Log of what of Aliyu Jibirilla has learned at Techie Youth

I'm Aliyu Jibirilla a student from techie Youth

I want to share with you about what we learned today at our program techie youth.

Today we learned about

Set up business entity formalitie

The formalities of legal business operation vary greatly in each country, state and sometimes even municipality. It would be impossible to provide a full guide for every geography in the world, but the guidelines outlined here are the general factors that are relevant to most business locations (including virtual-businesses.) It is your responsibility to take the final step of researching the laws and regulations within your location. This section is written based on the laws and formalities of the United States; if you are located outside the USA then consider this as a general guide to doing business, and you will need to also learn your local business laws.

Sole proprietor

In United States, every business operates as a "company" entity. There are several types of business entities; the simplest is a sole-proprietorship. To become a formal sole-proprietor you need to file an application with the "county-clerks" office in your municipality, there is usually a filing fee; if you simply "do business" without filing anything, it is considered as implicitly operating as a sole-proprietor.

The main gain of filing is that you can open a bank account in the company name where you can deposit check payments written to the name of the company, instead of to your own name.

Partnership

This is essentially the same as a sole-proprietor except that the company is formed having two or more partners listed as co-founders. The county-clerks office filing fee may be slightly higher for partnerships.

Corporations

This is a very broad topic, and there are different types of corporations that one can file. Formally, a corporation is an independent entity that encompasses your company, and you (as the founder) would own the company and also be an employee of your own corporation. You can think of corporations as a hypothetical person - they are not you, they are their own entity. Corporations have to file taxes separately and unrelated to the company-owner's personal income taxes. Money earned by the business belongs to the corporation, when you extract money from the company it becomes your income earned from the business - there are tax implications to this.

If someone files a lawsuit against a company and wins, if it is a corporation then the lawsuit ruling would normally be limited to taking the company assets which are anything bought using company funds along with income earned by the company that has not yet been dispersed to pay employees/vendors/bills or purchase assets. As an employee or owner of the corporation, the lawsuit normally cannot not harm your personal assets such as your home, vehicle or money in your personal bank accounts.

A lawsuit filed against a sole-proprietor or partnership has no such limitations, so if severe-damages resulted from work of your sole-proprietorship then all of your personal assets are at risk.

Many states of the USA, but not all of them, charge corporate taxes. Some of these states have mandatory minimum taxes due, meaning that even if your company is not in operation, earns no money, or is operating at a loss, you still would have taxes due from the day you began your corporation until the day the corporation was dissolved. Many US-states allow out-of-state owners to form corporations in their states, so it may be strategic to form your corporation outside of the state that you reside in. Many corporations are formed in Delaware and Nevada because they have among the least-restrictive laws for corporations.

The process to filing for incorporation varies by state, but is typically as simple as going to the state's website for corporate filings and filling out a short form, and paying the fees. Traditionally, people would pay an attorney to create the corporation for them; in most cases for simple start-up companies this is totally unnecessary as the process is very easy and takes just a few minutes.

There are many types of corporations such as C-corp, B-Corp, S-Corp, etc. as well as related entities such as LLCs; these go beyond the scope of this course, and each has it's own tax implications. It is strongly suggested to consult with an accountant BEFORE opening any type of corporation so you do not end up unexpectedly owing money to the IRS. Most states and corporation-types also have an additional fee for dissolution (closing the corporation,) so in addition to learning about corporate taxation, also research the fees BEFORE you open any corporation.

Employer Identification Number (EIN)

All companies in the United States are virtual-entities that should be registered with the IRS. When you register, you get an EIN number, this is the equivalent of a social security number, but is associated to a company instead of a person. Filing for an EIN is a requirement for corporations to be able to have income; it is optional for sole-proprietors as they can choose to utilize their personal social-security number in place of the EIN, but doing so is strongly discouraged and has no gains. Filing for an EIN is free and the EIN is issued immediately at the time of filing. You can file online or by phone, call 267-941-1099.

