The Startup Distiller: Recent Episodes
Diane Tarshis
Hi, I’m Diane. I help entrepreneurs like you distill their ideas into growing businesses.
How? By helping to make “the hard parts” easy for you, and making it simple to figure out what you should be focusing on NOW.
For more than 20 years I’ve been helping all kinds of clients (in all kinds of industries) — and I’d love to help you, too :-) Visit startupdistillery.com to learn more.
Once you’ve made the decision to start a business — or even if you’re still deciding — it’s all too easy to find yourself making excuses that you’re “too busy,” or you have this or that obligation, or it’s not the right time.
Here’s how to make inertia your friend and get momentum on your side – all by setting aside only 15 minutes a day.
In this episode you will learn:
- How to turn inertia from an enemy into a friend.
- How you only need 15 minutes a day to start a business.
- My 5-step strategy to kickstart your business.
Resources:
- Breaking Down Big Goals Into Baby Steps
- David Allen’s Getting Things Done
- Step Back and Think About the Big Picture
- The Virtue of Limited Resources
SPECIAL OFFER:
- Listeners can get 1 FREE hour of consulting by using the code “startup” or mentioning this offer when they book a call.
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my Business Plan Kit
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 Review
- Stop Worrying About the Other Guy
- Take the Time to Figure Out the Important Details
- The Secret to Getting it Right the First Time
- DIY Business Plan Kit
Connect:
- 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 Books
- How to Interview Customers to Find Out What They REALLY Want
- Stop Worrying About the Other Guy
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 Want
- How to Make Educated Guesses for Your Financial Projections
- How to Get It Right the First Time
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 Customers
- Customer Personas: What They Are (and Why They're Indispensable)
- How to get people to open up
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 Customers
- The Secret to Learning What Your Customers Want: Talk to Them!
- How to Interview Customers to Find Out What They REALLY Want
- The Dangers of "Digging in the Wrong Place"
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 To
- Biggest Little Farm movie
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 Business
- Know Who Your Ideal Customers Are
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 Avoid
- Where to Get a Well-Crafted Business Plan
- How to Find Out What Your Customers REALLY Want
- How to Find Your Target Audience
- Your Startup Need Solid Critical Thinking Before Launch
- Where to Get a Business Advisor
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 review
- Take a look at my Business Plan Kit
- Talk to me about writing a custom business plan for you.
Connect:
- Visit my website
- Subscribe to my newsletter
- Work 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 start
- How 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 want
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight 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 King
- Financial Projections Explained (Even If You’re Not a Numbers Person)
- The Difference Between Profit & Loss and Cash Flow Projections
- Financial Vocabulary for People Who Hate Numbers
- All-in-one Business Plan Kit
Connect:
- Visit my website
- Subscribe to my newsletter
- Work 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 Projections
- Financial Projections Explained (Even if You’re Not a Numbers Person)
- Retain Your Ability to Think Strategically
- How to Find Out What Your Customers REALLY Want
- More details about my startup advisory services
Connect:
- Visit my website
- Subscribe to my newsletter
- Tight 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 symptoms
- Elegant Themes
- How to Break Down Big Goals Into Baby Steps
Connect:
- Visit my website
- Work with me one-on-one
- Tight 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 business
- Starting out with limited resources
- What does a startup advisor do?
- Is lifestyle or company culture important to your startup?
- All-in-one Business Plan Kit
Connect:
- Visit my website
- Subscribe 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 Resources
- Focusing On What Your Customers Really Want
- The 80/20 Rule
- Deming Cycle
- Simple Ways to Make Big Changes
Connect:
- Visit my website
- Subscribe 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 Gogh
- How Judith Lieber turned lemons into lemonade
- All-in-one Business Plan Kit
Connect:
- Visit my website
- Subscribe 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 help
- DIY step-by-step business plan kit
Connect:
- Visit my website
- Subscribe 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 Mango
- Frozen yogurt crash
- Fresh-pressed juice fad
- Hale and Hearty
Connect:
- Visit my website
- Subscribe to my newsletter
- Tight budget? Check out my DIY Kit
Everyone wants to grow their business over time, but not everyone necessarily wants to scale their business.
“Scaling” is a buzzword you hear all the time in startup circles (and the media). They talk about it as if it’s the ultimate goal – the thing you should do, not simply something you could do.
Well, I’m here to tell you: You have options.
In this episode you will learn:
- The difference between growing and scaling — including an example in plain English.
- Five reasons a business might prefer to stay small. (Small has its perks.)
- Why staying small (i.e., growing "just enough") doesn't have to be a permanent choice.
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
There’s no denying we’re in the midst of worldwide financial uncertainty, with disruptions in nearly every industry and widespread confusion across the board. It’s natural to take a look around and decide to hit the pause button.
I’m going to level with you. You don’t have to cancel your startup plans, and you can keep the pandemic from blowing up your business dreams. Now is the perfect time to start a business, and here’s why.
In this episode you will learn:
How to leverage THREE once-in-a-lifetime advantages of the COVID-19 pandemic.
