I spent the other day changing all of my business and affiliate accounts back into my own name, shedding my “doing business as” name. After doing my tax return, I came to the realization that I just don’t have enough time to dedicate to creating enough content to be a profitable blogger. Taking a loss for the second year in a row, I think I’m better off taking my online entrepreneurial adventures into a hobby status, rather than as a sole proprietor. The biggest reason is perhaps the risk of IRS audit due to consecutive losses. I don’t have anything to worry about, but I don’t have the time, nor the will to deal with more paperwork in my life.
If I don’t make any moves to get an app designed this year or contract out some work, I’ll probably let my business license expire and close my business banking account. I’ll lose access to capital, but I can always open a new account later. Taking the pressure off from trying to stick to a schedule and purposely making a profit will be quite relieving. I’ve got a bunch of things to do around the house to free up my plate anyway. It’s best that I focus on those tasks first.
Talk to me, Goose.