Not-for-profit charitable organizations often hold raffles to raise funds. A raffle is a type of game where a prize is advertised and tickets or chances to win the prize are offered for purchase. Funds are raised by the ticket sales. The prize is often donated and 100% of the proceeds can then benefit the charitable organization. Holding a raffle requires substantial planning. Deciding on the venue, marketing and the ticket prices requires research into required expenses. With proper planning, you can set your ticket prices and make the raffle profitable for your organization.
Establish a profit goal. You need to know how much income you would like to generate for your organization.
Decide on the raffle prize. Contact local merchants about donating prize items.
Establish raffle expenses. Factor in the expense of the raffle prize if it is not donated. Also include the cost of ticket printing, advertising and ticket distribution expenses.
Total up the anticipated expenses related to the raffle. Add your profit goal to that total and divide that figure by the anticipated number of tickets that you plan to sell. Round up to the nearest dollar. The result of that calculation is the price that your should set for your raffle tickets.
- Raffle requirements vary by location. Check your local and state regulations.
- Encourage individuals to purchase multiple raffle tickets by offering discounts to those who purchase two or more tickets.
- raffle tickets image by Alison Bowden from Fotolia.com