From Zero to Money in 1 Year or Less - Tulsa Tech Fest 2011

FROM ZERO TO MONEY IN ONE YEAR OR LESS By: Buddy Lindsey, Jr. Sourcehold

WHY AM I GIVING THIS TALK?•I Just Did It• It’s Not a Concept•I Made Mistakes•I Have Never Done It Before

I’LL WALK YOU THROUGH MY EXPERIENCES

I CREATED SOURCEHOLD

I ALSO CREATED 5 OTHERPRODUCTS YOU’LL NEVER SEE

DON’T BE AFRAID TOCHANGE DIRECTION

THROUGH THE ENTIREPROCESS PAY ATTENTION SO YOU CAN DEFINE YOUR PASSION

STAGE 1 SETUP

BOARD OF ADVISORS• Accountability• Ideas• Honesty• Critical• Mentor

LEGAL TEAM• CPA• Lawyer• Insurance Agent• Investment Counselor

JUST GO WITH A CPA FOR NOW

THE BOOGYMAN - IRS• IRS Debt is Not Bankrupt-able• Don’t be Afraid• Always File• If In Doubt Pay More• Interest

WHAT CORPORATE ENTITY?• C-Corp• S-Corp• LLC• LLP• Partnership• Sole Proprietership

REGISTERING IN OKLAHOMA• FEID• Register Name• Register LLC ( or other entity type )• Register with State Tax Commission ( don’t worry they’ll let you know how)

TAXES• 25% (For Now)• 15% for Social Security• 10% for Taxes• Quarterly Estimates• Business Activity Tax

BANKING•2 Business Accounts•1 Savings•1 Checking• Use FEID

KEEPING BOOKS• Quickbooks• Quicken• Excel (My Personal Choice)

STAGE 2THE BUSINESS

A LITTLE ABOUT YOU• You Are No Longer a Developer• You Are a Business Owner• Watch What and How You Think• You Are Now Bi-Polar

IDEAS• Keep a File• Put Income Potential• Bullet Point the Concepts• Tell Everyone (preferably potential consumers)• Reﬁne the Ideas• Write Down Even Money Losers

THINK IN BUSINESS MODELS• Products Are Easy• Getting Money is Hard

SET GOALS•3 Months•6 Months• 1 Year• 2 Years• 5 Years• 10 Years

NOW YOU ARE READY TO START YOUR PRODUCT

DEVELOPMENT METHODOLOGIES• Think Hard, but Not Too Hard• Have an Idea of How You Want to Develop • Agile • Waterfall• It Doesn’t Matter• Just Get Crap Done

MINIMUM VIABLE PRODUCT• Lean Startup• Twitter Client• Couchcard• Sourcehold

END OF MONTH 1

SPRINT 1• Deﬁne Project Scope• Determine What You Need to Learn• Learn It

SPRINT 2• Further Deﬁne As Little as Possible to Launch• Create It• Launch It• Continually Modify It

I SCREWED UP HERE• In 1 Week I Had the Core Concept Working• In 3 Weeks I had the Technical Strategy Laid Out• In 8 Weeks I had a Minimum Viable Product•I Didn’t Launch a Private Beta Until August

STAGE 3YOU HAVE A PRODUCT

MARKETING• Get In Front of People• Social Networks• Blogging

HELP/TEACH PEOPLE

SERVE PEOPLE

FACE TO FACE• User Groups• Friends• Friends of Friends• Bars• Conferences• Dude on the Street

SOCIAL NETWORKING• LinkedIn• Facebook• Twitter• MySpace (Music)• Tumblr• many more...

BLOGGING• Company and/or Personal• Be Consistent (I Haven’t Been)• Be Helpful• Be Transparent• Teach People• Give Stuff Away

STAGE 4FOCUS AND PUSH

ALONG THE WAY YOU HAVE PROBABLY FELT...• Excitement• Depression• Intense Passion• Depression• Despair• Excitement• Welcome to Being Bi-Polar

WORK FOR A USER BASE• Core Users• 1000 True Fans• Listen to Feedback• Iterate• Deploy

MY CONTACT INFO• buddy@buddylindsey.com• http://buddylindsey.com• @buddylindsey• http://sourcehold.com/buddylindsey• http://github.com/buddylindsey

From Zero to Money in 1 Year or Less - Tulsa Tech Fest 2011

by Buddy Lindsey on Oct 12, 2011

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