What is the difference between making preparations and taking a substantial step?

The difference between making preparations and taking a substantial step would appear to be one of degree. United States v. Joyce, 693 F.2d 838 (8th Cir.1981), citing Commonwealth v. Peaslee, 177 Mass. 267,

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[a] substantial step must be something more than mere preparation, yet may be less than the last act necessary before the actual commission of the substantive crime, and thus the finder of fact may give weight to that which has already been done as well as that which remains to be accomplished before the commission of the substantive crime. United States v. Jackson, supra, 560 F.2d at 118-19. In order for behavior to be punishable as an attempt, it need not be incompatible with innocence, yet it must be necessary to the consummation of the crime and be of such a nature that a reasonable observer, viewing it in context could conclude beyond a reasonable doubt that it was undertaken in accordance with a design to violate that statute.