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views Here are some suggestions on Bootstrapping
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BootstrappingSome SuggestionsAuthor : Eva hukshorn, partner EFactor
1. Cost per sale 2. Profit per sale3. Pipeline 4. Repeat orders5. Conversion rates 6. Gross profit 7. Fixed costs per month8. VAT return 9. Budgets & Forecasts10. Results compared to last year
Suggestion 1: Know Your Numbers!
1. Variable costs are key 2. Diminish overhead costs 3. Avoid capital expenses 4. No long term contracts 5. Watch your payroll6. Outsource all except your Unique
Selling Point 7. Barter
Suggestion 2: No Cash Outflows Unless Necessary!
1. Universities & Grants funding 2. Competitions 3. Vendor Funding 4. Invoice discounting & Factoring 5. Asset funding 6. Overdrafts 7. Barter8. Credit cards 9. Revenue, savings 10. Friends, Family & Fools (FFF)
Suggestion 3: Funding Sources
1. Pre-Sale crowdfunding2. Reward based crowdfunding3. Peer - 2 - Peer lending
Suggestion 4: Crowdfunding
1. Think before you spend 2. Visuals of prototype 3. No Kinder- Überraschung 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
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
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
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
Suggestion 9: Don’t 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!
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
Conclusion: Your Role Models
BOOTSTRAPPING IS A MENTALITY!
Visit Nowhttp://www.efactor.com/
https://www.facebook.com/efactorhttp://www.twitter.com/efactor
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!