My Business Plans for 2010
A new year is starting and now is a great time to look at your business plan and determine what you want to focus on in 2010. I sat down and wrote down what I wanted to focus most of my time on and I am going to share it with you…
# 1 – Passive Income Is the Best
My main focus in 2010 will be increasing my passive income. I am going to create at least 5 new blogs per month and market them mainly through ways that earn me extra passive income on the side. Namely… Associated Content, Hubpages, InfoBarrel and Xomba. I may add a few more to this list as I find good ones that pay.
With focusing on blogs and article marketing that brings me in passive income I will be able to retire sooner and work less over time. Plus, i’ll be able to spend more time with my kids and family which is my ultimate goal.
Passive income works well for people who are fine with delaying gratification because it is harder and slower to build it up, however if you can keep your eye on the long term you will find the residual rewards are amazing. If you don’t know how to build your own passive income I recommend starting now through www.TheNicheBlogger.com
# 2 – Run my business through a Corporation
I got a C-Corporation up and running to run my business through. In the past I did everything as a sole proprietor, which is not nearly as organized. As a C-Corporation I can keep my business finances and personal finances completely separate and I can get better tax benefits.
What is my business name? Approachable Marketing Inc. I went with that name because I like to make everything easy, uncomplicated and approachable for everyone.
I pay myself a payroll each week and do payroll taxes through PayCycle.com so I can have everything organized for me and I have taxes taken out of each paycheck. I keep track of my business finances through LessAccounting.com which is really easy to use.
So overall I got my business finances organized and got set up legitimately as a corporation so 2010 can be my most productive year ever.
What are your business plans for 2010?
Progress Overview
Happy New Year Amy! I’m also looking to build up more passive income in 2010, for the same reasons as you.
Hi Amy!
I’m also researching setting up a corporation and was wondering if you could explain why you chose a C-corporation over an LLC? I’ve been trying to decide which is best and was wondering what your research showed?
Thanks! And, Happy New Year!
Jennifer – An LLC would not give me the tax benefits and perks I wanted.
Sounds like a plan Amy, good to see that you are off to a good start. I as well am working on new goals for 2010. Primarily, speaking engagements, although this does not lead to residual income, it brings my income up giving me more money to purchase niche blogs that do bring in what I call, Websidual income
Hi Amy,
I have set up an LLC in the past and have been thinking about starting a C-Corp. Thanks for the info in this post and I wish you more success in 2010!
Amy. You never cease. I always come back. Your tips are still great! I am still taking small steps. Your blog is a big help. Happy new year.
Amy,
Happy New Year and Happy New DECADE!!!
I had an LLC, and it really doesn’t separate you from your company if you use any of your personal income information or financial position. A C-Corp is the way to go because that C-Corp is an entity for which you work. Good move.
I’ve been working harder on my tutoring company than on my niche blogs, but my niche blog income has grown considerably over 2009 compared to 2008. In 2008 I only made $366. In 2009 I made $1,417. That’s a 287% growth in income.
Another place I will make passive income is selling solutions manuals for the textbooks my students use. I work through a book (all the problems), have it bound at Kinko’s and students buy them pretty regularly. I will have to update solutions manuals as schools change textbook editions, but there is always some work in passive income, and I don’t mind working math and science problems.
My income goals for 2010 are to first keep at least my 2009 income, second to make more in 2010 (even if it’s only a penny), third to make double what I made in 2009, and fourth to make 287% more in 2010 than I did in 2009.
My niche blog goals are to complete converting batman villains to WordPress, and then revamp content on both Superman and Batman villains to include origins of the villains from their first comic book appearances and any changes in those villains over time. Both have been around since the late 1930s, so there is a lot of storytelling to do. There are also changes in writers and artists, and spin-off series to cover.
I’m also looking into more comic book and graphic novel niches. I found this year that I absolutely love reading comic books and graphic novels. The library has tons of them.
I’m going to sell a couple of my niche blogs in which I no longer have much interest, and I’m thinking about writing my first book.
Best of luck to you. I enjoy your blog immensely and read it pretty regularly.
Sherri
Hey Amy,
I am the guy from TNB that seem to be having a ton of issues getting started. I was here looking over this blog to compare it to what I think mine might look like….and I noticed you said you are writing yourself a paycheck, and having taxes taken out. Check with your accountant first, but there may be a better way to get paid. Since you personally own/owned all the blogs and the websites and domains; and paid for them with money you already paid taxes on, rent, lease or straight out sell them to the corp. “Loan the corporation the money to buy them from you and let the corp. pay you back. The loan payments back to you should be non-taxable since it’s money that you have already been taxed on. Like I said, check with an accountant first but I think I am right.
Amy, where did you get info about setting up a C-corp?
I know setting up a corporation is recommended, but I’d always found the idea intimidating. You are the queen of paving the road for other newbies to follow!
Keep in mind that an S Corporation will let you move some of your income into your pocket from the business as passive income and thus not subject to FICA taxes. With a C Corporation everything has to come over as salary or dividend and dividends get taxed both on the corporate side and on your personal side.
There are some tax breaks that you can take as a C Corp that aren’t quite the same with an LLC or S Corp. Many of these are the same deductions you can take off your personal taxes, but on the personal side they are subject to a 2% floor, so you won’t get the full benefit as you would with a C Corp. Still the passive income advantage may outweigh the tax deduction advantage.
Debt Free Dude,
I went with a C-Corp because I want to keep a good part of the business income IN the business and not pass it through to myself.
Amy,
I just came from a website that said at Cash Crate you still hold the record for getting the most referrals. Do you still promote that program ?
If so (or not),how did you do it ?
Hi Derrick – I am not actively promoting CashCrate at this time because it is not the current focus of my business model, but it is a great program and I highly recommend it.