The good news is that schools are continuing to be agile, determined, and rising to challenges with adaptability and strength. Private schools, in particular, are thinking of innovative new ways to provide a best-in-class experience for students and families that boosts retention and ensures financial stability.
Here are three tactics your school can implement to continue growing amidst the changing education landscape.
1. Consider New Revenue Streams
Adding a new revenue stream can open up many possibilities, like offering more financial aid or a new extracurricular club. Or it may give you peace of mind as you work to maintain a healthy bottom line in a fluctuating economy.
Revenue streams you might consider include:
- Summer camp
- Daycare program
- After-school program
- Fundraising events
- Selling school merchandise
Learn more about adding new revenue streams in our free guide, A Whole School Strategy to Sustainable Revenue Streams for K-12 Private and Independent Schools.
2. Educate Families on Financial Aid Options
Despite a growing interest in private school education, a recent survey reported that most parents still enrolled their students in public schools.
In looking at the barriers families face, one of the most significant barriers is the cost of tuition and school expenses. Providing information about the diverse financial aid opportunities your school offers early and often is one way to increase applications and enrollment.
Ensure that families know financial aid basics, such as the application process and what type of aid is available. Consider adding a financial aid resource hub to your website for easily accessible information. Consider setting up a financial aid booth at open houses where families can ask questions and take home information handouts.
Remember, financial aid can be confusing and intimidating for families; demystifying the process upfront will empower them to apply at your school.
3. Maximize Your Online Presence
There are new drivers for why families choose public or private schools—getting a better understanding of those can be a crucial strategy to grow your enrollment and admissions at your school. These drivers may include wanting a different academic curriculum, wanting to belong to a close-knit community, and smaller class sizes with more 1:1 teacher interaction.
The interest is there, and independent and private schools can leverage that interest by shifting communication tactics to meet the needs of today’s parents; more parents today are researching their options online, including on social media, for private schools.
New opportunities for early engagement with prospective families through your website and social media can give parents a bird’s eye view of the benefits your school offers over competitive schools. For instance, in a recent Pew research study, the data on social media users found that close to 50% of adults in the age range of 30-49 use Instagram.
Research your target market and ensure your communication tactics align with where and how they prefer to receive information.
How Will Your School Adapt?
Staying up to date with the fluctuating market is always top of mind for private schools, and the past few years have changed what it requires to adapt. Whether you are adding a new revenue stream or looking into expanding your financial aid options, schools are quickly turning to technology to help them reach their goals.
Modern K-12 technology can offer schools expanded capabilities to work smarter, not harder; think real-time admission and enrollment data, peer-to-peer fundraising with social media sharing, and centralized communication with families.
Wondering what’s possible? Start with The Private and Independent School’s Guide to Choosing School Management Software and Services. This guide walks you through how a modern solution can benefit your school.