Raffles are a great way to raise money. At CTREE in Bridgehampton, NY, we have the ability to get our hands on an Hermés Birkin Bag every year from a generous donor. Not everybody has that kind of hook up, obviously, but you can still get creative. Before you set your sights on adding a raffle to your event, make sure you sort out the following:
- If you have to buy the item, how many tickets do you have to sell to even cover the cost? Sometimes getting a really big ticket item ends up being more steps than its worth and not actually making any money.
- Do you really have time to sell tickets for this item before and during your event? If you can assign someone to chair this specific portion, you’ll be way better off. Even though it doesn’t seem like a lot of work, it can really get lost in the shuffle when you have so many other things to consider.
- Is your guest list going to be willing to buy a raffle in lieu of a donation or a ticket or table? Sometimes a $20-$50 raffle is an easier ask than a $150 ticket or a $5,000 table. But you have to sell a lot of them.
- How much is it going to cost to print raffle tickets or are you going to just use a cheap roll of tickets? For high priced items it is much better to have a beautiful ticket produced, but adds to the cost of securing the item.
- Try and set a limited number of tickets so it increases the odds of winning, but make sure you make the ticket costs higher the lower the amount you’re selling.
- Pick someone fun to choose the winner and have the Dj play an awesome song. It can be a bit anti-climatic if you don’t make it a big reveal.
Raffles are a fun and easy way to add more money to your event fundraising efforts and can even take the place of a time-consuming client auction to just go for one or two big-ticket items.