[Steve19]

Hey guys,

Many of you (or the guys I know) on this forum have created their own blog to help educate others on finances - Thank You.

I'm trying to grasp what differences there are by owning a 'real' business from an online blog and if it's worth it. Do you receive all the same tax benefits as do other business owners? Are there any stipulations to owning an online blog business, i.e, must make a certain amount of revenue earned per year to avoid CRA penalties? What advice can you provide to others who wish to create their own?

Thanks!

 

[FrugalTrader]

Steve,

I treat MDJ like a business. From a tax perspective, afaik, there aren't any special stipulations to running an online business.

My advice? Do it for the love of the subject and for the long term. Too many blogs start up strong, then die after 3-6 months when they realize that it's not generating very much money.

 

[thedividendguy]

I too treat mine like a business. It is income and there are expenses that can be applied to that income. I personally have not set up a LLC and just "run" it as an individual company.

As FT mentioned, do it for the love of the topic as opposed to making money. I must admit I have certainly enjoyed the extra income the blog has brought me, but it is not something I will retire on. It has taken a number of years to get to this point, and a lot of time so you really have to enjoy doing it. It is not passive income!

The Dividend Guy