“The Ten Commandments of Startup Profit” are core profit principles that get at the nub of how to build a sustainable business- one that is scalable and results in profit, growth, and social impact. These are the tried and true principles that we factored into every business decision we made for my company, USI, that I bootstrapped, built to become a Fortune 500 company and sold to a Fortune 100.
Our goal is to help you understand the principles below, so you can benchmark your business model and its potential for making profit, while greatly improving your probability of long-term success:
- Build a Business Based on Your Distinctive Competence
- Develop and Deliver a Superior Value Proposition
- Don’t Start Up Until:
- You know how you’re going to generate revenue
- You know how much it will cost to run your business
- You know how you’re going to make a profit
- You have pre-orders to validate your business model and liftoff plans
- You have lined up the funding you need to reach breakeven
- You understand the impact of startup funding on cost and control
- Take charge of the money and control it
- Create a Profit-Based Reward Structure
- Recognize and hire “Lightning-in-a Bottle.”
- Create Profit Centers to Scale Your Business
- Augment Profits with Proprietary Technology
- Build a Financial War Chest for Strategic Advantage
- Behave Ethically, and Profits Will Follow.
Copyright © 2015 by Ed McLaughlin All rights reserved.
Ed McLaughlin will be presenting The Ten Commandments of Startup Profit at the Disruptive Technologists Meetup in NYC on October 6, 2015. We’d like you to join us! See details and register here.
This event will be hosted by David Carlos, Founder & CTO of Myhomepayge.com and moderated by Kevin Pianko, VC at Weiser Mazars.
Ed will be to be joined by these distinguished panelists:
- RohanMarley, founder and acting chairman of Marley Coffee®
- Amit Shah, founder of AIT International Corp
- Bruce Bachenheimer, Clinical Professor of Management and Executive Director of the Entrepreneurship Lab at Pace University.
Ed McLaughlin is currently co-writing the book, The Purpose Is Profit: The Truth about Starting and Building Your Own Business, with Wyn Lydecker and Paul McLaughlin.
They are currently offering a complimentary eCopy of The Startup Roadmap: 21 Steps to Profitability here.