Just do it!
Hi guys, due to my visa situation I can only get revenue from my current company (sponsor). So I can NOT make any money with any new project without infringing my visa status. So I have about a year in front of me not being able to show any additional revenue after that I hope to get my green card.
I want to start an online business, probably selling information products (ebooks, templates, etc.) and licensing some inventions. I'd also like to add a couple of automated websites that would generate revenue using affiliates or ads.
What do you suggest as far as planning the start up of my business? In a way I feel good about the fact that I will be able to position the business pretty well, with no rush of selling stuff too early, before I actually launch it.
I plan to set up a website, blog, etc. and provide free content as much as possible to generate traffic and get ready for the (paying) launch. I already started a small blog to investigate product ideas (Sly's Blog | All about Quality) and hope to feel the pulse of this niche market.
What's your thought on this. Thanks in advance, it is so cool to be able to use so many brains on one site!
Just do it!
StephenHilgart.com - My Blog on Personal Development and Business Philosophy
Thanks Steve, I was looking for more ideas...
Register your business under a corporation.
Your corporation will taxed rather than you being taxed.
I thought about that. Based on what I have read I could invest in my corporation but I couldn't "work" for the corporation... I guess I could "hire" someone to work on the website... Or maybe it is only as long I don't get any salary from the biz... I would need to talk to my immigration attorney to figure out a way...
You can volunteer for your corporation.
You don't have to 'work' for your corporation.
As long as you are 'not getting paid', you are volunteering :-).
I am saying this because I own a corporation (c-corp) and and don't get a salary from it anymore. I used to pay myself a salary but my accountant suggested that I fire myself. So no payroll anymore.
My expenses are company's expenses((not all of them). I pull some money at the end of the year from the corporation (forgot how that's called), and I get taxed less.
I am no expert but have been doing this for 3 years now. My accountant takes care of everything and so far I guess it is working.
Talk to a good accountant, I am sure you can pull this off under a corporation. What belongs to a corporation doesn't belong to you as a person. It is a seperate entity.
Cheap is not always good. Get a good accountant, I think consultation is free. You can talk to two or three before you can make up your mind.
I heard that you don't have to register a company until you start making a profit.
Keep in mind that I am in a different country. I may be lying.
I always assume that the laws are the same ( or at least close) in both countries, but hey, find out from a professional.
I was a in a project two years ago where my Project Manager was 'unemployed', but he was in the office every morning, performing his duties under his corporation's name :-). How sweet!
I am not suggesting that you cheat the system, but make the system work for you. Do, a lot of reading to make sure you are not doing anything illegal. Do what the doers do.
You learn these things hey!
But again, it's may be different in the USA. So, find out!
Thanks canadiangal, you're right I will have to consult an accountant/immigration lawyer. The important thing is I do want to be deported back in Canada...At least not yet! Will see how fast I can have revenue. it will maybe beat the time I'll get the GC anyway...
Pfff if you are from here, and it is an online business, why don't you register it here then? That's IF you want to go on the corporation route.
I don't have a canadian residence anymore. Unless u want to be my representative... I that sens I was even thinking about a Nevada corporation since they don't have any state tax and they don't send any info to the IRS...
Other question, would it work the same for an LLC?
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