The Purpose is Profit. You may be the best baker in the world. You love making cupcakes, and you love seeing the smiles on your customer’s faces. Then one day, your accountant tells you that your business is losing money. Come to find out, those cupcakes you were selling for $1 actually cost you $5 to produce!
This problem is not an uncommon one in the startup world, but it can be avoided. If you’re ready to start a business but are not sure where to begin your entrepreneurial journey, “The Purpose is Profit” was written just for you. The book, authored by Ed “Skip” McLaughlin and co-author Wyn Lydecker, covers every stage of business ownership, from conceiving your idea to funding your startup to scaling your business to finally exiting the business.
Author and entrepreneur McLaughlin joins Jeff on this week’s edition of StartupNation Radio to share some of the secrets in his book, “The Purpose is Profit.” Ed is the founder of four businesses and is currently running Blue Sunsets LLC., a real estate and angel investment firm.
During the show, Ed shares his simple equation: revenue – expenses = profit. As a small business owner, how do you ensure that your revenue is higher than your expenses?
Ed and Jeff discuss the steps every entrepreneur should take in order to give his or her business the best chance for success. There are many questions to consider, such as: is there a need for your business in your area? Do you have a business model? Have you thought about an exit strategy? Have you thought about all of your expenses? When do you expect to break even?
Ed also shares his 10 Commandments of Startup Profits in a segment of the show you don’t want to miss.
Later in the show, Ryan Gilliam joins Jeff to talk about how he made the tough decision between a professional sports career and the life of an entrepreneur. Gilliam’s personal journey is a very touching and inspirational success story.
Catch all of this and so much more on this edition of StartupNation Radio!