Hello, fellow entrepreneurs!
I've been brewing a business idea and would greatly appreciate insights on how to bring it to life. My concept revolves around offering businesses a service to drive sales while minimising their financial risk.
Here's the gist: I aim to provide businesses with a strategy where they can entice customers with the chance to win substantial sums of money, in return for a nominal fee or a mutually agreed-upon percentage of their increased sales. The catch is, if a customer wins, the prize payout would be covered through an insurance policy.
For instance, picture a local takeaway wanting to draw more customers. We agree that for every purchase over £35, customers get a shot at winning £10,000 by spinning a wheel. The takeaway owner, in this scenario, would pay me a fixed fee for this service.
I'm eager to navigate the logistics of this idea. How would one go about structuring such arrangements? What legal, financial, or logistical considerations should I bear in mind?
Moreover, how can I approach businesses with this proposition and ensure a win-win situation for all parties involved?
I know the model isn’t new as insurance companies directly offer this type of policy but I would insert myself as the middle man and manager the policy, game and paying the winner and I’m not sure if something like that exists.
I'm open to any guidance, tips, or experiences you can offer!