Here are some suggestions on Bootstrapping. EFactor is your online destination for all things entrepreneurial. Find funding, get advice, expand your network, and watch your business grow!
<ul><li> 1. Bootstrapping Some Suggestions Author : Eva hukshorn, partner EFactor </li></ul>
<p> 2. 1. Cost per sale 2. Profit per sale 3. Pipeline 4. Repeat orders 5. Conversion rates 6. Gross profit 7. Fixed costs per month 8. VAT return 9. Budgets & Forecasts 10. Results compared to last year Suggestion 1: Know Your Numbers! 3. 1. Variable costs are key 2. Diminish overhead costs 3. Avoid capital expenses 4. No long term contracts 5. Watch your payroll 6. Outsource all except your Unique Selling Point 7. Barter Suggestion 2: No Cash Outflows Unless Necessary! 4. 1. Universities & Grants funding 2. Competitions 3. Vendor Funding 4. Invoice discounting & Factoring 5. Asset funding 6. Overdrafts 7. Barter 8. Credit cards 9. Revenue, savings 10. Friends, Family & Fools (FFF) Suggestion 3: Funding Sources 5. 1. Pre-Sale crowdfunding 2. Reward based crowdfunding 3. Peer - 2 - Peer lending Suggestion 4: Crowdfunding 6. 1. Think before you spend 2. Visuals of prototype 3. No Kinder-berraschung effect 4. Talk to tech advisors 5. Research yourself 6. Get 1 hour free meeting with IP lawyer 7. Fixed Fee 8. Patent pending Suggestion 5: The Trick With Patents & IP 7. 1. Get a well known coach 2. Experienced board of advisory 3. Equity stake up to 5% incl. vesting time 4. Brand association 5. Discount for high profile customers 6. Testimonials 7. Use resources in your network: --Share housing, technology, contacts, databases, distribution & communication channels Suggestion 6: Leverage Yourself and Others 8. 1. Measurable Marketing 2. Concrete & Clear Unique Selling Point 3. Joint Ventures 4. Sales, Sales, Sales = Numbers Game 5. Trial balloons 6. Find optimal market, message & price 7. Find angles for free publicity 8. Social Media / Blogs 9. Trigger with (basic) test products 10. Repeat customers Suggestion 7: Power Free Marketing 9. Suggestion 8: Use Everything That is for FREE, Cheap or @ Discount Interns: www.interns.com / www.stageplaza.nl / www.enternships.com Employees: www.elance.com / www.linkedin.com / Barter & Trade: www.fiverr.com / www.tradekey.com / www.alibaba.com CRM for SME: www.highrisehq.com / www.marke)nvoice.com Intranet: www.dropbox.com / www.wetransfer.com Events: Local Entrepreneurial Communities / www.meetup.com / www.opencoffee.ning.com Marketing: Local & regional traditional media (TV, Radio, papers, magazines) / FB, LI, Twitter, Pinterest, YouTube, Google+/ Blogs Newsletters: www.mailchimp.com Research Local Bank / Accountant / Lawyer / Chamber of Commerce / Government Trade Institutions / www.cia.gov / economist.com Funding: www.RocketHub.com/ www.efactor.symbid.com /www.crowdcube.com / www.fundingcircle.com / www.prosper.com / www.firskunding.org 10. Suggestion 9: Dont Forget to Leverage EFACTOR Match with Partners, Investors, Coaches, Customers Market yourself, your company, your brand, your blogs Network events, business development Find employees & interns 325 knowledge documents for entrepreneurs Business Resources against discount FREE Funding Requests & Business Plan support One Rule: WE Provide the Platform, YOU Make it Happen! 11. From Bootstrapping to Investors: Timing 1. Intense & Increased Competition 2. Strategic Support 3. Partnerships, Network 4. Credibility 5. Increase Product Development 9 8 7 6 Marketing & Sales Activities Proven Concept Making Money Increase Personnel Governance Organizational Infrastructure5 10 12. Conclusion: Your Role Models BOOTSTRAPPING IS A MENTALITY! 13. Visit Now http://www.efactor.com/ https://www.facebook.com/efactor http://www.twitter.com/efactor 14. This document was prepared by Eva Hukshorn. Several people and organizations have inspired her to write this presentation, amongst which are, but not limited to the Founders of EFactor, ABN AMRO/RBS, University of Groningen, Institute for Management Accountants, Paul Grant Founder of the Funding Game Thank You! </p>