Work on Your Business, Not In It
Work on your business, not in it. It's a phrase first used in the E-Myth by Michael Gerber and since popularized by the advice of online business coaches. Gerber understood the importance of work-life balance for success. The goal of an effective business model is to work on autopilot when needed.
A business is not your life. If it is, you risk mental illness, exhaustion-related health issues and loneliness. Take time to improve your skills, raise your prices or say "no" more often. The best business models generate revenue even when the owner is sick or on vacation. This effectiveness requires automation, employees or strategic planning.
Your business and personal life can be separate, with moments of merging. The purpose of a company is to:
- Serve your life.
- Solve customer problems.
A franchise model is an excellent example of well-purposed businesses.
- Operation manuals document work processes.
- The business model provides a uniform, predictable service to customers.
- The business model will have a uniform color, dress code and quality standards.
- The model will provide consistent value to customers, employers, lenders and suppliers.
- Employees with basic technical skills will operate the model.
Franchising can be expensive so small businesses need similar benefits for less. Mediums like affiliate programs, controlled strategic social media marketing and e-commerce are great.
If you're looking to learn truths about entrepreneurship, your search is over. The E-Myth is the book to read!