How to Get Finance for Your Business Start-Up

Business Start-Up

Once you decide to make the break and start up your own business, you are likely to need finance.  This can be for buying stock or equipment, for insurance and for fitting out your premises. Or if you set up at home, for building outside access to the designated room. This will save your customers having to access your business through your home, something that is not very professional.

So where can you get this finance? Much depends on how much you need. Here are several options.

  • Get a loan from the bank. Make sure you negotiate terms you can afford.
  • Apply for an angel investor. These are people who risk their own money for a good cause. They may also want to have some say in how you run the business.
  • Get a loan from family. This should be set up legally and you should pay interest on the loan, even if it is very low interest.
  • If you don’t need much, you may be happy to put it on your credit card. Not a good idea due to the high interest rates.

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Women of Triumph

At the heart of Women Work! are the women whose lives are transformed every day through hard work, perseverance and the support of member programs. During our 25th Anniversary Gala in 2005, we celebrated the achievements of 25 outstanding women who have participated in Women Work! member programs and successfully overcome challenges in their lives.

Women Work!

Denise Abbey
At the age of 16, Denise dropped out of school, married and then endured 19 years of emotional and mental abuse for the sake of her three sons. In 1991, she realized she needed to go.

With limited education, little work experience and being on disability, Denise was unable to work at the time. However, support from the Re-Entry Center at Truckee Meadows Community College in Reno, NV, helped Denise unleash her passion for education. Since then, it has continued to flow. At Truckee Meadows, she earned an associate’s degree, and was named valedictorian, Outstanding Student of the Year and Board of Regents’ Scholar. She went on to the University of Nevada and founded the Non-Traditional Student Union and Alpha Sigma Lambda Honor Society. She also co-founded HEROES, an organization that provides support to single parents pursuing degrees. While earning her master’s degree, she helped create Project Wings! to find sponsors for single parents and displaced homemakers pursuing higher education.

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The Economic Value of Homemaking

The History of Homemaking
A homemaker is a person whose main activity is to care for a family and home. This is traditionally an unpaid occupation.

In an effort to understand the value of a private homemaker’s unpaid labor, experts have attempted to quantify the dollar value of the job. No one has come up with a perfectly accurate way to do so.

Four different methods of assessing the economic value of homemaking are listed below. Each method has serious drawbacks and disadvantages.

NOTE: Women Work! does not promote one method over another; we have simply gathered the following data for your information.

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Handling Conflict at Work

Conflict is defined as the negative feelings experienced between people and groups in problematic relationships. Conflict at work can hurt the quality of your work and the work of those around you. Conflicts arise in a number of ways: disagreements between co-workers, jealousy of positions or salaries, gossip, or office politics can all create uncomfortable situations. When conflict rears its ugly head, it’s good to remember that most conflicts can be solved by listening, talking through your problems and even sometimes realizing that your conflict has fizzled out. Here are some tips on how to handle and help avoid conflicts at work.

Things to Remember

  • If a conflict is between you and just one other person, try to work it out between the two of you, rather than bringing others into the conflict.
  • In a workplace, everyone deserves to be treated with respect. Treat others the way you want to be treated, and don’t put people down.
  • Give credit where credit is due; if someone has helped you on a project or proposal, make sure others are aware that the person deserves credit for helping.

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Cover Letters: What is it and how to write one?

What is a cover letter and why is it important?
A cover letter is a one-page business letter that you send to a potential employer when you submit your résumé. The letter introduces you, explains which job you are applying for and why you think you would be a good candidate for the position. A cover letter is important because it gives you the opportunity to talk more in depth about the skills and experiences on your résumé that are applicable to the job for which you are applying. You can use a cover letter to discuss some important experiences that may not have a place in your résumé. It reflects your personality, your attention to detail, your communication skills, your enthusiasm, your intellect and your specific interest in the company to which you are sending the letter.

The Four Parts of a Cover Letter
Writing a cover letter can seem a little overwhelming at first, but it is helpful to think of it as four separate sections:

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Temporary Assistance to Needy Families (TANF)

Temporary Assistance for Needy Families (TANF) provides assistance and work opportunities to needy families by granting states federal funds and wide flexibility to develop and implement their own welfare programs.

While the intent of the TANF program is to move welfare recipients, most of whom are women with dependent children, into the workforce, the effect has often been to force them into low-wage, dead-end jobs.

