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If you listen to the media, it’s easy to get the impression that if you’re not in your 20s you’ve missed your chance and it’s too late to start a new business. While the media may put most of their focus on younger entrepreneurs, in the real world, successful founders definitely skew older. In fact, research from the Harvard Business Review shows the average age of a successful startup founder is 45.In this episode you will learn:The 5 things entrepreneurs over 40 have going for them that younger people don’t. Age truly can be an advantage in starting a business — so don’t listen to the media.Resources:Harvard Business ReviewStop Worrying About the Other GuyTake the Time to Figure Out the Important DetailsThe Secret to Getting it Right the First TimeDIY Business Plan KitConnect:Visit my website

Don’t let myths and biases influence your funding goals.So much of the advice out there is about the “right” way to raise funds. But almost all of this advice is focused on a very small group of businesses that are on a very particular trajectory: scale (or grow) incredibly fast, then sell.If that’s not you or what you want, you've got options. Take a listen as securities lawyer Jenny Kassan pulls back the curtain on ways to raise funds that other people don’t even know about.

It’s one thing to enter a new or underserved market where simply being there is enough. But to start a venture in a saturated market? How can you compete against dozens — or hundreds — of businesses that basically do the same thing? In business there’s room for everyone... as long as everyone is different. But you have to be a special kind of different. Nail that, and you won’t really be “competing” against anyone.Find out how in this episode.In this episode you will learn:What is a same-same business.What is a same-different business.How to make your business same-different.Resources:A Capella BooksHow to Interview Customers to Find Out What They REALLY WantStop Worrying About the Other GuyConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my Business Plan Kit

When it comes to attracting investors, it takes more than painting a rosy financial picture. Investors need to be romanced. To do that, you have to connect with investors on two levels: the head and the heart.When you do that you not only grab their attention, but keep it. They sit up and take notice. They become interested. And ideally, they connect so strongly with the vision for your business that they want to get involved and fund it.If you want to make that happen for your startup, here’s how to do it.In this episode you will learn:How to PERSUADE.How to create an emotional connection.How to create an objective connection based on reason and logic.Resources:Financial Projections Explained (even if you’re not a numbers person)How to Interview Customers to Find Out What They REALLY WantHow to Make Educated Guesses for Your Financial ProjectionsHow to Get It Right the First TimeConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my Business Plan Kit

Understanding your customer is the single most important element in building a successful business — and interviews are the key to understanding them. But interviewing isn’t something a lot of us have experience doing. This episode is chock-full of step-by-step guidance on how to get the valuable information you need to build a growing business.In this episode you will learn:How to create a roadmap for your interviews.The 3 stages of a great interview.The 5 questions you need to ask.Additional questions that help you delve deeper.Tips for leading the interview.How to get the people you're interviewing to open up.How many interviews are enough?Extra pointers.Resources:How to Find Your Target CustomersCustomer Personas: What They Are (and Why They're Indispensable)How to get people to open upConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my DIY Kit

While you’re certainly not required to develop customer personas, you’ll be limiting your chances of success by skipping them.If you don't know what they are, sit tight and I’ll explain why it's a magical tool. BUT... if you've heard of customer personas and you’re thinking they're just imaginary customers, you’d be wrong and you should keep listening.Understanding your customer is the single most important element in building a successful business.That's because without paying customers, you've got nothing.In this episode you will learn:What customer personas are (and what they're not)..What "product-market fit" is and how personas help you develop the best fit possible.Why demographics aren't as important as you might think.Resources:How to Find Your Target CustomersThe Secret to Learning What Your Customers Want: Talk to Them!How to Interview Customers to Find Out What They REALLY WantThe Dangers of "Digging in the Wrong Place"Connect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my DIY Kit

In this episode you will learn:How to figure out who your ideal customers are.The essential things you need to learn about them.The 5 steps you need to take to find them.Resources:Customer Personas: What They Are (and Why They're Indispensable)How to Interview Customers to Find Out What They REALLY Want Connect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my DIY Kit

“There’s never enough time to do it right, but always enough time to do it over.”When you’re starting a new business, one of the most basic human urges is to dive in without stopping to think, evaluate and consider all the “details.” Here’s how to get it right the first time.But if you want to succeed, you’ve got to rein in that urge. Admittedly, this can be tricky for entrepreneurs. We’re all smart, creative people with high levels of drive and passion — and that passion often leads us to put the cart before the horse, acting before we fully understand what we’re getting into.In this episode you will learn:What you lose by rushing in full steam ahead.How to do it right (and what you gain).What artificial deadlines are and why they’re a trap.Resources:The 3 Groups of People You Need to Talk ToBiggest Little Farm movieConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my Business Plan Kit

