J P D
New Contributor
Hey guys,
I have been giving some thought to this idea for the past couple days and just wanted to get some feedback. I initially wanted to set up a for profit raffle but discovered too many legal issues involved. To get around these issues, I decided to set up a sweepstakes instead. Here is what I've come up with so far.
I picked a product that is both costly and essential to a persons day to day life. I will sell bumper stickers with my domain on them for $3.00. The purchase of a bumper sticker will enter you in a chance to win a years supply of the product via gift cards. The drawing will occur on a monthly basis and all non winning entries will be voided. I will offer one winner for every X amount of entries. (still working out the fine details) The point is not to sell bumper stickers, people will be paying to get into the drawing, the bumper stickers are just a way to get around the raffle/lottery laws.
My numbers are just rough estimates for now. I sourced a local shop that will make 10,000 stickers for $750, so...
10,000 stickers @ $3 = $30,000 monthly gross
Expenses = $800 for stickers
$2,000 for gift cards
$4,500 for postage to mail stickers
$x for other biz expenses (web hosting, envelopes, etc..)
Even if I rack up 10k in monthly expenses I will still walk away with 20k.
The way I figure is that people would jump at the chance to win a years supply of any necessary product for a meager amount of money. I would be helping someone out and make a nice profit for myself in the process. If by chance they put my sticker on their car or a wall somewhere that would be free advertising.
Like I said, this is a new idea so everything is just roughly estimated for now. I am looking for any feedback. Has an idea like this been tried before? Am I missing anything of importance here? Any big expenses that might come up?
Thanks a ton
I have been giving some thought to this idea for the past couple days and just wanted to get some feedback. I initially wanted to set up a for profit raffle but discovered too many legal issues involved. To get around these issues, I decided to set up a sweepstakes instead. Here is what I've come up with so far.
I picked a product that is both costly and essential to a persons day to day life. I will sell bumper stickers with my domain on them for $3.00. The purchase of a bumper sticker will enter you in a chance to win a years supply of the product via gift cards. The drawing will occur on a monthly basis and all non winning entries will be voided. I will offer one winner for every X amount of entries. (still working out the fine details) The point is not to sell bumper stickers, people will be paying to get into the drawing, the bumper stickers are just a way to get around the raffle/lottery laws.
My numbers are just rough estimates for now. I sourced a local shop that will make 10,000 stickers for $750, so...
10,000 stickers @ $3 = $30,000 monthly gross
Expenses = $800 for stickers
$2,000 for gift cards
$4,500 for postage to mail stickers
$x for other biz expenses (web hosting, envelopes, etc..)
Even if I rack up 10k in monthly expenses I will still walk away with 20k.
The way I figure is that people would jump at the chance to win a years supply of any necessary product for a meager amount of money. I would be helping someone out and make a nice profit for myself in the process. If by chance they put my sticker on their car or a wall somewhere that would be free advertising.
Like I said, this is a new idea so everything is just roughly estimated for now. I am looking for any feedback. Has an idea like this been tried before? Am I missing anything of importance here? Any big expenses that might come up?
Thanks a ton
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