A Raffle Can Raise a Great Deal of Money by Caitlyn Ratliff
A Raffle Can Raise a Great Deal of Money by Caitlyn Ratliff
Raffle fundraisers are a great way to make money for non-profit organizations because it promotes many people to participate. With the understanding that the more tickets a person buys, the better chances that person has of winning, any person who wants a serious chance at winning the prize will buy multiple tickets. On top of that, the number of tickets bought by each person typically grows with the total number of tickets because the more tickets that are in the raffle, the more tickets a person would need to have a serious chance. For that reason, non-profit organizations can make a great deal of money from these types of fundraisers, provided they manage the fundraiser properly.
Non-profit organizations have two options when holding a raffle fundraiser when it comes to prizes. Their first option is to spend their own money on prizes, and hope that the money they make from selling tickets will cover what they spent and then some. Their second option is to look for individuals or businesses to donate prizes, in which case all of the money made from selling tickets goes towards the fundraising effort. The second option may depend on the type of organization. A church group, for example, might have the members donate items to create prizes. In which case the church does not lose money but the individual members lose a small amount. Other non-profits with a less distinctive membership might not be able to follow the same pattern. For such groups, appealing to businesses for donations in exchange for publicity might work best.
Apart from where the prizes come from, it is important to personalize the prizes for the audience the group is trying to appeal to. Certain prizes are not appropriate, therefore prize selection is a task meant for great care. An event targeted at new or expecting mothers, for example, would have little use of a prize involving alcohol. Also, the greater value of the prize allows for more money to be charged per ticket. A gift basket may not be worth much, but a weekend getaway or some other extravagant prize would allow the organization to charge a greater amount of money for each raffle ticket.
As for selling tickets, one of the greatest motivators for selling is a chance at winning as well. Offering each volunteer that sells tickets a chance to win, as well, can boost their selling a lot. For example, for every five tickets they sell they can get one ticket for themselves. That way, the five tickets that are sold bring in revenue and the seller is more likely to sell more. Of course, the ration of tickets can be decided based on the price of the tickets and the value of the prize. If the tickets are cheap, then the volunteer should have to sell more in order to win more. Another way to motivate selling is to have a separate prize for volunteers. Whichever of them sells the most by the end of the raffle wins, or some other challenge such as that.
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Contributed by Caitlyn Ratliff
September 30, 2015