What did you get out of E-Myth book?

[Natasha Keck]

I finally read The E-Myth by Michael Gerber which comes up almost as often as the suggestion of Rich Dad, Poor Dad.  I must admit, this book qualifies as "best selling", but not "best written".  However, the idea of "creating a business that would work once it was sold - no matter who bought it" is a novel idea.  My key takeaway from the book was to build my business from day one with the idea of being able to separate myself from my business (i.e. to franchise it).  Did anyone else gather other other nuggets of wisdom from this book?  Are any of Michael Gerber's other books worth reading?  

[Berny Petersen]

One of my biggest takeaways from reading this book was the distinction between "self employed" and "business owner". If your operation requires you to be hands-on at all times you don't own a business, you own a job. If you have employees and systems in place that allow the operation to hum along day to day without your constant input, you own a business. 

Hence the phrase (as stated above) "work on your business, not in your business".

Some people prefer to stay solo and hands-on, but once you decide you want to grow and scale, you realize it's impossible to do without help. There are only so many hours in the day and you will need additional people to create additional hours. The documented systems allow almost anyone to be able to step in and get to work without having to reinvent the wheel every time you add a person or position.

A real-world example in our business that I see used a lot:

Create a step by step manual on how to enter information into your CRM as it comes in, and what to do with it once the input is complete. Hire a low cost by the hour Virtual Assistant anywhere in the world and give them your how-to manual. They will be up and running performing your admin, freeing you up to do the things that make you money. Works for marketing, mailing lists, bookkeeping, etc. etc. 

As entrepreneurs we have the gift and the curse of wanting to do everything ourselves. Once we realize how much more money we make by paying someone else to do repetitive tasks it is incredibly freeing. (it took me a long time to admit it...!) Get away from working IN (tactical), and start working ON (strategic).