To get the critical real-world data needed to build a thriving business, you have to get out of the building and talk with 3 key groups of people. Each group has valuable information that will ensure your business plan is a blueprint that’s firmly grounded in the realities of your market.In this episode you will learn:The 3 key groups of people you need to talk to.What you need to find out from each group.How they can change the future of your business.Resources:How to Avoid Running Short on Cash for Your BusinessKnow Who Your Ideal Customers AreConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my Business Plan Kit

There are a few of those preventable mistakes that fall into the “greatest hits” category — and that don’t always reveal themselves until your doors are open and you find yourself struggling.Why not head 'em off at the pass?In this episode you will learn:Three (3) things that can sabotage your startup.How to minimize other mistakes you might make.Resources:7 Business Plan Mistakes You Need to AvoidWhere to Get a Well-Crafted Business PlanHow to Find Out What Your Customers REALLY WantHow to Find Your Target AudienceYour Startup Need Solid Critical Thinking Before LaunchWhere to Get a Business AdvisorConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my Business Plan Kit

Yes, writing a business plan is a lot of work. And it demands a healthy dose of legwork and critical thinking, especially in some areas of business that may be unfamiliar to you. But one thing is certain: Business plans are not is a waste of time. They’re actually the best thing that could happen to your startup, and in this episode I’ll share 5 important benefits.In this episode you will learn:How a business plan can save your startup from failing.Why winging it is not a strategy – and how that hurts your odds for success.Why a business plan attracts investors... even if they don’t read it (and they likely won’t).Why a business plan done right is flexible, not rigid.Resources:Are your financial projections realistic? [link: How To Estimate]Are customers will to pay for what you’re selling?Your business plan needs an annual reviewTake a look at my Business Plan KitTalk to me about writing a custom business plan for you.Connect:Visit my websiteSubscribe to my newsletterWork with me one-on-one

I think we can all agree that financial projections are a key tool for any startup. And good estimates are your secret weapon for heading off unpleasant “rookie mistakes.”So instead of viewing them as a “necessary evil,” let’s take a look at how to (realistically!) forecast your revenues and expenses and set your business up for success.In this episode you will learn:How to estimate revenues and expenses, even if you have no idea where to startHow to build financial projections that help win over investors.My 5-step strategy for making really good estimates.Two extra tips to keep your projections realistic.Resources:Financial projections explained (in plain English)How to find out what your customers REALLY wantConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-oneTight budget? Check out my DIY Kit

Done right, a Sources & Uses of Funds will show you how much cash you’re going to need to (1) launch your business and (2) cover your expenses until you’re generating enough cash to cover your expenses or reach the next round of funding.In this episode you will learn:The 3 core questions every investor (or lender) will ask.Why the Sources & Uses of Funds is different from other spreadsheets.What the Sources & Uses of Funds reveals about your business.One common mistake to avoid.How to create a Sources & Uses of Funds spreadsheet the right way.Additional resources and helpful reading.Resources:Why Cash Is KingFinancial Projections Explained (Even If You’re Not a Numbers Person)The Difference Between Profit & Loss and Cash Flow ProjectionsFinancial Vocabulary for People Who Hate NumbersAll-in-one Business Plan KitConnect:Visit my websiteSubscribe to my newsletterWork with me one-on-one

Confusing “profitability” with “cash flow” puts your startup at risk. Even the most profitable companies can fail — and when they do, they’re always caught by surprise.Financial jargon is not only confusing, but many of the words are used casually as if everyone understands them. In our everyday lives, it’s usually not a big deal since our ordinary conversations typically don’t need that level of precision. But in business, these words matter.This is especially true with words like “profit,” “cash flow” and “working capital.” If you don’t understand the differences, you’re putting your startup’s financial health at risk.In this episode you will learn:Financial terms you should know — explained in plain English.The most important difference between cash and profit.The 3 strategic advantages of having cash on hand.The value of a financial cushion (as opposed to a war chest).Resources:The Difference Between Profit & Loss and Cash Flow ProjectionsFinancial Projections Explained (Even if You’re Not a Numbers Person)Retain Your Ability to Think StrategicallyHow to Find Out What Your Customers REALLY WantMore details about my startup advisory servicesConnect:Visit my websiteSubscribe to my newsletterTight budget? Check out my DIY Kit

