Benefits of Being a Certified Woman-Owned Business
The advantages of being a business owner for a woman are numerous. Getting certified as a women-owned business might give you access to private and public contracts, but it also offers several other opportunities. Read on to learn about the many designations available and the benefits of being a certified woman-owned business.
What is Women-Owned Business Certification?
The certification for women-owned businesses includes designations for conducting business with local governments, the private sector, and the federal government. The various certificate varieties include:
- Women-Owned Small Business (WOSB)
- Economically Disadvantaged Women-Owned Small Business (EDWOSB)
- Women’s Business Enterprise (WBE)
Your business must essentially have more than 50% female ownership. However, other certification-specific requirements may vary. You need your WOSB or EDWOSB certification to take advantage of federal programs as a woman-owned business. Private entities recognize the WBE designation.
The Advantages of a Women-Owned Business Certification
Having a certified woman-owned business is neither a charitable initiative nor does it favor women. Simply put, it is a strategy for providing women with more opportunities. The benefits of being a certified woman-owned business are as follows:
1) Helps in Generating Leads
After you have your WOSB, you can explore opportunities and submit bids for competitive set-aside contracts. You might also be eligible for sole-source contracts. The SBA guides small business owners and members of underrepresented groups through convoluted federal contracting programs.
2) Grants for Women
Grants are an excellent way for female business owners to receive money because they don’t have to be repaid, unlike small business loans for women. Grants, however, face fierce competition. Make sure to do your research before applying, thoroughly review the eligibility conditions, and submit your application by the deadline.
- GrantsforWomen.org provides a database of opportunities for women in many industries. There are some grants available for for-profit firms, but the majority of them are for nonprofit organizations.
- Information regarding federal government grants can be found at Grants.gov
3) Provides the Visibility Needed to Compete with Larger Organizations
There is fierce competition for federal contracts. Federal government agencies are required by law to accomplish contract goals by allocating a certain proportion of their contracts to WOSBs or EDWOSBs.
You can participate in set-aside contracts for particular industries and sectors in the North American Industry Classification System (NAICS) if you have a certification as a woman-owned small business. Additionally, you can sign up for accounts with various databases, like the Department of Defense’s System for Award Management (SAM).
4) Helps Women Access Educational and Networking Opportunities
The WOSB program is under the oversight of the Small Business Association (SBA). By searching the DOD Subcontracting Directory for a mentor, identifying a mentor, and applying, certified businesses can participate in the Mentor-Protégé Program.
All said and done, your relationship with your clients and their loyalty still stands critical to the success of your business, and that is precisely what Products Unlimited Inc has been excelling at for years!
As a medical product supplier located in Plano, Texas we offer nation-wide prompt service that is both on time and done correctly, whether it be for medical, governmental, or educational goods. Our key priorities are quick response and delivery, product education, and procurement at the best price. To find out how we can help, contact us.