A woman-owned business is a term used in the United States, particularly by government agencies and associations, to initiate and implement special programs to empower female business owners.
The two main certificate types that are open to most women business owners are:
To be eligible for the Certified Woman Business Entity (WBE) status, 51% of the company should be owned, permanently run, and managed by a woman or any number of women with American citizenship.
A similar program is also available, specifically for small businesses, called Women-Owned Small Business (WOSB). It has the same criteria for application, but is for smaller business sizes and types.
Certifications can be granted by designated governmental agencies or third-party organizations approved to provide certificates.
Currently, organizations and agencies that assist in granting a business owner a certified women-owned business status include:
Certain of these organizations and agencies assist woman- owned or woman-run businesses beyond just the certification process.
It is well known that a Certified Women Owned Business status (i.e. WBE or WOSB) can qualify a company to bid for federal contracts in the United States that are specifically established for women business owners.
Certification status can also increase a business’ visibility which could lead to opportunities for doing business with corporations and government organizations that are required to meet specific goals for subcontracting work to Women Owned Businesses once they win a government contract.
Perhaps even greater benefits exist in support to overcome various challenges that women in business face due to outdated social and cultural norms. For example, a reputable certification authority, recognized by over 1,000 corporations, plus some states, and cities, is the Women’s Business Enterprise National Council. They offer a certified designation called Certified Women’s Business Enterprises (for WBEs), which qualifies your business for federal contracting benefits and provides business-boosting benefits as well. They offer:
There are specific legal frameworks established to prevent the unlawful use of the Women-Owned Business empowerment programs. For example, they prevent men-owned businesses that try to get certified by placing female family members or low-level female employees in mock leading roles, to receive government-provided benefits and assistance.
Here’s an overview of the steps for WBENC’s application process for Women Business Enterprise certification:
Note that the WBEs certificate is valid for one year after it has been received. This means that to enjoy the benefits, you need to apply for recertification each year.
The certification with the most benefits, including eligibility for federal contracting is provided by The Small Business Association. You can easily apply for the Women Owned Small Business Federal Contracting (for WOSB) through the WBENC at the same time as you apply for the WBE certificate (as described above) since they are an approved third-party certifier for WOSB as well as WBE.
To apply for women-owned small business certification, you will need to collect the same documents, except for resumes of the board of directors and other roles that relate only to medium and large businesses.
Before applying, make sure you check your eligibility relating to business size requirements here.
There are different types of certifications for women-owned companies, so it can be confusing to decide which one to choose. Here are some aspects to consider when you select a certification-issuing agency:
To get your certification and fully enjoy its benefits, make sure you wisely choose the program that best suits your current needs and business aspirations.
As mentioned above, choose a reputable third-party certifier instead of government ones if you want to extend your networking and supply chains through other businesses and not only get access to government programs.
Wisely keep in mind that to get certified, you need to provide all required information without any concealment or inaccuracies, and re-file on time so as not to lose certification status. We recommend that you approach the application process responsibly by double and triple-checking your documents and information. Also, set a reminder several months before your certification expires so that you will be able to extend it without losing your certification status and access to the resources.
Determining whether to invest in women-owned business certification should be wisely based on your business goals, areas of expertise, as well as the types of product or service you have to offer or wish to sell.
Wisely consider the benefits of certification, the long term impact the benefits will have on your business, and whether the having the certification will help you to launch or grow your business faster.
Navigating the Women-owned business certification process can get complicated. And, there is an investment of time and money to complete the process. However, many business owners find that certification leads to new opportunities that to help their businesses to grow once they have completed the certification process.
Most importantly, wisely remember that getting your company the status of Certified Woman-Owned Business is only one step that could help you to grow your business. To achieve success in business fast and for the long-term, you will need infrastructure in the form of wise solutions.
Regardless of certification, you will need access to the infrastructure necessary to profitably start, grow, and scale your business online for the long term in this rapidly changing digital world we now live in.
Offering your services or selling your products online is now considered critical business practice for nearly any business type. Yet, very few entrepreneurs know the best strategies and techniques to do this profitably.
Most entrepreneurs find that the cost and complexity of starting and growing their business is so high that they just give up. This is very sad for the person, their family, our community, and the economy.
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To learn more about The Wise Award of Excellence and to apply now, you can continue reading here.
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