BeanJockey - Bootstrapping Your Startup

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Tips and lessons learned from BeanJockey Founder, Steve Saldana. Presented at Le Bistrot Merci in Viña del Mar, Chile on October 9, 2013.

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BeanJockey - Bootstrapping Your Startup

  1. 1. Bootstrapping Your Start-Up Steve Saldana Founder @BeanJockey The smartest way to repay your loans...
  2. 2. Agenda Introduction What is BeanJockey? Bootstrapping tips and advice Summary October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  3. 3. About Me Steve Saldana BS/BA - Finance & Entrepreneurship GE Capital Chartered Financial Analyst (CFA) SunGard Financial Risk Manager (FRM) Boston University October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  4. 4. 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. October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  5. 5. 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 October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  6. 6. 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 October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  7. 7. 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 October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  8. 8. Bootstrapping = keeping control of your company October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  9. 9. If you bootstrap your business, you have the ability to focus on innovation and take risks without needing to convince others October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  10. 10. Bootstrapping, by definition, means you will be required to do many things on your own October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  11. 11. You will wear multiple hats... Chief Executive Officer Chief Marketing Officer Chief Technology Officer Chief Operations Officer Chief Financial Officer October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  12. 12. You are your own boss, so take advantage of the flexibility to do whatever you want October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  13. 13. You will need extreme confidence, the ability to manage stress, and the skills to build a business October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  14. 14. Where to get money? Try to save as much as possible Family members Close friends Prepaid customers Revenue = the best source October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  15. 15. There is no shame in bootstrapping. Ignore the pressure to raise funds / issue equity October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  16. 16. Software businesses are easier to bootstrap - there is a lot of high-quality, free, opensource code out there October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  17. 17. 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 October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  18. 18. You won’t have the time or money to make a perfect product - start small and iterate over time October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  19. 19. Start planning your transition 12-24 months in advance October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  20. 20. Plan milestones during your development and stop building if they are not met October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  21. 21. Set realistic goals and expectations for yourself and your business October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  22. 22. Don’t ever lose sleep because of $ problems October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  23. 23. Make sure your business partners agree with your new bootstrapping lifestyle October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  24. 24. 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 October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  25. 25. Don’t do what I am saying just because I am saying it. You need to think on your own October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  26. 26. Is raising money what defines success? http://finovate.com/2013/10/quantopian-raises-67-million-inseries-a-round.html http://finovate.com/2013/09/prosper-brings-in-25-million-addsblackrock-as-investor.html http://finovate.com/2013/09/numbrs-ag-earns-38-million-infunding-from-parent-centralway.html http://finovate.com/2013/08/lendio-raises-more-than-4-million-inseries-b-round.html http://finovate.com/2013/10/third-quarter-2013-funding-forfinovate-alumni----more-than-171-million-raised.html October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  27. 27. Helpful Links http://37signals.com/bootstrapped http://pandodaily.com/2013/10/06/a-bootstrappedstartups-freelancer-dilemma/ http://www.youtube.com/watch?v=HlHl6ZD6wlg October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  28. 28. Want to connect? stephensaldana@gmail.com linkedin.com/in/stephensaldana beanjockey.com facebook.com/beanjockey This presentation is available at: bit.ly/xxxxxx October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  29. 29. Appendix October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  30. 30. October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  31. 31. October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  32. 32. October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com
  33. 33. October 9, 2013 Steve Saldana | BeanJockey | How to Bootstrap Your Startup https://beanjockey.com

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