I had the same problem using Lxi8 software. I went to vectormagic.com and vectorized my bitmap online. I am also very new to vinyl sign work. This was very easy and it only cost 3.00. You can play with it until you are satisfied before you download and pay. I downloaded it as an eps file and saved it. then I imported it into my sign software. It worked great.
Of course, now I have another problem. When I used the logo again I did something that put a box around it and I can't figure out what I did or how to get it off. It will still cut the logo, but it also cuts the frame. Anybody got any idea how to lose the frame? I hate being stupid!
Hope this will help.