Hands up if you don’t like free money.
As we can see, all hands are down. Free money is good, only that it’s so hard to find. Unless someone gifts you some cash, the only place you’re going to find free dough is in the casino or playing the lottery, and that needs some serious luck.
If you’re an entrepreneur, though, you can make money by offering free money to people. If you’re on the fence about starting a money giveaway business, don’t quit yet.
Read on for a few compelling reasons to march in with your plans.
1. No Shortage of Customers
A money giveaway business can take the form of a lottery jackpot or a raffle competition. It’s considered a money giveaway business because winners can take home a fortune after spending a few bucks to play the game or buy a raffle.
One of the biggest reasons to start the business is there’s no shortage of customers. In a 2020 survey, a whopping 40% of residents in the UK admitted to playing a national lottery game at least once in the last year.
As long as your lottery or competition business is legitimate and marketed properly, you’ll have customers who are willing to pay to participate. Behind the scenes, this is how you’ll make money. The more people play, the more money you’ll make.
2. Easy Business to Start
Starting a money giveaway isn’t rocket science. Since you are not building any product, there are no manufacturing or quality control headaches to worry about.
This is a service business; even then, you aren’t offering any real service. You’re just asking people to enter the competition, after which they stand a chance of winning some “free” cash.
How hard can it be to start such a business? Put together a competition website, get the necessary permits/licenses, run a marketing campaign, and the business is off the ground.
3. Brand Awareness
More often than not, money giveaways are run by established businesses as a way to reward their customers. Of course, behind the scenes, the business strategy is to generate more revenue, but it’s also an effective way to increase brand awareness.
So, if you already have a business that could do with some publicity, start a money giveaway program. You already have an existing customer base to sell the idea, but the press your company will get is invaluable, especially if the amounts being given away are substantial.
4. Change Someone’s Life
In the U.S., someone won a whopping $2 billion in a lottery, but you don’t have to give away such amounts. Offering someone the opportunity to win even few thousands can change their life.
Every time you run a money giveaway, there’s a chance that someone who really needs the money will get it. Such inspiring stories can give you a sense of purpose.
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Launch That Money Giveaway Business
Opening a money giveaway business might not be the first thing that comes to mind when you’re brainstorming for business ideas, but, as you can see, the market is there. Startup costs are low, and getting the necessary paperwork isn’t a big deal.
Find more business tips, ideas, and advice on our blog.
