Not For Public Consumption

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:

1. You’re not alone.
2. Why this may be a golden opportunity.
3. How to focus on what you can do.

Resources:

• Stress symptoms
• Elegant Themes
• How to Break Down Big Goals Into Baby Steps

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. Sometimes even hedge fund guys avoid the numbers.
2. How P&L and cash flow projections are similar.
3. How P&L and cash flow projections are different from each other.
4. 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)

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. The names of the most important 5 spreadsheets.
2. Why they're so useful.
3. That the spreadsheets do not exist to torture you.
4. Why not every one of them is relevant to every startup (you may only need 3 or 4!)
5. Why there's no Breakeven Analysis on my Top 5 list.
6. How to think about assumptions.

Resources:

• Financial vocabulary for people who hate numbers
• The difference between profit & loss and cash flow projections

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. Why you still to understand the basics (even if you're hiring professionals).
2. Common financial terms, all explained in plain English -- I promise!
3. 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

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
• Book a FREE discovery call
• Subscribe to my newsletter
• Tight budget? Check out my DIY 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:

1. How to create a roadmap for your interviews.
2. The 3 stages of a great interview.
3. The 5 questions you need to ask.
4. Additional questions that help you delve deeper.
5. Tips for leading the interview.
6. How to get the people you're interviewing to open up.
7. How many interviews are enough?
8. 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

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. What customer personas are (and what they're not)..
2. What "product-market fit" is and how personas help you develop the best fit possible.
3. 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"

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
• Book a FREE discovery call
• Subscribe to my newsletter
• Tight budget? Check out my DIY Kit

In this episode you will learn:

1. How to figure out who your ideal customers are.
2. The essential things you need to learn about them.
3. 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

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. Two important steps you can take to start building your own consulting business right now.
2. 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.
3. A mindset that will help relieve any pressure you're putting on yourself.

Resources:

• Newton's First Law of Motion

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. Two traditional funding routes that don't involve investors.
2. 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

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
• Book a FREE discovery call
• Subscribe to my newsletter
• 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:

1. Three scenarios when bootstrapping won't cut it.
2. Other options you can explore before taking on investors.
3. 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

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
• Book a FREE discovery call
• Subscribe to my newsletter
• Tight budget? Check out my DIY Kit