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The fastest way to use AI to make 6 figures as a writer:. Ghostwriting. So, next Wednesday, July 23rd, I'm hosting a free, live Masterclass where I'll share the 4 prompts AI writers are using to make $100k/year. Grab your free spot using the link in the next post 👇

That's it!. If you enjoyed this thread, follow me @nicolascole77 for more threads on digital writing and ghostwriting. Then repost it so we can share these lessons with more people. Here's the link:

Despite these mistakes, becoming a Premium Ghostwriter was one of the best decisions I've ever made. 60 days after I quit my minimum wage job, I was making $200k/year as a ghostwriter. So I created a free, 5-day email course to help you get started:.

In hindsight, I realize we should have stopped scaling our agency at the "sweet spot" with ~5 employees. And then build a hybrid agency (we would have been happier and made a lot more money):

Mistake #13: No personal space/boundaries. For 2.5 years, I poured my entire life into that business. And as a result:. • I was anxious/depressed.• My relationship with my now wife suffered.• And I ended up in the hospital with shingles. Big mistake.

Mistake #12: Saying 'Yes' to every meeting/opportunity. Since growth was based on my credibility as a writer/ghostwriter, I'd take calls randomly throughout the day. Which tanked my productivity. Instead, I should have done this to increase my efficiency:

Mistake #11: Taking on individual consulting work to fund the business. When our cash got low, I would take on consulting gigs outside our core service. But then run the cash through the company. So I'd work harder to keep the lights on—and earn nothing for myself.

Mistake #10: Jumping in and doing the work ourselves. Whenever there was a problem in the business, my co-founder and I would handle it ourselves. This works when you have 2-3 employees (not 20+). All this did was mask the real issues.

Mistake #9: Thinking the goal was "to exit". Whenever things got tough, we would remind ourselves, "It'll all be worth it in the end.". But. what end?. Most agencies don't get acquired. Instead, focus on creating cash flow for yourself:

Mistake #8: Not taking any money out of the business. From 2018 to 2020, my co-founder and I didn't take any money out of the biz. On paper, we were each worth nearly a million dollars. But in cash, we barely had $8,000 of savings each. (And we were working 60+ hrs/week.).

Mistake #7: Slashing our salaries instead of letting people go. During the crypto boom & bust in 2018, we lost half our clients. But instead of firing people, we cut our own salaries. My co-founder and I were making less than our lowest-paid employee. Never. Again.

Mistake #6: Chasing shiny objects. In 2018, we brought on 2 (awesome) angel investors to help us leverage our service into a product/tech platform. But trying to do both at the same time led to insanity. And only hurt our ghostwriting agency.

Mistake #5: Not having clients on auto-pay. We sent manual invoices each month, which meant everyone paid at different times. This made predicting our cash flow nearly impossible. To the point where we never knew if we were making (or losing) money.

Mistake #4: Not scaling pricing with demand. We were the first agency to offer "Thought Leadership" as a service—our package was $2k/mo. And it took us almost 2 years to realize we could charge 3x that. (Ouch!). Our clients would pay more for this simple reason:

We decided to try to scale further. But instead of paying high salaries for really good people, we tried recruiting entry-level writers/editors out of college. "We can train them.". As we hired more and payroll increased, this became unsustainable because of client churn:

Mistake #3: Trying to hire cheaper writers/editors and train them. With 5 employees, the company was perfect. We were doing $800k in revenue, and my co-founder & I were taking home $200k. This was amazing (for about 2 months), until: