Bootstrap Your Business

1
Bootstrap Your Business

• Going From Concept to Reality on a Limited Budget

Panel Comments from Rick Leibowitz, Regional
Director East Central Indiana Small Business
Development Center
The East Central Indiana Small Business
Development Center is partially funded by the
U.S. Small Business Administration. The U.S.
Small Business Administrations participation in
this cosponsoring activity does not constitute an
expressed or implied endorsement of any of the
cosponsor(s) or participants opinions, products
or services.
2
It Starts With a Vision

• Understand Your Opportunity
• What are your capabilities?
• What are your weaknesses?
• Where will you need help?
• Define the Need
• What benefits are you providing to the
  marketplace?
• Map Your Road to Success
• Operations envision flow from production to
  delivery
• Marketing envision how your customers will
  discover you and how you will grow your customer
  base
• Financial envision how money will flow through
  your business, with cash flow taking precedence
  over profitability and net worth!

3
Assess Feasibility

• A good idea isnt enough
• Identify start up costs
• Project operating expenses
• Know the difference between variable and fixed
  expenses
• FORECAST, FORECAST FORECAST

4
What is Means to Bootstrap

• Using resources within your reach
• Calculating and mitigating risk
• Limiting yourself to the bare essentials
• Everything is negotiable
• Playing the spread (collect quickly, pay slowly)
• Using credit wisely

5
Some Resources for Help

• Indiana Small Business Development Centers
• SCORE
• SBIR (Small Business Innovation Research)
• Cooperative Extension Services
• Ohio River Valley Food Venture
• University of Nebraska Food Processing Center