Monday 13 January 2014

Birth of a company

I just emailed the accountant I met last week - he's going to set up a company for me and handle tax returns and book-keeping for my new entity. Because that's what I've decided over the weekend: I'll start my own company that'll be serving as a vehicle to carry out all my writing, project work, possibly some coaching, writing courses and editing services. Tax-wise and legally, it's much better to be an LLC (sole trader) than make some money on the side and put it all on income tax.

I also spent a few delightful hours running budgets based on current cashflows and best- and worst-case scenarios. Result: writing will feed me for the time being, if I'm a little frugal. That said, big expenditures like GRL2014 are out for the moment. I was subsidising those from my day job, and that will be gone in about four months' time.

I've also made a deal with my partner, who would very much prefer for me to continue to have a day job. If the place I interviewed with is offering the job, I'll take it (because, OMG the salary), though I'll still take four weeks off to wrap up some book projects and maybe do a spot of (very cheap) travelling to friend's couches and guest rooms in Germany. In return, if that company doesn't offer, I get those four months to do nothing but write and get my comapny off the ground. Which means I really need to apply ass to chair and write my dark little soul out to boost my income by as much as possible in 2014. Thanks largely to LA Witt, who's been driving me mercilessly, I'm now in a much stronger position than I've ever been in terms of income. I owe her so much. And I owe a huge deal to my readers who've been supporting me and bought my books. Bless you, guys. You give me strength and hope and energy.

Anyway, I'm really quite positive about the future. I can get half of 2014 as writing time and if it's not working out, I can always return to the market in 2015. I'm in an amazing position, and I essentially have four months' time now to decide in all peace and quiet what I want to do with my life. Throughout, so many people have served as huge inspiration - readers who told me "screw that crap, you'll do GREAT on your own", or shared their success stories with me. I'm undergoing a huge amount of personal growth right now. I'm not quite flinging myself off a cliff, but I'm definitely cutting some ropes that kept me secure and tethered. From now on, my income really is entirely my responsibility. If I make it or fail, it's due to me. I think I'm finally ready for that.


  1. LLC is a great idea. I have one myself for various craft related businesses. It's generically named so that I could even use it if I ever got around to finishing a piece of writing. (not holding my breath..)

  2. Since you have started your own company, does that mean you will not be a part of Riptide anymore?

  3. Susinok - Here, you have to explain what the company's activities are. :)

    Lisa - No, Riptide is not affected. Riptide is a US company owned by several people doing publishing, my new company holds my intellectual property rights. Both will be doing business with each other, though. :)

  4. Sorry if I am being nosy, but I've worked for an US S-corp since I graduated from college, so I find businesses inherently interesting. I am especially curious about UK business practice. The US has a myriad of LLC types as well as C-corps, sole proprietorships, partnerships, etc.Does the UK have S-corps? Is your new business a publishing enterprise? Just curious, hope you don't mind.

  5. Lisa - I believe it's an LLC, but I'll check with the accountant. It's the end of the filing period now, so he's *extremely* busy. And, no, the business isn't a publisher. A self-publisher and rights vehicle, plus a way for me to run writing workshops/coaching in a legal structure that enables me to pay corporation taxes rather than income taxes. In the months ahead, that saving might be absolutely critical.