Bringing a New Product to Market?

3 P’s : Personal, Planning & People

Tax time is the perfect time of year to start thinking about being smarter with your finances. Every year, you pay your civic dues, so isn’t it time you made your money work for you? Whether it’s using your refund to invest or finding new funding, there are plenty of options when it comes to growing the capital you need to keep your business running.

 

When a business prepares to launch a new product, there’s usually a question of why is it so difficult to find funding. This can be summed up in one word – risk. No matter how unique or special your idea is potential investors will look to see if you have a sellable product.

Two key indicators are proof of revenue, even non-profitable, and purchase orders. Even if you aren’t at this product development stage, SnS Design can help you start planning ahead. All you need to get started is to follow the 3 P’s – Personal, Planning and People.

Personal

Make sure that your credit is in good shape. When the time comes to find funding, you’ll be ready to show you’re financially responsible. Once your credit is in a good place, you can start thinking about how to get financing. Here are ‘9 Creative Ways to Finance a New Product Launch’, by Bplan’s Scott Gerber.

Planning

Look at every financial detail, from potential lenders to vendors who have invested in similar products. The more you plan, before seeking financial support, the better your chances of success. It is also smart to incorporate your business and plan for patent protection.

People  

Building relationships and networking will never steer you wrong when it comes to getting others vested in your product. Surround yourself with others who believe in your product. Finding the right team and business partnership will be instrumental in not only starting, but growing your business.

What is one of the smartest ways you can invest your money?

 

Let SnS Design prepare you to launch a new product.

Invest in the Right Partner Today. 

Let’s start the conversation.