Following on from the previous article where I talked about the chance to win a million pound house in the Cotswolds through Omaze and how you could make money with competitions, I want to expand on that idea a little bit more today.
If you haven’t read that article and have no idea as to what I am talking about, you can read it here: Win A Million Pound House In The Cotswolds.
I discussed that you could use a competition to raise the funds for the prizes which you give away.
For obvious reasons, as the first prize may be a gamble, you may or may not get enough people to enter to cover the cost of the prize itself, I suggest that you start small and grow.
The first prize may cost you a little out of your own pocket.
You could always partner with local companies and see if they will offer prizes to give away as a way to give them more exposure.
Instead of doing the odd one or two competitions here and there, I was wondering whether this could be run as a monthly subscription business where people pay £5 for the opportunity to win prizes each month.
This isn’t a new concept. Go to any newsagents and you will see magazines and booklets dedicated to competitions, quizzes and puzzles which give away prizes.
Those prizes will be paid for by the cover price of those magazines and booklets… or at least helped. The cover prices also cover the cost of materials, printing, editing and the distribution of them, but so much of that money will go back into paying for prizes.
Basically, people are paying for the opportunity to win prizes while being entertained.
These are people who are paying £3 or more each month to simply buy the opportunity to win cash prizes, holidays and electrical items.
Think about that for a minute.
People are paying for the opportunity to win ‘stuff’.
And unlike the national lottery, there is a greater chance of winning because there are less people entering each competition.
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People often pay more if they know that they have a greater chance of winning.
It’s okay paying a pound or two to win a £5million jackpot, but if there are 14 million other people also trying to win it, your chances are reduces to nothing more than being a slight chance.
At least with just a few thousand people to compete against, you have a greater chance of winning.
Some people have made small fortunes by focusing only on smaller competitions which less competition.
Imagine having a website which runs monthly competitions for paying subscribers.
1000 people paying £5 would give you £5,000 a month.
2000 people paying £5 would give you £10,000 a month.
You may be able to charge more, but that will depend on what your prizes are.
I think that 50% of that monthly income should be invested into prizes, maybe more, so that you are giving away prizes that are valuable enough for people to want to carry on paying £5 each month.
£5 per month for a full year is only £60. That is nothing compared to the value of the individual items they may win.
This is the ultimate ‘win-win’ scenario!
They win, and you win.
For £5 each month, people automatically get five entries (or more if you choose) to each competition that month. You could also sell ‘extra entries’ bundles to specific competitions.
For example, if you were giving away a laptop and some people really wanted to win it, they could pay £5 for another five or ten entries giving them a greater chance to win.
Prize draws could be done live online once or twice a week turning it into an event. A prize draw party if you will.
I’m not saying that you have to do that, but I think it would be good.
Looking at the popularity of online casinos and gaming sites and those crossword and puzzle magazines which payout cash as prizes and giveaway electrical items, I see no reason as to why other people such as yourself cannot make a successful business out of a monthly subscription based competition website.
What do you think?
When people join a subscription based business like a monthly competition website, they will give you their email address.
This is where more money will be made.
Not only will you send simple emails regularly to update people about new and existing competitions, you can promote other products or services and push the ‘extra entries’ bundles.
Email is an incredibly powerful tool which when used with a competition based business like the one outlined in this article, it will make you a lot of money.
If you would like to know how to build your own website perfect for running competitions from and grow your own email list, go to:
The Email Secret
Kind Regards
John Harrison
- You’ll learn everything you need to know on how to write and send money making emails, grow your email list PLUS you will be given the webpage templates that you need to start and run your very own profitable online and email based affiliate business.
Here’s that link again: