With inflation and the cost of living still very much impacting budgets, it’s more important than ever to ensure schools maximize on all income streams. Kevin Parker explains more…
Gone are the days when the school site opens at 7am, and closes at 5pm, and is only open Monday to Friday – and if your school does still operate like this, it needs to change!
Schools have massive potential to be able to be creative in the hire of their space, for the period of time in the week where these facilities would simply lie dormant.
What space can be used, and what for
Much like Air BnB, schools can hire out individual classrooms, the school hall, specialist facilities like a drama studio, or perhaps even just your car park!
The demand for facilities has always been there, whether it be by charities, parish councils, sports, arts and music groups, or perhaps even businesses looking to run off site training days.
Of course, the success of your lettings, depend on a variety of factors including location, competition, facilities on offer, the management and operation of lettings, and a strategy that’s underpinned by knowing what you want to achieve.
Success stories
There are some schools out there that are turning over half a million pounds each year, just from lettings. Of course, whilst this is amazing to see, its also very rare. But think about it, if you can build a strategy, and grow the demand so that you raise enough money to fund another Teacher or Teaching Assistant, then that has a positive impact, not only on your school budget but educational outcomes as well.
I’ve spoken with School business managers who have built relationships with Dance Groups, Football Clubs and Wellbeing societies, which has resulted in their school hall being used 6 nights of the week, for the whole calendar year! There are also more unique stories out there, where schools have hired out their ‘well-lit’ corridor, for photoshoots, or their food technology department for cooking/bakery classes! If you are located near a popular sports club, then that additional car parking space could earn you thousands of pounds, for very little outlay. Schools are getting better at becoming commercial, but overall, there is still a lot of work to be done.
What to consider?
Whilst the above makes it look simple to get off the ground (and it is), there are still many questions to consider such as:
Have you got a lettings strategy in place? Is it just to raise a little bit of money, is it to fund a specific project, or is it to help ensure your staffing plans can be afforded?
Have you got dynamic risk assessments in place – Have you thought about any fire and security implications?
How are the facilities going to be opened/closed and monitored – Will you need to pay staff overtime, or outsource this to a local security/key holding company?
How will hirers move across your facilities, and how will you ensure your site remains safe – Are all your doors on access control, so you can ensure movement is only in the areas intended?
Do you need to invest in certain areas, to maximise return – Are all the lights in your hall working, and is the equipment they want to use safe and of suitable condition?
This seems like a lot of work?
It can be as much, or as little work as you want to make it. You can manage the whole process internally, or you can outsource it to a specific lettings management company, that takes everything off your hands. Of course, doing that will see your potential earnings reduced – but still bring in additional revenue.
Being organized, having clear communication and building up good working partnerships with your Estates and IT department is key, if you’re going to manage it yourself.
What’s stopping you?
Not much! Of course, the ability to recruit staff to handle the administration, and knowing you’ve got staff that can be onsite when the bookings take place is a key factor. Knowing the schools will be open, and closed and all required equipment is available for the hirers, for each booking is key. It takes a while to build a great reputation, but only moments to lose it, and you wouldn’t want any negative press/social media comments impacting the school’s educational reputation, which is of course their main purpose.
Gone are the days when schools can’t take advantage of these opportunities. Plan now and reap the rewards for years to come!
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