The main way that people know to run a raffle is to have everyone participating purchase a ticket and then place the tickets into a box. When a ticket is pulled, that person wins the prize and everyone else loses. Instead of just one winner, you can have several who each get a spin on your prize wheel.
It will be too expensive using a Prize Wheel
The beauty of using a prize wheel comes from the law of averages. If you have 14 slots on the wheel and you have four of them filled with sorry, try again, you will only have 10 prizes out of every 14 spins. You can also use these slots to give customers discounts of 10 or 15 percent off a single item. This may be the same discount you run with coupons, but they feel like they have won something and will make a purchase in the store. You fill the others with 20 dollars of store cash, that has to be spent in the store and has no cash value, and you are promoting your business while still raising money with a raffle.