How to Race Night using Money
Here we will demonstrate how to organise a fundraising race night with the Money method which is used in the United Kingdom and Ireland and common in New Zealand and some states of the USA, Canada, and Australia. We will illustrate how you can raise £1500 in just a couple of hours starting with absolutely nothing. We shall assume that we are planning on purchasing a 'premium' virtual snail race night with 8 races. Hold on to your hats 'cos here we go. . .
Sources of Funds
There are six main sources of funds for the Race Night, three before the event: Race sponsorship, Runner sponsorship, and Admission ticket sales, and three at the event: Tote tickets, 'Lucky Dip' tickets, and Auctioning the runners. The most important are the Sponsorships, the Tote Tickets, and the Auction. We'll deal with each in turn.
Step 1: Race Sponsors and Naming the Races
Action: You ask local businesses to support your fundraising effort by sponsoring and naming one of the races. You point out that:
- their name and their race name will be on the racecards and up on the screen
- their race name will be on the tote tickets
- their name and their race name will be called out in the video (optional)
All this is excellent promotion and advertising.
Result: You received sponsorship of £25 per race for each of the 8 races for your event.
Well done! Your fundraising is underway - you have raised £200 in funds.
Note: For larger events, you can ask for a fixed sum of from £50 to say £200 or more for sponsorship of a race.
Step 2: Runner Sponsorship and Naming the Runners
Action: You ask friends and colleagues to sponsor and name a runner for £5. You point out that:
- their name and runner's name will be on the racecards and up on the screen
- their runner name will be on the tote tickets
- Peedy Parrot will call out their runner name and name (optional)
- they will receive a prize of £10 if their runner wins the race
Result: Congratulations! You got 64 runners sponsored at £5 each, raising another £320 of funds.
Your fundraising event is looking good. You have now raised a total of £520
Note: For larger events, you can ask for a fixed sum of say £10 to £20 for sponsorship of a runner if you adjust the prizes accordingly.
Step 3: Order and Pay for your Race Night
Action: For the sake of this demo, we will assume the purchase of an 8 race 'premium' snail race night for £165*. You either collected sponsorships manually using a sponsorship collection form and either type them into your order or, if you have a Shop, you just import them into your order, to complete Step 2 of the online ordering process at fundeo.com.
Result: You pay out £165. Thank you!
Your balance is now £355 profit.
Step 4: Admission tickets and Posters
Action: Some organisers provide food for their audience and sell admission tickets. For this demo, we shall assume you keep things simple and don't sell admission tickets. You do however make posters using our Race Night Poster Templates.
Result: Your balance remains at £355 profit.
Step 5: The Tote
Action: At the event, you gain an audience of approximately 100 people. You start the video and get the show moving!
Before each race you either manually with your tote table, or automatically with your Shop, sell tote tickets at £1 each. When the tote is closed you summate the income (say £200 per race), withhold 50% for your good cause (£100 per race) and pay out the remainder (£100 per race) as prizes divided amongst the winning tote tickets. You also payout the £10 prize to the sponsor of the winning runner in each race.
Result: Congratulations! After paying out prizes you made an extra £720 profit.
Your fundraising event is raking it in. You've now raised £1075 of funds and there's more to come!
Note: A ticket price set at £1 to £2 is normal. For fun events, you can hand back most, if not all, of the takings to the winners instead of putting money aside as funds.
Step 6: 'Lucky Dip' tickets
Action: Some organisers appoint one person to sell a set of 28 lucky dips in every race at £2 per ticket (raising £56). There is only one winning ticket in a set for which they pay out say, a £10 prize, raising an extra £46 per race. For this demonstration, we shall keep things simple and assume you decide not to sell lucky dip tickets at your event.
Result: Your balance remains the same at £1075.
Step 7: Auction of the Runners
Action: Before the last race, you either manually, or automatically with a Shop, hold an auction to 'sell' each of the last race runners to an 'Owner'. You add the total for all of the runners, keep half for your 'good cause' and give the other half as a prize to the 'owner' of the winning runner.
Result: You auctioned each of the runners at an average of £100. Your total auction takings were £800. You paid out £400 to the delighted owner of the winning runner and raised an extra £400 funds.
Congratulations! You've now raised a total of £1475
Take a bow - you have won the respect of your local community and are now renowned as the local fundraising guru!
Ssshh! We won't tell anyone how easy we made it for you! ;-)
Note: Often more money is raised in the auction than in all the other races put together.
- everyone had fun!
- the sponsors were delighted!
- some of the winners had windfalls!
- you staged a professional event!
- everyone wants more Fundeo Racing soon!
- and you've raised £1475!
Does this sound easy? Well, it is- especially with a Fundeo Shop!
Whatever happens, we believe that our personalised Race Nights with our free compere, Peedy the parrot will make your fun and fundraising race nights easy to run, allow you to organise a risk-free event, and give you the best possible chance to meet your objectives. Just make sure you add a Fundeo Shop to your arsenal. Good luck!
Note: Income excludes payment charges and platform fees and is solely to illustrate how a race night works. * Current price at the time of production.