New Product Funding

Goal:

Secure funding for manufacturing new product invented by owner of retail and online business. Organic, all natural beauty products.

Situation:

Small business owner has developed product and needed financing for manufacturing and marketing. Banks were not willing to loan money to small company with limited profitability in retail market despite retail business staying viable during recession while also showingstable online business revenue. The funding requested is too low for banks to make profits while too high for personal loans, which is also not recommended.

Backpocket’s solution:

Coached client to stay focused on business plan for product and stay motivated with opportunities with other financing options. Client highlighted independent blind test group results and vast experience in industry in her business plan. Strategy was to also highlight case studies and show lack of competition with this product while emphasizing years of research and development to create this specific product. Client’s business plan outlined every facet of production: manufacturing, packaging, marketing, PR, wholesale and retail sales. Kathy kept client encouraged to stay positive and stay focused because she did all of her due diligence and the payoff would happen.

Backpocket’s impact:

Client received private funding from three different sources based on stellar business plan, sustained belief in the product and professional connections!