BeanJockey - Bootstrapping Your Startup

BootstrappingYour Start-UpSteve SaldanaFounder @BeanJockey

The smartest way to repay your loans...

October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup

Agenda

Introduction

What is BeanJockey?

Bootstrapping tips and advice

Summary

https://beanjockey.com



About Me

Steve Saldana

GE Capital

SunGard

Boston University

BS/BA - Finance & Entrepreneurship

Chartered Financial Analyst (CFA)

Financial Risk Manager (FRM)




The business model of the majority of financial services companies relies on exploiting the fears, emotions, and lack of intelligence of customers. The worst part is that the majority of customers will never realize this.




What is BeanJockey?

BeanJockey shows people the best way to allocate extra payments on their loans...

...such that they pay the least amount of interest in the long run




What is BeanJockey?For people who have a lot of debt...

Mortgage

Student Loans

Credit Cards

Car Loans

...but also have the ability to pay more than the minimum payments on their loans




Why BeanJockey is Needed

US household consumer debt

$11.2 trillion outstanding balance

CLP 5.600.000.000.000.000

$660 billion annual interest payments

$6,000 per household per year in INTEREST




Bootstrapping = keeping control of your company




If you bootstrap your business, you have the ability to focus on innovation and take risks without needing to convince others




Bootstrapping, by definition, means you will be required to do many things on your own




You will wear multiple hats...

Chief Executive Officer

Chief Marketing Officer

Chief Technology Officer

Chief Operations Officer

Chief Financial Officer




You are your own boss, so take advantage of the flexibility to do whatever you want




You will need extreme confidence, the ability to manage stress, and the skills to build a business




Where to get money?Try to save as much as possible

Family members

Close friends

Prepaid customers

Revenue = the best source




There is no shame in bootstrapping. Ignore the pressure to raise funds / issue equity




Software businesses are easier to bootstrap - there is a lot of high-quality, free, open-source code out there




Seek free software/services

Amazon Web Services vs. Heroku

Google Analytics vs. KISSmetrics

Google Web Fonts vs. Typekit

d3 vs. Highcharts

Blood, sweat and tears vs. outsourcing




You won’t have the time or money to make a perfect product - start small and iterate over time




Start planning your transition 12-24 months in advance




Plan milestones during your development and stop building if they are not met




Set realistic goals and expectations for yourself and your business




Don’t ever lose sleep because of $ problems




Make sure your business partners agree with your new bootstrapping lifestyle




Lessons Learned

Start thinking about how you are going to make money from day 1

Have a good team that are all working hard to make the business a success

Solve a real-world problem that will benefit a lot of people

Money isn’t everything




Don’t do what I am saying just because I am saying it. You need to think on your own




Is raising money what defines success?

http://finovate.com/2013/10/quantopian-raises-67-million-in-series-a-round.html

http://finovate.com/2013/09/prosper-brings-in-25-million-adds-blackrock-as-investor.html

http://finovate.com/2013/09/numbrs-ag-earns-38-million-in-funding-from-parent-centralway.html

http://finovate.com/2013/08/lendio-raises-more-than-4-million-in-series-b-round.html

http://finovate.com/2013/10/third-quarter-2013-funding-for-finovate-alumni----more-than-171-million-raised.html
























Helpful Links

http://37signals.com/bootstrapped

http://pandodaily.com/2013/10/06/a-bootstrapped-startups-freelancer-dilemma/

http://www.youtube.com/watch?v=HlHl6ZD6wlg












Want to [email protected]

linkedin.com/in/stephensaldana

beanjockey.comfacebook.com/beanjockey

This presentation is available at: bit.ly/xxxxxx



mailto:[email protected]

mailto:[email protected]

http://www.linkedin.com/in/stephensaldana/

http://www.linkedin.com/in/stephensaldana/




Appendix



BeanJockey - Bootstrapping Your Startup

Business

Transcript of BeanJockey - Bootstrapping Your Startup