What are effective ways to increase revenue for your library management budget?

1 Apply for grants and donations

One of the most common and fruitful ways to raise funds for your library is to apply for grants and donations from various sources, such as foundations, corporations, government agencies, or individuals. Grants and donations can help you cover specific costs, such as equipment, materials, staff, or projects, that may not be included in your regular budget. To increase your chances of success, you need to research the eligibility criteria, deadlines, and requirements of each potential funder, and craft a compelling proposal that aligns with their objectives and demonstrates your library's needs, outcomes, and benefits.

2 Charge for value-added services

Another way to generate revenue for your library is to charge for value-added services that go beyond your core offerings and provide extra convenience, quality, or expertise to your patrons. For example, you could charge for printing, copying, scanning, faxing, laminating, or binding services, or for renting out meeting rooms, equipment, or spaces. You could also charge for providing specialized consultations, workshops, or courses on topics such as information literacy, digital skills, or research methods. However, you should be careful not to overcharge or exclude anyone from accessing your essential services, and to communicate clearly the rationale and benefits of your fees.

3 Create a membership or loyalty program

A third way to increase your revenue is to create a membership or loyalty program that encourages your patrons to support your library and rewards them for their loyalty. For example, you could offer a premium membership that gives patrons access to exclusive benefits, such as extended loan periods, reduced fines, priority reservations, or discounts on other services. Alternatively, you could offer a loyalty program that gives patrons points or credits for every visit, loan, or purchase, which they can redeem for prizes, gifts, or vouchers. Such programs can help you build long-term relationships with your patrons and increase their satisfaction and retention.

6 Seek partnerships or sponsorships

A sixth way to increase your revenue is to seek partnerships or sponsorships from other organizations or businesses that share your library's vision, values, or interests. For example, you could partner with a local school, college, museum, or nonprofit, to collaborate on joint projects, programs, or services, and share the costs and benefits. You could also seek sponsorship from a local bank, store, restaurant, or media, to support your library's events, campaigns, or initiatives, and offer them recognition, exposure, or incentives. Seeking partnerships or sponsorships can help you leverage your library's strengths and resources, as well as expand your network and reach.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?