Inkle loom- Alternate warping for shorter projects?

Hi all, 

Just started using my inkle loom and I'm having fun practicing. For my first real project, I'd like to make a collar for my dog. Since this only needs to be about twenty four inches long, is there a way to warp the loom using less pegs so I don't waste a ton of yarn? I understand I could make a longer band and produce several items, but for now, shorter projects would really help keep my interest. How does this work?

Thanks!