have also used their income to take pupils on dream residential trips, others have used it to pay for new equipment, or simply pay for fundamental resources.
Make use of any advertising space
Product advertisements can be found almost everywhere in schools! They are frequently in stadiums, gymnasiums, school cafeterias, hallways, and more! In addition, if your school is based on the main road, this could be sold to local businesses for them to promote themselves! If you’re interested in getting support with marketing for your school, check out Marketing Advice for Schools, an organisation who provides marketing support, consultancy and training to schools. You can keep up to date with their blog here too.
Where schools have in-house catering, this may be able to provide the basis for an external catering service for certain community-based events and activities or provide food for other schools.
Host a car-boot sale
This is a great way to generate additional cash, while helping build a relationship with the local communityand parents. The government have recently advised schools to offer a marketplace for second-hand uniforms and clothing, which can also help families by reducing uniform costs!
At Vivify we understand the challenges our school stakeholders face daily. That’s why our flexible and comprehensive service is specifically designed to take out the time and effort of school lettings, meaning you and your team can focus on what is important while reaping some of, if not all the above benefits.
If you’re interested in finding out how a school lettings programme can work for your school, book a free consultation with one of our school lettings experts today at email@example.com.