How Does a Silent Auction Work As a Fundraiser?
Silent auctions serve as effective fundraisers because they provide donors with entertainment and products in exchange for their contribution. Often used by charities, silent auctions can be semiformal or formal and provide an evening's worth of entertainment for guests. Organizers can use several strategies to bring in money for their cause during the silent auction.
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Donations
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Securing donations from businesses is the first step in raising money at your silent auction. Ask businesses to donate products or services that you can auction off. Gift cards to restaurants or spas, electronic items like a GPS or laptop or local sports paraphernalia are common items. Think about the budgets of your attendees when choosing auction items -- if they are big spenders, they will be willing to bid on higher-priced items like electronics. However, if you're inviting guests on a limited budget, choose smaller auction items like gift cards and simply offer more of them to increase profits.
Auction
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Set up tables throughout your venue to display auction items. Provide descriptions of each item as well as any restrictions on its use. Include a sheet of paper next to each item so that participants can write their name and bid for the item. Give guests plenty of time to browse through the items and place their bids. At the end of the event, announce the winners. Since the items were donations, your organization will receive the bids in full to go toward your cause.
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Tickets
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Another way to increase profits at a silent auction is to sell tickets to the event. Since attendees will receive entertainment and food, either in the form of a sit-down dinner or hors d'oeuvres, they likely won't mind paying for a ticket into the event. Sell tickets individually or in couples. You can also sell tickets to local companies -- give the companies an option to purchase a table's worth of tickets. Set ticket prices so that they cover the cost of food and entertainment and allow you to take home a small profit on each ticket.
Entertainment
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Entertainment at the silent auction can encourage people to attend. A live band or DJ can get guests on their feet. Offering food catered by a well-known local restaurant can entice people to buy a ticket as well. Provide an open bar, or give attendees a few drink tickets as part of their ticket price. The more people at your auction, the more money you will raise.
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References
- Photo Credit red ticket image by Rick Sargeant from Fotolia.com
