You've come up with a great product idea - you know exactly what you want to achieve, you're excited about the process, and you can't wait to hold your completed product in your hands. But we also know it can be difficult to have the money to kickstart your idea, leaving you wondering how to fund product development - which is why we have come up with 4 different ways you can get help with funding product development.
1. Use The Power Of Crowdfunding
Crowdfunding is when you pitch your idea to investors and a crowd of people who will invest in your idea to have a stake in the business which owns it. Crowdfuding is commonly used by charities and entrepreneurs, as well as bigger businesses.
There are many more out there for you to choose from. If you decide to go via the crowdfunding route, make sure to read our blog post on how to use social media for crowdfunding success.
2. The Bank Of Mum & Dad (Or Partner, Or Friend...)
You can reach out to your relatives and friends to help you financially and invest into a potentially financially rewarding idea. They don't have to invest the whole sum, but asking to contribute a small amount can quickly get you to where you need to be to kickstart your project.
3. Find An Investor
Investors can come in the form of leaders and influencers within the industry your are planning to launch your product in. Have you ever seen Dragons' Den? We would recommend you watch the show to get an idea in to how pitches and investment works. Investors will give you the money you need to start your product development, however they will also ask for a share of your company or brand. Make sure you look out for the equity split in your agreement, the investors reputation and credibility, and how involved they will be in your business.
4. Take out a loan
If you have 100% faith in your projects success, you can take out a startup loan from a bank. But remember that you will need to pay it back, probably with interest, so be prepared to have the money to do so - otherwise you might find yourself in a tricky situation.
If you need help with product development, we're here to answer all your questions! Email us on [email protected] to get the conversations started.