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

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This is an overview of the getting started process and what to keep in mind while going through your first year of a startup.

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

  1. 1. FROM ZERO TO MONEY IN ONE YEAR OR LESS By: Buddy Lindsey, Jr. Sourcehold
  2. 2. WHY AM I GIVING THIS TALK?•I Just Did It• It’s Not a Concept•I Made Mistakes•I Have Never Done It Before
  3. 3. I’LL WALK YOU THROUGH MY EXPERIENCES
  4. 4. I CREATED SOURCEHOLD
  5. 5. I ALSO CREATED 5 OTHERPRODUCTS YOU’LL NEVER SEE
  6. 6. DON’T BE AFRAID TOCHANGE DIRECTION
  7. 7. THROUGH THE ENTIREPROCESS PAY ATTENTION SO YOU CAN DEFINE YOUR PASSION
  8. 8. BOOKS
  9. 9. STAGE 1 SETUP
  10. 10. BOARD OF ADVISORS• Accountability• Ideas• Honesty• Critical• Mentor
  11. 11. LEGAL TEAM• CPA• Lawyer• Insurance Agent• Investment Counselor
  12. 12. JUST GO WITH A CPA FOR NOW
  13. 13. THE BOOGYMAN - IRS• IRS Debt is Not Bankrupt-able• Don’t be Afraid• Always File• If In Doubt Pay More• Interest
  14. 14. WHAT CORPORATE ENTITY?• C-Corp• S-Corp• LLC• LLP• Partnership• Sole Proprietership
  15. 15. 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)
  16. 16. TAXES• 25% (For Now)• 15% for Social Security• 10% for Taxes• Quarterly Estimates• Business Activity Tax
  17. 17. BANKING•2 Business Accounts•1 Savings•1 Checking• Use FEID
  18. 18. KEEPING BOOKS• Quickbooks• Quicken• Excel (My Personal Choice)
  19. 19. STAGE 2THE BUSINESS
  20. 20. BOOKS
  21. 21. 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
  22. 22. IDEAS• Keep a File• Put Income Potential• Bullet Point the Concepts• Tell Everyone (preferably potential consumers)• Refine the Ideas• Write Down Even Money Losers
  23. 23. THINK IN BUSINESS MODELS• Products Are Easy• Getting Money is Hard
  24. 24. SET GOALS•3 Months•6 Months• 1 Year• 2 Years• 5 Years• 10 Years
  25. 25. NOW YOU ARE READY TO START YOUR PRODUCT
  26. 26. 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
  27. 27. MINIMUM VIABLE PRODUCT• Lean Startup• Twitter Client• Couchcard• Sourcehold
  28. 28. END OF MONTH 1
  29. 29. SPRINT 1• Define Project Scope• Determine What You Need to Learn• Learn It
  30. 30. SPRINT 2• Further Define As Little as Possible to Launch• Create It• Launch It• Continually Modify It
  31. 31. 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
  32. 32. STAGE 3YOU HAVE A PRODUCT
  33. 33. BOOKS
  34. 34. MARKETING• Get In Front of People• Social Networks• Blogging
  35. 35. HELP/TEACH PEOPLE
  36. 36. SERVE PEOPLE
  37. 37. FACE TO FACE• User Groups• Friends• Friends of Friends• Bars• Conferences• Dude on the Street
  38. 38. SOCIAL NETWORKING• LinkedIn• Facebook• Twitter• MySpace (Music)• Tumblr• many more...
  39. 39. BLOGGING• Company and/or Personal• Be Consistent (I Haven’t Been)• Be Helpful• Be Transparent• Teach People• Give Stuff Away
  40. 40. STAGE 4FOCUS AND PUSH
  41. 41. BOOKS
  42. 42. ALONG THE WAY YOU HAVE PROBABLY FELT...• Excitement• Depression• Intense Passion• Depression• Despair• Excitement• Welcome to Being Bi-Polar
  43. 43. WORK FOR A USER BASE• Core Users• 1000 True Fans• Listen to Feedback• Iterate• Deploy
  44. 44. MY CONTACT INFO• buddy@buddylindsey.com• http://buddylindsey.com• @buddylindsey• http://sourcehold.com/buddylindsey• http://github.com/buddylindsey

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