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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
