The purpose is profit

Author Ed “Skip” McLaughlin Discusses “The Purpose is Profit”

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.


Also on StartupNation.com: The Purpose is Profit [Book & Audio Excerpt]


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!

Total
0
Shares
Previous Article
Start a business

9 Tips for Women Who Want to Start a Business

Next Article
Market Your Small Business

Market Your Small Business Using Out-of-the-Box Strategies

Related Posts
Read More

Ned Staebler of TechTown and Wayne State University on Challenges to Equitable Economic Growth

The president and CEO of TechTown Detroit and vice president for economic development at Wayne State University, Ned Staebler, talks with Jeff Sloan about the group’s pursuit of equitable growth, funding and access to opportunity for entrepreneurs. He shares success stories, but also explains the significant changes to communities that have to occur to draw...
Read More

Howard Handler of 313 Presents on the Business of Entertainment

Howard Handler, president of 313 Presents, talks with Jeff Sloan about live events in Detroit and how the pandemic forced venues to get creative. Learn why artists consider Detroit a go-to destination and how the area is poised for growth. And just wait until you hear where Howard’s career has taken him. Tune in below:...
Read More

WJR Business Beat: The Great Story Behind Better Made (Episode 407)

On today's Business Beat, Jeff Sloan and Paul W. Smith preview a new episode of Business Biography on Better Made Snack Foods, an example of the business diversity and entrepreneurial spirit in Detroit. Tune in to today’s Business Beat to learn what set Better Made apart from its competitors:     Tune in to News/Talk...
Read More

WJR Business Beat: Job Switchers Rewarded with Higher Pay (Episode 406)

On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes. Tune in to today's Business Beat for more:   Tune in to News/Talk 760 AM WJR weekday mornings at...