Where is the IWE located?
The IWE is hosted by the Foundation of the Rancho Santiago Community College District (RSCCD) in its District Operations Center located at 2323 N. Broadway, Santa Ana, CA 92706 (Map). The IWE resides on the second floor of the district operations center in Room 240.

What are the IWE’s office hours?
The IWE is open Monday through Thursday from 7 a.m. - 6 p.m. and Fridays, Saturdays and evenings by appointment. For special arrangements, please call (714) 480-7455.

Are the resources and services offered by the IWE just for women?
No. While most of our clientele are women, men can receive the full complement of resources and services offered by the IWE.

Is there a cost for IWE mentoring and consulting services?
No. The mentoring and consulting services offered through the IWE are FREE. Only the seminars hosted by the IWE cost a nominal fee.

What services does the IWE offer?
The IWE offers professional, no-cost, confidential business consulting and technical assistance to new and established entrepreneurs in the areas of business plan development, basic computer skills, bookkeeping techniques, web design, marketing, loan assistance and international trade. The IWE also offers guidance, business resources and mentoring designed exclusively for the unique challenges that businesswomen face.

Do I have what it takes to own/manage a small business?
You will be your own most important employee, so an objective evaluation of your strengths and weaknesses is essential. Some questions to ask yourself are:

• Am I a self starter?
• How well do I get along with a variety of personalities?
• How good am I at making decisions?
• Do I have the physical and emotional stamina to run a business?
• How well do I plan and organize?
• Are my attitudes and drive strong enough to maintain motivation?
• How will the business affect my family

What business should I choose?
Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, schedule an appointment with an IWE business expert to discuss your business idea and learn about the growth potential of various businesses in the Orange County area. Matching your background with the local market will increase your chance of success.

What is a business plan and why do I need one?
A business plan defines your business, identifies your goals and serves as your company’s resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. The plan will also help you allocate resources properly, handle unforeseen complications and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals.

Can the IWE write my business plan?
The IWE does not write business plans for its clients; however, we offer seminars/workshops on how to write a plan and one-on-one consultation is also available to support you as you write your plan.

How can I finance my business?
Committing your own funds is often the first financing step and is certainly the best indicator of how serious you are about your business. Risking your own money gives confidence for others to invest in your business. You may want to consider a partner for additional financing. Banks are an obvious source of funds. Other loan sources include commercial finance companies, venture capital firms, local development companies and life insurance companies. You will need to evaluate your situation and decide what kind of loan or investment you're willing to take.

Is there grant or loan money available to help me start my business?
Unfortunately, there is no federal grant money for individual business owners. Even though many publications and talk shows publicize grants to small businesses, the only grants available are for non-profit women's business centers, like the IWE, that provide training for women who want to start or expand their businesses. The other grant program is for research and development for technology-based products and services for the government. However, one of IWE’s partners, the SBA, has an excellent financial assistance program that encourages bankers to help small businesses. This "loan guaranty" program is the agency's priority. Apply for a business loan at your bank. If financing is unavailable on reasonable terms from the lender, ask the bank to submit your loan application to the SBA for consideration. In partnership with your local bank, the SBA may offer a government guaranty of a loan to be made by that lender. SBA programs are especially valuable for new business start-ups and in instances where collateral is weak and/or a longer repayment term is needed.

Credit-worthy potential small business owners and existing small business owners who require capital to start or expand their business may find that SBA's financial assistance programs can help them secure the financing that they need. SBA has no funding for direct loans. For information on SBA loan programs contact the SBA office closest to you or call the SBA Answer Desk at 1-800-8-ASK-SBA. Information is also available on the SBA Web site at: www.sba.gov; click on "Financing" to see the variety of loan programs that are available through the SBA. Once you choose a loan program, you will see how the program works and whom to contact.

How can I qualify for an SBA loan?
Repayment ability from the cash flow of the business is a primary consideration in the SBA loan decision process but good character, management capability, collateral, and owner's equity contribution are also important considerations, All owners of 20 percent or more are required to personally guarantee SBA loans. For more information, see: http://www.sba.gov/financing/sbaloan/7a.html

My credit is not good. Can I still get a loan?
Lenders will review all aspects of a loan application including credit history, which is a reflection of your credit worthiness. It may be difficult to get a loan from a lending institute until such time you can show that credit worthiness has been reestablished. Lenders will review the last two years of credit history as well as other credit factors.

I filed bankruptcy.  Does that hurt my chances for obtaining a loan?
Bankruptcy can have a negative impact on a credit report, which affects the credit score. This information will be on the credit history for seven to 10 years. Work on reestablishing credit as well as credit worthiness, and build a personal relationship with your current financial institution.

Do I need to have a business plan in order to get a loan?
Yes. When applying for a business loan, lenders will want to see information about your business and yourself in the form of a business plan. A business plan provides direction and focus for the business. It can demonstrate that you have the knowledge, managerial competence and technical capability to run a business.

Would a partner(s) make it easier to be successful?
A business partner does not guarantee success. If you require additional management skills or start-up capital, engaging a partner may be your best decision. Personality and character, as well as ability to give technical or financial assistance, determine the ultimate success of a partnership.

Do I need a business license to run a business?
Yes. You will need a business license to run your business in the city or county in which business is to be conducted. To assist you in finding the appropriate permitting information for your business, the CalGOLD database provides links and contact information that direct you to agencies that administer and issue business permits, licenses and registration requirements from all levels of government. For more information visit: http://www.calgold.ca.gov/

Can I run my business from my home?
Yes, about 20 percent of new small businesses are operated from home. Home-based businesses are subject to many of the laws and regulations as other businesses. You will need to check your city zoning regulations or ordinances. The business may also be subject to local and/or state requirements.

How do I set wage levels?
Wage levels are calculated using position importance and skill required as criteria. Consult your trade association and accountant to learn the most current practices, cost ratios and profit margins in your business field. While there is a minimum wage set by federal law for most jobs, the actual wage paid is entirely between you and your prospective employee.

Should I hire family members to work for me?
Frequently, family members of the owner "help out in the business." For some small business owners it is a rewarding experience; for others it can cause irreparable damage. Carefully consider their loyalty and respect for you as the owner-manager. Can you keep your family and business decisions separate?

How do I set prices?
Setting pricing can be challenging. The price of a service or item is based on three basic production costs: direct materials, labor and overhead. Once cost has been determined, consider price that is competitive and profitable. Seeking help from an expert may be beneficial.

What is certification and how do I get it?
Certification is an official recognition given to small businesses by certain entities. With certification, a business can establish that it is woman- or minority-owned and operated and can qualify for bid preferences on applicable contracts, Certification can also establish that you are doing business in certain designated geographical areas. You may apply for certification with the federal government, state and local governments and industry. You should call our office for additional information.

Do I need business insurance?
Business insurance should be considered because chances of loss can begin the first day of business. The type of insurance coverage needed will depend on the specific business operation. The limit of coverage will depend on the inherent risk of your business. Consult with an insurance professional for further information.

I want to make food products to sell from my home. Are there any special regulations?
Many governmental agencies are involved in the regulation of the food industry. The type of food sold and how it is prepared or processed will determine which agency has the regulatory jurisdiction. Consult your local government office regarding licensing and zoning regulations and your local health department regarding inspection criteria.

What is an Employer Identification Number (EIN)?
An EIN is a nine-digit number assigned by the federal government to business entities (i.e., sole proprietors, corporations, partnerships, estates, trusts) for tax filing and reporting purposes. Businesses having employees are required to obtain and EIN along with a CA withholding tax number. For more information and no-cost application, visit the IRS website at www.irs.gov/smallbiz.