Free video: How to run a successful, profitable and legal prize competition business
The Prize Competition Toolkit is a 9 stage, step-by-step guide to launching and running a successful, profitable and legal prize competition business
Stage 1: Create a business plan and cash flow forecast so that you can see, in advance, if you have a financially viable business.
Then use this information to find out how much start-up capital you need to launch your business and what options you have if you don’t have it.
Stage 2: Make your prize as desirable as possible, but be careful. Your prize could be your biggest expense and if you’re not careful, it could be the very thing that prevents you from making a profit in your business. I explain how to guard against this.
Also, work out who your ideal target market is and how to attract loyal fans to your business.
Stage 3: Decide what entrants need to do to have a chance of winning your competitions.
I explain the types of task or competition you can consider and those you should avoid.
I also explain how to set the question at the right level of difficulty so you can comply with the law.
We’ll also look at the pros and cons of offering a free entry route and whether this is something you should consider.
Stage 4: How to maximum the profits in your business.
We’ll look at how to set the price of entries, whether or not to put a cap on sales, and some other ways of boosting profits if you’re not hitting your targets.
Stage 5: How to set opening and closing date for your competition to give you best chance of selling enough entries for your competition to be a success, without breaking the law.
Stage 6: Preparing all of the legal documents you will need to launch your business.
The template documents included within the Prize Competition Toolkit are:
- The competition terms and conditions;
- Sample FAQ’s to answer customers questions about your competition;
- An acceptable use policy; and
Plus full instructions on how to complete them.
No legal training or prior knowledge of the law is needed. All you need is to be able to do is edit a Word document and I will give you clear instructions so you can prepare all of them and tailor them to the specific needs of your business.
It’s that straightforward!
Stage 7: The infrastructure you need to run and administer your competitions.
We talk about your website, your CRM system, payment providers and bank accounts.
Stage 8: How to advertise and market your competitions whilst staying within the law.
Also, how to ensure you don’t inadvertently infringe anyone else’s trade marks or intellectual property rights if you are giving away branded products as prizes.
Stage 9: Choosing the winner and giving away the prize.
How to ensure the process is fully transparent and conducted fairly so you can avoid complaints from anyone who didn’t win.
I also explain what your obligations are if you cannot contact the winner and have to choose an alternative winner instead.
If you follow these 9 stages, you will know everything you need know so you can run a successful and profitable prize competition business.
You will also be able to rest easy knowing that it’s all legal, above board and the authorities aren’t going to try to shut you down for running a gambling business or illegal lottery.
Bonus 1: 1 year's free email support to answer any questions you have about setting up and running your prize competition business.
Bonus 2: Letter of advice to your bank and/or payment provider to confirm your prize competition business is all above board and legally compliant.
To take all of the risk out of this for you, the Prize Competition Toolkit also comes with a 30-day, full money back guarantee. No catches, no hidden small print. If this isn't for you, simply let me know I will give you a full refund straight away.