Benefits of Women-Owned Business Certification
Do you know the significance of a women-owned business certification? The National Association of Women Business Owners reports that millions of women-owned agencies exist in the United States. The certification of women-owned businesses enables them to qualify for special government contracting opportunities and other public corporation activities.
Let’s look at how to get benefits with women-owned business certification.
Why does a company need to be certified as a women-owned business?
Every business owner’s first aim is to increase sales and profits, and being recognized as a women-owned business certifies you to special government and private sector opportunities. Put, certification can aid in the development of a more fair market.
Women-Owned Business Certification provides women with more opportunities. It is specially designed to improve visibility. It’s also a mechanism for the government and businesses to meet with women-owned businesses directly.
What are the types of certifications for a women-owned business?
There are two types of certification for women-owned businesses:
Women-Owned Small Business (WOSB)
Federal government organizations use this certification when looking for women-owned businesses to partner with. For individuals who match the requirements for being economically disadvantaged, there is a subclass of WOSBs called Economically Disadvantaged Women-Owned Small Business (EDWOSB).
WOSB eligibility requirements:
The Small Business Association (SBA) takes care of the WOSB certification. A company must meet the following criteria to be classified as a WOSB:
- At least 51% of the company must be controlled by women, with at least one woman serving as the primary manager.
- Women should manage daily based operations and also make long-term decisions.
- Women must be citizens of the United States.
- The firm must meet small business size standards for the primary NAICS code.
- The SBA will verify this information by collecting documents like bank statements, operating agreements, tax returns, etc. For citizenship proof, they will also need birth certificates and passports.
A person can self-certify for the program. While the paperwork is being validated, you can immediately begin marketing your business as a women-owned small business, as long as you demonstrate that women own it.
Also Read: Benefits of Getting Certified as a Veteran-Owned Business
Women Business Enterprise (WBE)
Commercial sector organizations and numerous state and local governments use this designation when looking for women-owned businesses to partner with.
WBE eligibility requirements:
The WBE’s eligibility requirements are quite similar to those for a WOSB.
- A woman owner must control at least 51% of the company.
- Demonstrate sound financial management by providing tax returns, bank statements, and a business credit rating.
- A business should have sufficient cash flow and be current on its financial obligations.
- Possess the required potential for success.
- The founding members of the business must have extensive experience in the area they are entering.
What are the benefits of WBE certification?
The benefits of WBE certification include:
- Opportunities with large corporations and government agencies.
- Training and educational initiatives are limited to WOSBs.
- Having access to proposals and bid leads.
- Availability of purchasing agents.
- Mentorship initiatives.
- Networking possibilities.
- Make direct contact with customers to meet their 5% federal subcontracting targets.
How does certification work?
Getting the certification is simple if you meet the necessary conditions for your business model. Although the steps to becoming a registered women’s business have been well-documented, the process can be time-consuming, so it’s a must to have a predefined strategy. Although there are several options and certification steps, companies that finish the process frequently discover that the investment was worthwhile.
To begin with, create an excellent profile on the Award Management platform. You then have a crucial choice to make. You can either self-certify or get support from the organizations listed below that have been authorized to lead you through the certification process.
These organizations are:
- National Women Business Owners Corporation
- Women’s Business Enterprise National Council
- El Paso Hispanic Chamber of Commerce
- US Women’s Chamber of Commerce
Self-certification and third-party certification differ significantly in two ways. Self-certification costs nothing, but you must do all the paperwork collection, form submission, and question-answering yourself. Although a price is associated with third-party certification, the partner agency may walk you through it and even assist in administration and filing procedures.
In either case, you must register on “Certify.SBA.gov”. If you choose to self-certify, you will respond to the pertinent questions and then upload and verify the relevant paperwork. They will guide you through the procedure if you opt for third-party certification, and you will eventually need to send your certification data to the site. It’s important to remember that you must go through a process every year to confirm that you are still eligible to participate in the program.
Related Read: Benefits of Minority-Owned Business Certification
What are the benefits of women-owned business certification?