IMPORTANT: if you are asked for a fee to file your EIN, do NOT pay it - you are not on the official IRS website which offers the service for free, and in most cases generates it instantly.

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Hi good evening to you all

I'm Aliyu Jibirilla a student from techie Youth

I want to share with you about what we learned today at our program techie youth.

Today we learned about Web design

Web design differs from other facets of web development in that it requires innate creative skills that not everyone will have, or are capable of learning. If you have that creative design sense, then web design may be a good fit for you

Hi good evening to all

I'm Aliyu Jibrin a student from techie Youth

I want to share with you about what we learned today at our program techie youth.

Today we learned about Profit models and revenue streams

Monetization of your endeavor is among the most-important factors of starting a business, because earning income is usually the primary motivator for launching a new startup. It is critical that you identify and plan out how your business will earn revenue and be profitable, and identify any risks that would be a barrier to your profitability.

There are many profit models to explore, and it is often suggested that a business should incorporate several revenue models as contingency, but this also diversifies your efforts, so in some cases focusing on a single profit stream may be a more-appropriate fit for your venture. Some business have very obvious revenue models, such as selling a product, but they may also have a significant uncertainty as to how many items that they will sell and thus how much income to expect. For virtually any profit model, it is important to know where your break-even point is - how many sales or how much revenue do you need to achieve in order to be earning more than you are spending. Every new business should create a realistic plan how they will exceed the break-even point, and then are suggested to have the plan audited by advisors experienced in your sector to determine if they concur, would suggest exploring alternative profit channels or have doubts in the likelihood of attaining profitability with your plan.

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models

Hi good evening to all

I'm Aliyu Jibrin a student from techie Youth

I want to share with you about what we learned today at our program techie youth.

Today we learned about how to identified your customer and market

Identifying your customer and market

Who is going to pay you? This is your customer.

What demographic of person or company will want the product or service that you are offering? This is your market.

Why will they want it enough to pay you the prices or rates that you charge? The answer to that is your "value proposition."

Who else is offering a similar product or business? This is your competition.

Will your product be either solving a need or providing happiness to the customer? Is the product a solution-in-search-of-a-problem that is unlikely to gain a large market-need?

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Hi good evening to all

I'm Aliyu Jibrin a student from techie Youth

I want to share with you about what we learned today at our program techie youth.

Today we learned about Business models

Business Models

Selecting a viable business model

For a business to succeed, the products/services offered must either solve a problem or provide happiness to the customers. People only spend money to solve or improve a problem, such as if they are hungry they will buy food, or to increase happiness, such as purchasing a car to avoid having to use public transit. Applying this logic to your business planning is critical

Besides solving problems or providing happiness, you may wish to select a business model that serves a specific customer demographic that you can relate to, this can be general demographics such as musicians or New Yorkers, or more tailored such as red-heads with blue-eyes, or people growing up without a father. While not a requirement, it is usually beneficial to work in a sector within your interests or passions. Many successful companies have been started because the founder identified a product or service that they had wished were available, and went ahead and created it; if you go this route, be sure to do your research and make sure that enough other people also desire it. Sometimes an object has never been produced because there is not enough of a market to create a profitable company out of it

Hi good evening to you all

I'm Aliyu Jibirilla a student from techie youth Yola Nigeria

I want to share my experience about what I learned today at Techie youth.

So far today we learned about remote work

Remote work: is a work that is carriedout remotely or anywhere in the world without a physical conject with the company.

Remote employee: is a someone who is employed by a company, but works outside of a traditional office environment. This could means working from a local coworking space, from home,or in a city across the world.

Remote employer:is a person who offering the job for employee.

Here are reasons to work remotely:

Freedom

Lead distraction

Getting more rest

Opportunity to work indifferent organization

Increase productivity

Health

Working Remotely typically have more time and fewer distraction which Leeds to increased productivety. A hug benefit of working from home for both employee and employers alike.

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