We want to make sure the process for applying for Forever 8 funding is quick and easy for you! That’s why, this week, we are going to detail the process of filling out a Forever 8 funding application in case you have any questions about it or if you wish to get your answers prepared before going to the “Get Funded” page.
Before filling out the application, the first thing you’ll want to do is scroll to the bottom of the Forever 8 website, look under “Support,” and click “Get Funded.” This will take you to the application. Once there, you can begin filling out the different fields. We have provided a step-by-step guide below:
Step 1: Business and Contact Person Information (This is where you’ll provide the business information so that we can begin working on a term sheet)
- Name of legal entity: Enter the legal name of your business entity
- Owner/Contact person: Enter the name of your business’ owner or the person who should serve as Forever 8’s point of contact
- Contact person phone number: Enter the phone number of the business owner or Forever 8’s point of contact
- Contact person email: Enter the email of the of the business owner or Forever 8’s point of contact
Step 2: Product Information (This is where you’ll tell us about the product that you are seeking to fund through Forever 8)
- SKU code: Enter the SKU, which is the alphanumeric code, usually between 8-12 characters that distinguishes one product variant from any others in your warehouse.
- Product description: This is where you’ll tell us a bit about your product and why it's great!
- Primary sales channel: From the dropdown menu, you will select whether your product is sold on Amazon, a website, or a brick-and-mortar store. Here, we are interested in understanding your primary sales channel; we understand that your products may retail through a variety of channels.
- Website: Enter your website URL
- Primary fulfillment facility: From the dropdown menu, you will select Amazon FBA, 3rd Party 3PL, or your own facility for your fulfillment facility. We understand that you may use a couple of facilities but here are concerned with your primary.
- Cost per unit ($): Enter the typical cost per unit when buying the product from your suppliers.
- Retail price per unit ($): Enter the typical price customers pay for your product on your website or Amazon.
- Projected monthly sales (units): Enter the number of units of this SKU that you project to sell each month, on average.
- Sales seasonality: If your product sales are unusually seasonal? By this, we mean do your sales fluctuate significantly during non-holidays?
- Selling history: From the dropdown menu, select the number of months you have been selling this product.
- Shipping and freight: This step is optional but if this field is relevant to you, this is where you will enter your estimated per-unit cost to ship your goods from your supplier to your warehouse/fulfillment center.
- Duties and taxes (per unit): This step is optional but if this field is relevant to you, this is where you will enter your estimated duties and taxes paid to import your goods.
- Estimated fulfillment or FBA cost per unit: This step is optional but if this field is relevant to you, enter the amount you pay in FBA or warehouse fulfillment fees to fulfill, pack, and ship an order.
- How much inventory do you have on hand? (units): Enter the number of units of this SKU you currently have in your warehouse.
- How many units are currently in production or in transit from your supplier?: Enter the number of units you have ordered from your supplier and are currently on their way to a fulfillment center? These should be units that you have already paid a deposit on but have not yet arrived.
- When is your in-transit inventory expected to arrive at your warehouse?: Enter when the above mentioned in-transit or in-production inventory is expected to arrive at your warehouse.
Step 3: Supplier Information (This is where you’ll tell us about your supplier so that we can prepare to fund your inventory)
- Supplier lead time (days): Enter the number of days elapsed between the time you place a new order with your supplier, and the time it arrives at your warehouse and is available to be shipped to customers/Amazon.
- Minimum order quantity ("MOQ"): Enter the minimum number of units you can order from your supplier.
- Supplier payment terms: Enter the required deposit amount and timing of supplier payments.
That’s it--you’re all done! All you have to do now is click “Submit Application” and we’ll review it and get back to you.
Until next time, let us know if you have any questions or comments below!