subscribe to the RSS Feed

Tuesday, April 25, 2017

Setting up the Business Banking

Posted by Tim Stobbs on July 15, 2010

So I’ve managed to perhaps set a record for procrastination.  I’ve manage to avoid setting up my company to run this blog for a very long time (for how long see the time date on this post).  But I finally made myself do it, by getting a recent cheque made out to my business rather than my name ( It’s amazing how motivating a $400 cheque can be).  This forced me to finally go down and setup an appointment at the bank to establish banking required for my little hobby business: Flatland Publishing Company, which by the way will own this blog just as soon as the paperwork is done.

What happened to suddenly get back to this? Well  it stuck me that if I was planning on writing/publishing work when I leave my day job, why wait to start building up the business?  I’m “semi-retired” from the day job anyway with my recent drop to 80% time, perhaps my long term goal shouldn’t be just a set amount of investment income per year, but rather the combination of investment and business income that exceeds my spending per year.  How this would work? I don’t know yet, but I’m rolling the idea around my head.

The end result is a new focus for my energies on building my business up via several different avenues:

  1. Build a better blog
  2. Self publish a book
  3. Freelance writing

All of which will take some time and effort, but it will be worth it to grow my little business into something.  I’m not convinced I’ll make much money at the venue, but I think breaking even is a reasonable goal for the first year.  I’ll keep you all posted with its development with the odd update post on how I’m doing and the pitfall I find myself in.

Comments

2 Responses to “Setting up the Business Banking”
  1. That’s great that you have decided to move ahead! I’d love to hear your experiences with increasing the blogging and striving to turn this into an income.

  2. Phasing in “early retirement” is a good approach. For one thing, your company now opens up tax planning opportunities that could could reduce tax on your salary.

home | top