Summary of How to Start a Ghostwriting Business and Earn $100k Per Book | Entrepreneur

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    A Law School Graduate's Unconventional Path to Success

    Michael Levin, a graduate of Columbia Law School, found his true passion not in the courtroom, but in the realm of writing. Despite selling three books to Simon & Schuster, financial struggles led him to seek guidance from a mentor who suggested he teach creative writing classes.

    • Levin's journey began with teaching writing classes, which led to requests for consultations and ultimately ghostwriting opportunities.
    • He balanced teaching, coaching, and ghostwriting for seven years before realizing the potential of his ghostwriting business.

    From Teaching to Ghostwriting: A Business Transformation

    In 2002, Levin took a leap of faith and focused entirely on his ghostwriting business. He invested in his entrepreneurial skills by taking sales training, marketing courses, and attending the Disney Institute to learn customer service.

    • His ghostwriting business, BusinessGhost, thrived, and Levin hired writers and staff to manage publishing, finance, and administrative tasks.
    • He learned to delegate responsibilities, recognizing the importance of building a strong team.

    Pricing for Value: Overcoming Fear and Finding Confidence

    Levin's biggest challenge was pricing his services, initially struggling with the idea of charging high fees for his writing. However, he realized the value of his expertise and learned to set prices that reflected the quality of his work.

    • He emphasized that writers often underestimate the value of their services and should charge what they are worth.
    • Levin's pricing strategy shifted from competing against other writers to competing on the quality of his work.

    "Shark Tank" as a Turning Point

    In 2012, Levin's business gained significant traction when he appeared on the television show "Shark Tank," which helped him overcome his self-doubt and validate his career choice.

    • Levin's initial hesitation to appear on the show stemmed from his belief that ghostwriting wasn't "sexy" enough.
    • His appearance on "Shark Tank" served as a pivotal moment, transforming his business and his perception of himself as an entrepreneur.

    From BusinessGhost to The Meaning Company: A Shift in Focus

    Levin eventually sold BusinessGhost and founded The Meaning Company, a ghostwriting firm that prioritizes quality over quantity. He focuses on helping clients find meaning through their books, positioning the firm as "the Ritz-Carlton of ghostwriting."

    • Levin recognized the challenges of traditional publishing, particularly for authors without large followings.
    • He emphasizes the benefits of independent publishing, allowing authors to control the publishing process, retain intellectual property rights, and achieve comparable success on platforms like Amazon.

    The Future of Ghostwriting: AI and the Human Element

    Levin acknowledges the impact of AI on the ghostwriting industry but believes that human writers remain essential for capturing the nuances and deeper meaning behind client stories.

    • AI can automate certain aspects of writing, but it lacks the ability to listen attentively, interpret unspoken emotions, and uncover hidden insights in conversations.
    • Levin highlights the importance of human connection and intuition in the ghostwriting process.

    Advice for Aspiring Ghostwriters

    For aspiring ghostwriters, Levin recommends focusing on building a reputation for quality, establishing competitive pricing, and leveraging the power of online platforms to reach a wider audience.

    • He suggests starting with projects at lower rates to gain experience, testimonials, and a portfolio of work.
    • Levin emphasizes the importance of competing on quality rather than price, as clients are willing to pay for exceptional expertise.

    A Passion for Helping Authors Find Their Voices

    Levin views ghostwriting as a rewarding career path, allowing him to learn from and collaborate with successful individuals in various fields. He is passionate about helping authors discover their voices and share their stories with the world.

    • He compares the process of working with clients to a graduate school experience, where he observes brilliant minds at work.
    • Levin's love for writing and his dedication to his clients have propelled him to success in a unique and fulfilling field.

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