Creating a scholarship program may be one of the most refreshing, beneficial, and meaningful actions you take as an individual or business owner. There’s quite a bit that goes into the process, including finding your “why”.
An important component of the scholarship creation process is defining why you want to do this and what you hope to accomplish by doing so. It may seem like an easy question. Most organizations that set up a scholarship program want to support the future of their industry, smart kids who are struggling financially, or brave individuals who need financial guidance. Look deeper into this though, to know what you truly are doing.
What Is the Purpose of Your Scholarship?
To create a successful scholarship program, you need to consider the real impact you hope to make with it. What is its purpose? Many providers state they want to help those in need to gain a college education. Some want to help people finish their education. These are noble and worthy reasons. If your purpose is unclear, here are some questions to ask to help in finding your “why”:
- What is the purpose of the program?
- What purpose does this scholarship program have in the community, state, or region?
- Which students in that space do you want to help the most?
- What type of impact do you want to have?
- What gaps exist in the community or financial support system for those who you are aiming to support?
Take the time to consider the impact of your scholarship program. When you clearly define this impact, your stakeholders are more likely to get behind your program and, in some cases, support it on an ongoing basis. Learn as much as you can about your target students, who they are, and what they need. Find out what level of support is best for those individuals based on your goals.
Next Steps?
Once you have answers to these questions and have been successful in finding your “why”, you can begin to clearly define your scholarship program and the target user. That’s a good starting point. The next step is to create terms and define the details of the opportunity.
Before getting too deep into those steps, you may consider using a scholarship management service to support the entire process. This helps to ensure that the scholarship checks all of the right boxes and enables fair treatment of your applicants. It can help with the creation and management of your scholarship program from start to finish.
For many scholarship providers, working with a management service is essential. It may help to minimize frustrations and ensure the scholarship’s design is as simple as possible, saving providers time while also helping to minimize any risk.
Making it a Success with Scholar’s App
Scholar’s App is one of the best tools for scholarship management. It helps to simplify the process by providing a free platform for donors to assist throughout the entire life cycle of the scholarship. The app is an all-in-one solution. It helps track the entire scholarship process for students and enables them to create profiles and submit their applications online.
At the same time, it helps support the needs of the scholarship provider. It provides tools and resources to help with the setup and management of scholarship programs that truly reach the right students in an easy-to-manage manner. Create a free donor account on Scholar’s App today.
This is the first article in a 3 part series. Read Part Two here.
