How does a university facing reduced enrollment find new sources of revenue? Let's get specific.
There are a number of answers to this question. And they hinge a bit on how much time your institution has. Is this need for diversified sources urgent, as in, “Let’s get a new program out there this summer to increase fall enrollment”? Or do you have funds (endowment or reserves) to draw upon for the next year to weather the storm, allowing new revenue sources to be developed more slowly?
Either way, the response will require speed -- not a strong suit for academic institutions in general. And it requires a level of nimble creativity and well-coordinated collaboration. These are hard combinations to pull together. But mostly, it is the compressed length of time to bring a new idea to market that will likely be your biggest challenge.
With this post we are offering a range of ideas for new academic programs that you can offer to students across the country and around the world. For the most part, these are all programs that you can create from what you have on hand already. There’s a bit of repackaging and rebranding required. And an innovative delivery system. But it can all be done in the time you have available.
What’s the catch? Why haven’t you done this before? Well…
To succeed at this, you must have support from the those at the top and the ability to innovate. Easier said than done. But now your success depends on just that — getting it done.
Want to find a way to fill the looming holes in your revenue streams? Our recommendations and tips follow.
This is not for the feint of heart. Buckle up and read on.Read More