Changes to TANF law could transform the program into a federal funding source that truly helps needy families become self-sufficient. An increase in the education and training opportunities available within the TANF system would go a long way toward giving low-income women the skills they need to succeed in jobs with career potential and upward mobility.

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Chutes & Ladders State Status Reports

Census Data pulled from Chutes & Ladders: The Search for Solid Ground for Women in the Workforce.

Click on one of the links below to download a PDF of that state’s Status Report with key data on the status of displaced homemakers and single mothers.

Download this guide for 10 great ways to use the state status reports to advocate for women’s economic security.
Alabama (pdf, 24.2 KB) Alaska (pdf, 24.2 KB) Arizona (pdf, 24.2 KB)
Arkansas (pdf, 24.2 KB) California (pdf, 24.2 KB) Colorado (pdf, 24.2 KB)
Connecticut (pdf, 24.2 KB) Delaware (pdf, 24.2 KB) District of Columbia (pdf, 24.2 KB)
Florida (pdf, 24.2 KB) Georgia (pdf, 24.2 KB) Hawaii (pdf, 24.2 KB)
Idaho (pdf, 24.2 KB) Illinois (pdf, 24.2 KB) Indiana (pdf, 24.2 KB)
Iowa (pdf, 24.2 KB) Kansas (pdf, 24.2 KB) Kentucky (pdf, 24.2 KB)
Louisiana (pdf, 24.2 KB) Maine (pdf, 24.2 KB) Maryland (pdf, 24.2 KB)
Massachusetts (pdf, 24.2 KB) Michigan (pdf, 24.2 KB) Minnesota (pdf, 24.2 KB)
Mississippi (pdf, 24.2 KB) Missouri (pdf, 24.2 KB) Montana (pdf, 24.2 KB)
Nebraska (pdf, 24.2 KB) Nevada (pdf, 24.2 KB) New Hampshire (pdf, 24.2 KB)
New Jersey (pdf, 24.2 KB) New Mexico (pdf, 24.2 KB) New York (pdf, 24.2 KB)
North Carolina (pdf, 24.2 KB) North Dakota (pdf, 24.2 KB) Ohio (pdf, 24.2 KB)
Oklahoma (pdf, 24.2 KB) Oregon (pdf, 24.2 KB) Pennsylvania (pdf, 24.2 KB)
Rhode Island (pdf, 24.2 KB) South Carolina (pdf, 24.2 KB) South Dakota (pdf, 24.2 KB)
Tennessee (pdf, 24.2 KB) Texas (pdf, 24.2 KB) Utah (pdf, 24.2 KB)
Vermont (pdf, 24.2 KB) Virginia (pdf, 24.2 KB) Washington (pdf, 24.2 KB)
West Virginia (pdf, 24.2 KB) Wisconsin (pdf, 24.2 KB) Wyoming (pdf, 24.2 KB)

Life After Prison: Overcoming Barriers to Employment

There are currently over one million women in the U.S. criminal justice system. Two hundred thousand of them are confined in state and federal prisons or local jails. Women are the fastest growing group of people in prison. However, the consequences of their convictions far outlast time spent in confinement or on parole. Since the 1990s, various levels of government have created more post-conviction penalties, making it harder for women leaving prison to find employment, education and housing. There are, however, groups who can help.

Challenges
A year after prison, only four in ten women are able to find jobs in the regular labor market.

Employment
In most states, employers can deny jobs to anyone with a criminal record, regardless of work history or how long ago they were
convicted. State laws can also keep past
prisoners from getting licences in different types of professions.

Further Education
All forms of federal tuition assistance are unavailable to a person with a drug conviction,
making further education difficult.
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Individual Development Accounts Education Campaign

At the end of December, 2007, Women Work’s one-year IDA project came to a close. Initial results from the project indicate that hundreds of women were positively impacted through financial literacy classes, information about IDAs, and referral to local IDA programs. Data compilation and a full evaluation of the project are currently underway; check back soon for complete results of this initiative!

The Project 
Throughout 2007 Women Work! partnered with our state affiliates in New York, Wisconsin, North Carolina, South Carolina and Maryland to implement state-wide education campaigns on financial literacy and individual development accounts (IDAs). With the support and technical assistance of Women Work!, these state affiliate collectively did the following:

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Networking and Mentoring Not just “girl talk”

Mentoring has always been a part of the workplace atmosphere for men. As more women enter the workforce, they too are becoming a vital part of the networking and mentoring process. Today, women are seeing more of the positive impacts created by mentoring and networking as they advance in their careers.