With all of us so distanced from each other, I’ve posted a video version of this episode so we can all feel a little more connected. Check it out at startupdistillery.com/pandemic.So much seems up in the air and out of our control right now. To take back some of that control, I’ve been focusing on the things I can do — and I’ve been having my clients do the same.In this episode you will learn:You’re not alone.Why this may be a golden opportunity.How to focus on what you can do.Resources:Stress symptomsElegant ThemesHow to Break Down Big Goals Into Baby StepsConnect:Visit my websiteWork with me one-on-oneTight budget? Check out my DIY Kit

Bootstrapping gives both you and your company advantages you can’t get with a huge cash infusion.This is especially true for startups that take on an advisor to help guide them through tough decisions and formulate the strategies and tactics that will help them make the most of what they have.And if, down the road, you do decide to look for outside investors, building a profitable business while bootstrapping puts you in a far stronger position to pitch your business and negotiate terms.In this episode you will learn:Why you don’t “need” investors to build a growing business.The advantages you can’t get with a huge infusion of cash.How advisors work from your goals... but investors work from theirs.Why bootstrapping is a BIG advantage in getting investors later.Resources:How to keep control of your businessStarting out with limited resourcesWhat does a startup advisor do?Is lifestyle or company culture important to your startup?All-in-one Business Plan KitConnect:Visit my websiteSubscribe to my newsletter

If you’re like most founders, every day your job consists of putting out fires wherever they spring up. The big picture falls by the wayside as you scramble to keep up with the very real demands of growing your business.Before opening your doors you had time to think about the big picture — which products and services to offer, creative strategies for reaching customers. In other words, you had the luxury of time... to be proactive, to brainstorm and to work through challenges and goals ahead of time.When you’re not getting distracted by the day-to-day stuff, you’ll be able to clearly see the trajectory your business is taking and get a much better picture of what’s working and what’s not.In this episode you will learn:Why an annual review — or gut check — is vital to your startup’s long-term success.Twelve questions you should be asking as part of your annual gut check.Why the 80/20 rule can make or break your business.How to take the action you need to make changes.Resources:How to Make the Best Use of Limited ResourcesFocusing On What Your Customers Really WantThe 80/20 RuleDeming CycleSimple Ways to Make Big ChangesConnect:Visit my websiteSubscribe to my newsletter

You don’t “need” investors to build a growing business. In fact, too much money can be a bad thing. Some of the most inspiring success stories have come from founders who had few resources at their disposal.In this episode you will learn:How limited budgets can lead to business breakthroughs.How complacency stifles innovation.Why desperation is an entrepreneur’s friend.Why too much money can be bad for your startup.Resources:Vincent van GoghHow Judith Lieber turned lemons into lemonadeAll-in-one Business Plan KitConnect:Visit my websiteSubscribe to my newsletter

Most entrepreneurs write business plans because they have to — either to raise money from investors or to obtain a bank loan. But to successfully secure outside funding, your business plan has to be STRONG — because a business plan is a bit of a double-edged sword.Even if you’re simply writing a business plan to use as an operating blueprint, you’re not off the hook. The same mistakes that turn off investors will present challenges for you down the road as you build and grow your business.In this episode you will learn:The 7 business plan blunders you need to avoid.Why these mistakes are like shooting yourself in the foot.That you’re not off the hook even if you’re bootstrapping.Resources:Custom business plan writing helpDIY step-by-step business plan kitConnect:Visit my websiteSubscribe to my newsletter

You can’t move forward if you’re spending your time looking behind you. Every move you make in reaction to the competition dilutes the essence of your business, and those are the things that are drawing customers or clients to you in the first place. To build (and grow!) a thriving business requires both knowing your strengths and keeping your focus on them. In this episode you will learn:Why looking over your shoulder is bad for business.What you should be focusing on to trigger growth.Examples of how to grow and thrive (that have nothing to do with the competition).Four key takeaways.Resources:Red MangoFrozen yogurt crashFresh-pressed juice fadHale and HeartyConnect:Visit my websiteSubscribe to my newsletterTight budget? Check out my DIY Kit