How Libraries as Intellectual Properties Raise Revenue

Both online and offline libraries hold myriad copies of books either for research, or fiction reading just to mention but a few. Interestingly, libraries can raise levels of revenue as intellectual property.

How Libraries as Intellectual Properties Raise Revenue
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Reading is essential for the overall growth of people. Libraries are “intellectual properties” of the transfer of skills and knowledge.

Both online and offline libraries hold myriad copies of books either for research, or fiction reading just to mention but a few. Interestingly, libraries can raise levels of revenue as intellectual property. This is done in the following ways:

Partnership with others

Partnership with others provides numerous avenues of collaboration that aids in raising revenue. As far as the “library community” is concerned, you can do the following: Offer to sell coffee to the library attendees, reach out to local eateries and restaurants so that when the community gathers to sample new delicacies and dishes.

Library services are marketed, partnering with corporate firms to sponsor the corporate social responsibilities and events as reach out to the community is enhanced additionally, these corporate sponsors can also help donate library resources in bulk as the library books are leased as per a certain fee to the entire library community.

Make the Most of Your Space

The library space can be used to the maximum. Apart from the library being a “storehouse” of books, events can be organized within the library premises for harmonized charges/fees.

Churches can meet in the environment for their regular fellowship at a certain fee. Universities and school clubs and organizations can organize retreats within the library environment. The events package should cover all aspects of professional events organization. For corporate events, the library halls should be fitted with quality sound systems and projectors.

In the same vein, the charges should be affordable and towards the size of the venue and duration of the event. In instances that the library space has an indoor arena, this will be very useful for indoor games during school championship games.

The revenue raised towards hosting these events should be used in making the library space bigger, professional, and with great ambiance in hosting all manner of events within the library’s jurisdiction.

Increase your “Paid For” Services

Paid for services is a great way of generating revenue for the library. A photography studio within the library premises that processes indoor photography services such as passport photo shoot is a wonderful place to start.

More so, the library patron should sell membership and subscription that offers special access to limited edition library books, video, and audio material. It is worth mentioning that these limited edition books or online resources should be set at a price that can only be purchased for their immense value rather than so cheaply for their availability. These services should be flexible within the community setup. A library stand for upcoming authors should also be set up as “paid for” services within the library.  

Offer what you already have

The library services that are on offer in generating revenue should be based on the aspect of availability and accessibility. The Library staff should be at hand in giving library tours to new library users.

Spelling bee competitions will motivate young readers to read more and participate in this contest as it also has great rewards for the winners. Well-known local authors should converge in the library together with the library community for live readings and book signings.

The proceeds from this event should go towards the library development fund. Creative writing, master classes, and writing boot camps should be organized from time to time to nurture the writing and reading culture of the community and students.

The revenue collected from this event should go towards purchasing special books collections that have not been available on the display. In consideration of “spare books” that the library will have, conduct a huge sell-out with massive discounts on the books on sale. This gesture will attract the reading community towards book ownership and readership while the library’s stream of revenue will be stretched to new heights.

Finally, organize a huge event with the book club as an appreciation for the work the community is channeling towards the library course. The librarian should read books to the children while agreeing on the registration fee for the New Year’s library activities.

The library should be owned by the community rather than the librarian and the library staff. The revenue generated should make the library experience better and worthwhile. As all these revenue measures diversify the library’s income, a reading, writing, and research culture in the community will be cemented for the upcoming generations. 

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