Differences Between Networking and Mentoring
Networking is important when you are trying to find a job/career. Everyone has heard: “It’s not what you know, but who you know.” Networking allows women the opportunity to meet other people (especially women) who have similar professional interests.

Mentors are people with experience who can give advice and help you move up in your field. Mentors are important for women entering the workforce as they can help guide decisions made early on and throughout a woman’s career. While a mentor can be helpful when looking for a job, it also important to find a mentor once you have a job. A mentor can help you to begin looking at career options.

Similarities Between Networking and Mentoring
Relationships are a part of everyone’s life, whether between friends, family members or significant others. (more…)

Our Issues

Women have made great strides toward economic equity over the last several decades. For many women and their families, however, the challenge of achieving economic self-sufficiency remains an uphill battle. Although the majority of families rely on women’s wages to make ends meet, women continue to earn less than men and are nearly twice as likely to be poor as men.

To advance economic opportunities for women and their families, Women Work! strives to promote women’s entry into higher-paying work and help workers balance work and family.

Click here for basic information about women in the workforce.

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Reauthorization of the Workforce Investment Act

The Workforce Investment Act (WIA) was designed to increase the employment, retention, earnings and occupational skills of the American workforce by creating a simple yet comprehensive system to meet the needs of all job seekers. But for many unemployed and underemployed women, WIA has not met this commitment. Significant reforms are needed to ensure that the workforce investment system can meet the needs of women who face barriers on the road to economic security.

Women Work! advocates for reforms in WIA to increase women’s access to training for high-skill, high-wage, and nontraditional careers.

Policy Resources

Too Many Women Live Paycheck to Paycheck

Too many women and their families are living paycheck to paycheck, working in low-paying jobs without benefits and with few prospects for advancement. Over 14 million adult women in the United States live in poverty, while millions more struggle at incomes just above the poverty line.

Women are more likely to be poor than men.

  • There are over 14 million adult women in the United States living under the federal poverty line, compared to 9.5 million adult men. Almost 6 million women live in extreme poverty, defined by having an income of less than half of the federal poverty level.1
  • Women are 40 percent more likely to be poor than men. One in eight women is poor, compared to about one in eleven men.2
  • Women represent 60 percent of the total number of adults in poverty,3 but only 51 percent of the total adult population.4

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Women Re-entering the Workforce Face Substantial Barriers

Despite their increasing presence in the workforce, women are more likely than men to experience interruptions in their careers. This is due largely to time spent caring for children or elderly family members. Women still face real barriers when re-entering the workforce; many return to less skilled, lower paid positions than those they left.

Women remain much more likely than men to experience career interruptions, largely due to domestic responsibilities.

  • One in four women leaves her job around the time of the birth of her first child.1
  • Among mothers with children younger than one year old, only 53.8 percent are in the labor force.2
  • Caring for an elderly relative is also often the reason for a gap in workforce involvement. Thirty four million adults (16 percent of population) provide care to adults 50+ years.3Women are more likely than men to be family caregivers. Research suggests that between 59 and 75 percent of family caregivers are women.4, 5, 6
  • For women, eldercare has a significant impact on advancement at work. One third of caregivers decrease their work hours, 29 percent pass on promotions, training or assignments, 22 percent take a leave of absence, 20 percent switch from full to part time employment, 16 percent quit and thirteen percent retire early.7

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Women in the Workforce

Women have an enormous presence in the current workforce in the U.S.

  • Women comprised 46 percent of the total U.S. labor force in 2006.1
  • In 2006, there were a record 67 million employed women in the U.S.2
  • 70 million women were labor force participants—working or looking for work—in 2006.3
  • The labor force participation rate for all women was 59.4 percent in 2006.4
  • The labor force participation rate for mothers is 70.9 percent.5
  • By race the rates are:
    • Black women 61.7%;
    • White women 59 %;
    • Asian women 58.3 %
    • Hispanic women 56.1%.6

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We Work! Magazine

The Voice for Women’s Education and Economic Equity

We Work! is a quarterly magazine sent to Women Work! members.

Summer 2007

In this Issue

Message from the Chair and President Page 4
Woman of Triumph: Danielle Smith Page 5
Work That Fits Page 6
The Issues: Coalitions In The Field  Page 8
Legislator Profile: Edward M. Kennedy Page 9
In The Field: iWorks! Works for Women Page 10
2007 Conference Special Page 12
Employer Spotlight Page 14
Woman to Woman  page 15

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Back to School

More Education Needed?

