The Question of Finance
While Aisling was busy perfecting the product, I had to start looking at how we were going to make our dreams of launching a range of guilt free gourmet frozen desserts a reality.
When launching a product there are boxes you need to check:
You need to know that there is an appetite and market for your product, CHECK, all consumer trends, our personal experience and extensive research showed that there was a clear gap in the market for a naturally low fat but delicious frozen dessert.
You need to have a great product, CHECK, the team in Happy Days had done a fantastic job of recreating our home recipe and it still tasted as delicious as when we first made it, and it wasn’t just us that thought so, when tested with our market, others loved it too.
Step Three – You need capital to finance the production of the initial product and launch – UH-OH another stumbling block to overcome.
We started by looking at our options, we could self finance but only to a certain extent, we could write IOUs for all our friends and family, we could crowd fund (it was in fashion at the time), we could seek investment from an angel investor, or we could talk to our bank. We went for option five and set up a meeting with Karin in AIB Patrick Street in Cork. Armed with a detailed business plan, self-belief and a willingness to take a risk we met with Karin. Thankfully for us, Karin was on a journey of seeking healthy foods too, not just for herself but for her son and daughter and instantly she saw the potential, and encouraged us from the very start of our journey. Even better her colleagues in AIB agreed and they were happy to back us!
So now we had a great product, finance and proven gap in the market, it was time to look at our route to market and get our product on shelf!