- The prime benefit of women-owned business certification is the eligibility to bid on government projects.
- The opportunity to conduct business with market leaders. “Most public organizations, state, and federal government purchasing agencies have plans to allocate a specific business volume to women-owned enterprises.”
- If you have certification from a third-party organization, you may have access to its resources, mentoring programs, and networking possibilities.
What are the requirements for a certified women-owned business to succeed?
- Government contracts will start appearing at your door after you receive certification. You must have a strategy to win bids.
- It is good to start locally and limit your initial study to five organizations at a time. A modest regional contract will probably be awarded to you before a big, federal one. An excellent place to start is www.wbenc.org
- Learn what and how these organizations are procuring. Does it complement what your business does?
- Verify these organizations’ prior experience with certification programs.
- Ensure your company has enough capital to pay you and that you understand how and when you receive a government contract.
- Make sure you can articulate the benefits of doing business with you.
- Agencies always seek new methods to gain market share, cut costs, and enhance stakeholder value. Learn how you can help them with that.
How does technology matter in the women-owned business certification process?
Getting the availability of requisite tools helps simplify the certification process. Technology is essential to the certification process. Technology assists women-owned small-size agencies in several ways, in addition to making the certification process simple and smoother:
(a) Using certification to extend your digital presence:
When you receive the WOSB or EDWOSB designation, it strengthens your brand. The WOSB logo can be used on product packaging, digital websites, social media platforms, and other materials. It can assist in attracting a large volume of potential customers and contribute to the positive transformation of your business.
(b) Supporting size and expansion:
As new prospects for expanding your company present themselves, assessing if your infrastructure provides the scalability you anticipate is critical. As the number of clients increases, investing in cloud-based solutions, for instance, can simplify introducing newly developed software or storage. Scrutinize what technological investments will enable you to take full advantage of the fresh prospects your certified firm is creating.
(c) Participating in business networking and educational events:
If you choose third-party certification, several organizations provide educational resources, mentoring facilities, and networking opportunities through digital platforms. Participating in these immediate benefits is simpler and helps optimize the certification value with access to the correct technologies.
(d) Automating tasks to reduce workloads:
Small firms frequently deal with extreme workloads and have to finish lengthy task lists with limited resources. Whether sending reminders for past-due payments or automatically processing new client data, technology can assist in automating mundane chores. Examine your workflow and system to find areas where automation can save you time, boost your productivity, and give you more time to focus on strategic and client-facing tasks.
In today’s virtual business environment, it has become quite essential to complete assigned tasks from any location at any time, whenever required. Whether in the cafe house for business or on a client platform, the enhanced versions of mobility solutions can let you work with clients or handle emergencies. The ultramodern hardware, cloud-based access to designated apps, and a flexible cloud environment enable you to access the required data from any authorized device safely. Using the proper technical infrastructure, you can present the reputed brand image that makes you a leading business partner.
Getting Certified, Easy Way.
You want to get Certified as a Women-Owned Business, Veteran-Owned Business & Minority Owned Business. It’s not necessarily because you’re a woman or a minority entrepreneur. It’s because you know that public certification can give your business credibility and publicity, better positioning it against competitors in the industry.
In addition, more businesses are demanding that their suppliers and vendors be certified as WBEs, VOBs, and MBEs. And as a special incentive to government contractors, federal agencies require them to set aside specific percentages of their contracts to receive certification as WBEs, VOBs, and MBEs.
To certify as a WBE, VOB, and MBE, you had to know the right people who knew the proper steps to take. But now, an automated way allows businesses of all sizes – small, medium, and large – to get through this certification process without too much trouble or cost.
58Joralemon is an easy way to get certified as WBE/VBE/MBE
58Joralemon is one of the leading online platforms by Cocolevio that makes the certification process easy and seamless. The women-owned business certification process can be completed in just 15 minutes. The entire application and registration process is online.
Obtaining women-owned business certification can help many companies grow their customer base and build new networks for knowledge sharing and networking. You can get the most out of that process with the help of the appropriate technology and strategic strategy and open doors to new business opportunities.