Fundraising is a tricky business, but if done right, it can really help support some of the most important causes in a profound way. A major factor that all fundraisers should consider is profit margin. How much money must I invest in order to make the money we need to consider the project a success? Is my PTO fundraising ideas capable of fronting the necessary cash? Understanding the value of spending less to earn more is the key to not only having a successful fundraiser, but blowing your profit goals out of the water.
There is one product out there that is sure to turn a profit for you: promotional silicone wristbands. There are several key reasons for this. The price point is a major one. The cost for a silicone wristband at 100 pieces (the minimum required at most custom wristband sites) is under a dollar. The customer values the item at a much greater dollar amount than it costs to produce. The ease of sale is also important. Wristbands are an inexpensive, popular item easy to wear in any environment and with any outfit. And finally, if you’re setting up an online purchasing mechanism (strongly suggested) the shipping costs for your item are negligible. The wristbands are so light they can fit in a normal letter envelope.
How inexpensive are custom wristbands to design? Say you need 500 to sell in support of a sick co-worker. The cost for 500 half inch wristbands (the standard for most fundraising projects) is usually in the ballpark of 60 cents per item. That’s $300 for 500 wristbands. If sold at $5 per item, you’re looking at grossing $2500 and profiting a whopping $2205.
I know what you’re thinking. Can I really get people to spend 5 dollars on a wristband that only cost me 59 cents? You absolutely can. This is because people are not just buying a wristband. They are buying in to your important cause. It may be a cause that is dear to them on a personal level (the helping of a mutual friend) or a general cause anyone can relate to (supporting cancer research). This emotional attachment creates an intrinsic value beyond the mere material cost of a wristband.
Some websites also accept Purchase Orders from organizations. This would allow you or your group to receive your wristbands before ever having to pay for them. The fundraiser literally pays for itself. Not every site will do this, but if you look around you can definitely find it. Other websites will allow individuals to purchase the wristbands on net-30 terms. Not everyone will qualify for this, but it’s worth applying for if money is tight and you’ve got an important cause to support.