Resources:
- My Plans vs. 2020 meme generator
- How to interview target customers
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
In a world where huge wins are so celebrated by the media, we often forget that no matter how far you’re going, you can only get there one step at a time. Baby steps may not be as glamorous as giant leaps, but in the long run they’ll take you a lot further, a lot faster.
In this episode you will learn:
- The value of incremental change.
- About my client Lila and see the nuts and bolts of how I turned an overwhelming goal into a series of manageable steps.
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Profit and cash are not the same thing. Believe it or not, a company can be profitable and still go out of business. How? By running short on cash (also known as a cash crunch).
Since I want you to succeed, I’m going to explain the similarities and differences between P&Ls and cash flow projections as well as why they’re both important when it comes to the success of your business.
In this episode you will learn:
- Sometimes even hedge fund guys avoid the numbers.
- How P&L and cash flow projections are similar.
- How P&L and cash flow projections are different from each other.
- Which one is more important and why.
Resources:
- Financial vocabulary for people who hate numbers
- Financial projections explained (even if you're not a numbers person)
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Numbers not your thing? Today’s episode is designed to help you not only get comfortable with financial projections, but understand them.
I promise I'll take it slow.
In this episode you will learn:
- The names of the most important 5 spreadsheets.
- Why they're so useful.
- That the spreadsheets do not exist to torture you.
- Why not every one of them is relevant to every startup (you may only need 3 or 4!)
- Why there's no Breakeven Analysis on my Top 5 list.
- How to think about assumptions.
Resources:
- Financial vocabulary for people who hate numbers
- The difference between profit & loss and cash flow projections
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Hate numbers? You are not alone. But figuring out how much money you’ll need is a necessary evil. Words help tell part of your story. The other part – the numbers – need to support that story. That means figuring out how much money you’ll need to launch, of course, but it also means figuring out what you’ll need to keep the doors open until you become profitable.
Today I'll make all the lingo a lot less scary, a lot less complicated and a lot more understandable. By the time you’re done reading this, I guarantee you won’t hyperventilate when you see the words “cost of goods sold.” Sound good?
In this episode you will learn:
- Why you still to understand the basics (even if you're hiring professionals).
- Common financial terms, all explained in plain English -- I promise!
- How to stop being scared of the numbers :-)
Resources:
- Microsoft Excel
- Google Sheets
- Apple Numbers
- Distilling Your Dream: The Step-By-Step Kit For Business Plans
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
So you have a great idea for a business – something that has real potential – but you’re not ready to give up a steady paycheck (or the benefits).
Great news! You can start a business and keep your day job at the same time.
In this episode you will learn:
- Two important steps you can take to start building your own consulting business right now.
- Three ways to build a business in any industry, even if you've got (i) a full-time job, (ii) frequent work travel and (iii) a ton of family responsibilities and with crazy-busy weekends.
- A mindset that will help relieve any pressure you're putting on yourself.
Resources:
- Newton's First Law of Motion
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Even though I’m a big believer in bootstrapping, sometimes there’s just no avoiding the need to raise capital.
Most entrepreneurs immediately think: investors. But that’s not your only choice – and it may not even be the best choice for you and your company. You have options.
In this episode you will learn:
- Two traditional funding routes that don't involve investors.
- Three less common -- but GREAT -- funding options that are probably better for you in the long run vs. all the other options. (Less common doesn't mean not as good!)*
Resources:
- The Downside of Investors
- Custom Business Plans
- Grants.gov
- CanadaBusiness.ca
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Just because everyone talks about investors as the be-all end-all doesn’t mean you need them to build a successful business. (Pssst! You’re usually better off without them.)
Nonetheless, there’s no denying that certain situations call for a pile of cold, hard cash. So how do you know when taking on investors actually makes sense for your business?
In this episode you will learn:
- Three scenarios when bootstrapping won't cut it.
- Other options you can explore before taking on investors.
- Three drawbacks to be aware of so you're going in with eyes wide open.
Resources:
- The Downside of Investors
- Maker Movement
- Makerspaces
- Fab labs
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
When you’re starting a business, finding investors may seem like the answer to all your problems. But in most cases you’d be wrong.
It’s not that I don’t believe in the value of investors, because I do. But not right away, and here's why...
In this episode you will learn:
- How taking investor money may harm your business.
- What you will be giving up in exchange for that money.
- Why timing matters (and how the wrong timing can cost you).
- Why it's worth the wait.
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit
Imagine a stool with only one or two legs. Pretty wobbly. Just as every stool needs three legs, so, too, does your startup. Here are the three things you need to get it right from the start.
In this episode you will learn:
- How a lawyer can help you reduce risk (in ways you never realized).
- The many ways an accountant can help you (even if you already have a bookkeeper).
- How a business plan saves you time and money.
- A fair way to divvy up partner equity/compensation... before you've made any money!
Resources:
- Grunt Fund
Connect:
- Visit my website
- Subscribe to my newsletter
- Work with me one-on-one
- Tight budget? Check out my DIY Kit