Women Get Wealthy

I’ve been thinking a bit lately about this concept of ‘creating jobs’.  I keep hearing that, in a down economy, it is most often small business owners who are responsible for creating new jobs and re-igniting the economy.  If this is the case, how might I, as a small business owner, go about creating jobs?

One of my first investment properties, purchased back in 2003, is a duplex in center city Philadelphia.  Both units are currently occupied by residential tenants; however, the property is zoned for commercial use and could be converted back to a store-front, relatively easily.  The first floor unit is currently rented for $900 – roughly $11,000 annual gross income.  This leads me to wonder…. might it be possible to open some type of business, creating a few jobs for local residents, while continuing to produce 11k or more in income?

Unrelated business activities would prevent me from committing a significant portion of time to such a venture but I would be willing/able to provide a location and necessary start-up capital.

Key barriers I see, which need to be overcome:

• Identify a dependable/capable/motivated partner
• Identify demand for a particular business type

What else I am missing?  Is this concept feasible?  Is it a waste of time?
Is it not my responsibility to at least try to give a small boost to the local economy?

The property is located in a lively part of town.  Here are some high level demographics on the neighborhood:

• Residents per square mile – 23,500
• Male to Female ratio – 50/50
• Median age – 36
• Average household income - $53,000
• White collar/Blue collar – 80%
• Households without children – 82%

I would love to hear your thoughts/suggestions.  Maybe if we put our heads to together we can create a few jobs!!

By 30, you should have:

1. One old boyfriend you can imagine going back to and one who reminds you of how far you’ve come.

2. A decent piece of furniture not previously owned by anyone else in your family.

3. Something perfect to wear if the employer or man of your dreams wants to see you in an hour.

4. A purse, a suitcase and an umbrella you’re not ashamed to be seen carrying.

5. A youth you’re content to move beyond.

6. A past juicy enough that you’re looking forward to retelling it in your old age.

7. The realization that you are actually going to have an old age—and some money set aside to help fund it.

8. An e-mail address, a voice mailbox and a bank account—all of which nobody has access to but you.

9. A résumé that is not even the slightest bit padded.

10. One friend who always makes you laugh and one who lets you cry.

11. A set of screwdrivers, a cordless drill and a black lace bra.

12. Something ridiculously expensive that you bought for yourself, just because you deserve it.

13. The belief that you deserve it.

14. A skin-care regimen, an exercise routine and a plan for dealing with those few other facets of life that don’t get better after 30.

15. A solid start on a satisfying career, a satisfying relationship and all those other facets of life that do get better.

By 30, you should know:

1. How to fall in love without losing yourself.

2. How you feel about having kids.

3. How to quit a job, break up with a man and confront a friend without ruining the friendship.

4. When to try harder and when to WALK AWAY.

5. How to kiss in a way that communicates perfectly what you would and wouldn’t like to happen next.

6. The names of: the secretary of state, your great-grandmother and the best tailor in town.

7. How to live alone, even if you don’t like to.

8. How to take control of your own birthday.

9. That you can’t change the length of your calves, the width of your hips or the nature of your parents.

10. That your childhood may not have been perfect, but it’s over.

11. What you would and wouldn’t do for money or love.

12. That nobody gets away with smoking, drinking, doing drugs or not flossing for very long.

13. Who you can trust, who you can’t and why you shouldn’t take it personally.

14. Not to apologize for something that isn’t your fault.

15. Why they say life begins at 30.

- Pamela Redmond Satran (often attributed to Maya Angelou; however it is not her work)

Please allow me to introduce Neda Talebian Funk and Caroline Levy Limpert - two inspiring entreprenurs from New York City.

I stumbled upon the article below and thought...what a great idea!  These women saw an opportunity for improvement in the marketplace (something they were experiencing in their everyday lives) and did something about it!  For those of you out there, looking to start a new business, is there any reason you could not build something like this in your own city/country? 

The start-up costs are fairly low and you get a great workout, to boot!

The Best Money We Ever Spent

Fashion Designer, Tory Burch, started her label in 2004, out of her apartment, in New York.  She now has an extremely successful global brand and has also started 'The Tory Burch Foundation', as a means of giving back to the community.  The Tory Burch Foundation helping aspiring entrepreneurs find their own path - offering business advice as well as micro loans.  Tory is clear to state, "It's not charity, it's empowerment.  It's an investment in our collective futures.

Read more about Tory and the Tory Burch Foundation here.