Once you’ve chosen a new career direction, decide if you need more education. This might be a six-week adult-ed class in database management or a new degree in early childhood development.

You may have life or work experience that can substitute for formal classes. You’ll have to decide if you know enough for your new opportunity.

Is More Schooling Necessary?

Be sure you really need to return to school before moving in a new direction. Many women find it exhilarating to return to the classroom after time away. The intellectual stimulation may be very welcome after years away from school. And being back on a college campus can feel invigorating after years of being grown up, or it may feel threatening.

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Q & A with Dr. Richie

I am a single mother, and I am working really hard to keep it together. I feel drained emotionally and financially. How can I pay my bills, be there for my children, and keep my sanity?

Thanks, Anne

Dear Anne,

As I often say to women I work with, my heart is always first and foremost with the single mothers. Aside from the responsibilities of providing both emotional and financial support to your kids, you are also handling the many difficult child raising questions that plague most parents on your own. Parenting is a tough enough job with two people working on it, so clearly it’s not an easy task for one person.

Many single mothers feel they have to do it all on their own, and are hesitant to ask for help from friends and family members. You haven’t said whether that description fits you, but it’s important to address. What kind of a community do you have around you? Are you close to your family? Do you have close friends who you can count on when you need a listening ear, a carpool, or someone who can pick you up some milk on her run to the store so you don’t have to pack your kids in the car to do that small task?

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Action Works!

Subscribe to Action Works! Women’s Voices for Change and become part of the nation’s largest network of advocates dedicated to advancing economic justice and equality for women.

Service providers, students, women in transition, citizen advocates and leaders in the women’s community have already added their voices to the chorus. Sign up now and receive up-to-the-minute alerts on policy issues affecting women’s economic justice.

Making Money Work!

This six-session, hands-on financial education program was designed especially for women who are facing some of life’s toughest difficulties, and struggling to gain a foothold in a world where stability and financial security seem like distant dreams.

The goal of the Making Money Work! financial education program is to help participants achieve financial stability and effectively manage a limited earned income by providing subject matter information, motivational participatory learning activities, and access to resources. The program introduces participants to basic financial concepts, such as goal setting, determining needs versus wants, developing a spending plan, managing a checking account, and the wise use of credit.

Making Money Work! Online Facilitator’s Guide

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Advice for Women Job Seekers: Appearance Matters

Americans Say a Woman’s Appearance Affects Whether She is Taken Seriously on the Job, Considered for Raises & Promotions 
Survey Report (pdf, 146kb)
Statistical Tables for all 8 questions (pdf, 52kb)

APRIL 23, 2001 — In this graduation season, Americans have advice for the millions of women job-seekers who are graduating from high school, college and job training programs: a professional appearance will help you get and keep a job, and win responsibilities, raises and promotions. A new poll finds that nearly seven in ten Americans (69 percent) – and more than eight in ten women – say clothing, hair and makeup are very or extremely important for a woman on the job, and for her confidence. Large majorities say that a woman’s appearance affects whether she is taken seriously, asked to represent her company at outside meetings, and considered for raises and promotions.

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Free Guides Helps Women Entering the Workforce “Work Your Image!”

Download the Order Form for requesting free copies of WYI! materials.
Download the WYI! Tip Sheet English, Spanish 
Download the WYI! Family Guide Tip Sheet
Download the WYI Evaluation Form
(Right click on the link and select “save as” to save a copy of the form to your computer.)

As the saying goes, “you only have one chance to make a first impression,” but there is a great deal a person can do to make that impression a positive and lasting one. Realizing the value of presenting a professional appearance, Women Work!, in partnership with the Cosmetic, Toiletry and Fragrance Association (CTFA), created a unique program to help women in transition put their best foot forward in today’s competitive job market. Work Your Image! Creating a Professional Image to Get and Keep a Job® (WYI!) provides basic information for women entering or re-entering the workforce with a common-sense approach to creating a positive first impression.

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Report Shows Women and Girls are Invisible Again

National Coalition for Women and Girls in Education finds vocational education law fails women and girls

The National Coalition for Women and Girls in Education (NCWGE) released a report in Oct. 2001 that found programs designed to help women and girls succeed in vocational education are rapidly collapsing, leaving many women and girls in jeopardy of losing out on important educational opportunities. NCWGE expressed concern that the Carl D. Perkins Vocational and Applied Technology Education Act of 1998 — the federal law governing vocational education at secondary and post-secondary institutions — provides insufficient support for women and girls at a time when welfare time-limits are fast approaching.

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