Two of the first things we will ask you about; Have you got finance in place and are you covered legally? Lets open these up a little.
Having finance in place does not neccesarily mean getting a loan from some shady provider at 5000% APR. It simply means that you can actually fund what you need to to get going and stay going. Funding throughout the Launch It Hub cycle may take many forms, it may start with a gift from your parents or family which gets you to the end of the prototype stage. Seed capital for an equity stake from a venture capitaist then takes you all the way to getting your first pallet of product ready to leave the manufacturers premises. A chat with your bank manager may free up the next growth phase without you having to give away more equity in your company. Maybe crowdfunding is best for your gadget. The question is: Which do I go for?
At the Launch It Hub, we have not only some of the best finance advisors in the land, we all also have raised funds for various projects ourselves and have experienced first hand just how quickly each arrangement can fall into place, or out of place for that matter. The way start-ups operate tend to be similar to dominoes, a mere flick at the start can result in rapid success. Similarly a wrong step at the start could end up being catastrophic – let’s say a financier pulls funding after a large order for stock has been placed. This puts you in a tricky situation as your balance sheet may make you out to be a bigger risk than institutions will lend to, but your stock also won’t be forthcoming unless a payment is made.
We will walk you through the pitfalls and help you to understand your options regarding finance.