Many schools are turning to alternative methods of generating enough income, and one of the best choices to achieve this is to hire out rooms and facilities to the wider community. However, to do this effectively, it’s important to consider the factors below. Keep reading to find out what they are.
Good business manager
First of all, even before you begin to monetize any aspect of the school, you will need to find an excellent business manager to run things. If possible look for one that has experience in working with both not-for-profits as well as in the commercial sector, as they will be in the best position to see things from both sides, and so bridge the gap between a public institution and viable business.
Of course, a hugely important part of selecting the right business manager is picking someone that can work effectively with the academic staff as well. A skill that can call for a fair amount of diplomacy, as the environment in an education setting is often very different from a traditional commercial workplace.
Sports facilities
Next, when it comes to monetizing an educational institution, the first area you should consider are the sports facilities that you have on offer. After all, these can be leased to local clubs for training and playing matches as well.
Of course, to raise standards up to a level where you can attract more users and charge a higher rate it can be worthwhile to invest in some renovations and high tech equipment for your sports facilities.
In particular, having available equipment that you can loan out as well as installing LED Signs for Schools, which can be used as scoreboards are the best choice. After all, these are things that potential client will be looking for the most often.
Other facilities
It’s not just the sports facility that your school can lease out for profit either. In fact, other assets can be used as well. Some schools have meeting rooms and even hospitality suits that are used in the day by the staff and students, but then can be cleaned and turned into an excellent place for a conference, meeting, or even celebrations such as weddings and parties in the evening and at weekends.
If possible, try and offer onsite catering as well to complete the package as this can be the most profitable model to follow.
Great maintenance staff
Last of all to be able to run a school as not only an educational institution for the good of the kids but also as a business, it’s crucial that you pick the right maintenance staff.
This is because it will be them that need to do the cleaning and repairs that will keep the business side of things running. They are also likely to be involved in the logistics of moving equipment from one place in the school to another, something that needs to be done accurately and in a timely fashion if you are to please your clients and make a success of such a project.