As a business grows it needs different types of funding.
When we started out we invested pretty much everything we had, our pension, our savings and any spare cash. In fact we have so far built around £87,000 of our own money into Sogud.
But, as the business grew we needed premises, equipment and staff. In our type of manufacturing business you need to invest all that up front and still at a time while you are testing your products and getting your first customers.
The outlay is all going on up front, with a trickle of income in the beginning. During this seed stage, our secondary solution was to fund the business through personal loans; as well as some borrowing from family and friends.
Our business is ready to springboard, with overseas distribution and a stockist list that now adds up to 80 independent retailers and a few high street brands. To take consolidate Sogud at this level will require serious investment, and that’s why we need to reach out to the crowd as we contemplate this next stage of our development.
To find out more about our crowdfunding campaign click here