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Getting certified as woman owned business holds special significance. It brings many new chances for growth and good contracts.
As per a report published by the National Association of Women business owners, the United States has millions of such agencies conducting woman owned business.
This special status of having women owned business certification has helped them in securing prestigious contracting opportunities introduced by the government.
A woman owned business can easily be certified on local and Federal levels including women’s contracting program.
Larger Agencies and even the government are one of the significant buyers of services from such businesses .
They are also keen on awarding long-term contracts specifically to certified women owned business, providing a good source of income.
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A Brief Historical Perspective
In 2014 woman owned business almost got 267 168 contracts from the Government of the United States. These contracts are worth billions of dollars.
The professional services were at the top of securing contracts, including medical supplies and administrative support.
Subcontracting is also another perspective adding to the worth of woman owned business certification and getting benefitted.
Significance Of Certification of Women Owned Businesses
There are well known companies Keen on working with certified women owned business so that they maximize marketing effort and outreach even of the women owned small business.
The certification process is actually to facilitate and enhance the visibility of a woman owned company.
A woman owned small business certification is never a charity program. It is just to enhance the opportunities for women. It doesn’t mean it gives special treatment to woman business owner.
It actually brings even women owned small businesses to the mainstream.
Women Owned Business Enterprises
This is designed for organizations in local and state government that are keen to partnering with women owned businesses like the federal contracts. It is to empower and encourage certified women’s business enterprise in all the ways possible.
You just need to meet the following eligibility criteria to certify as woman owned business enterprise.
Eligibility Criteria To Get Certify As Woman Owned Business Enterprise
Following are the necessary requirements that will help to qualify for that. So let’s look into these basic requirements.
- 51 % of the company must be controlled and operated by a woman or women owners.
- It must possess and reflect the potential necessary for success.
- Enough cash flow must be ensured and kept up to date financial obligations.
- You have to present a good fiscal responsibility. It will be facilitated by arranging bank statements, tax returns, and business credit ratings.
- The founders of the business must have expertise and vast experience in the concerned area.
These simple yet crucial requirements will make you eligible to get known as certified women owned business.
Benefits Of Being Certified As A Woman-Owned Business Enterprise
Following are the benefits you will get as WBE on getting certify as woman owned business.
- Access to more opportunities. It opens the door to more chances to get contracts with federal government agencies and large corporations.
- It gives a vast fabric to build collaboration with other businesses, especially other certified women owned businesses.
- It provides access to the network and educational opportunities to connect with leaders.
- More access to lead in proposals and bids in contracts is associated with getting certify as woman owned business.
- Certified women’s business enterprise can build direct connections with the buyers who are keen on fulfilling 5% of the subcontract federal goals.
The Working Module of the Certification
Once your business model is designed as per the required conditions, you can get benefits of a woman owned business. Getting women owned business certification is a time-consuming process, so you just need to align and make a pre-planned strategy to keep things on track.
Initially, you need to make a competent profile at the concerned platform. Then you have to opt for either support from an authorized organization to get through the process of certified women’s business enterprise or can go for self-certification.
While getting certified through a third party, the partners will helpfully bring you through the processes and assist you with certified women owned business.
In the other case, self-certification, you have to complete all the paperwork and other compulsory procedures on your own. This is coast free.
You must remember you have to go through the entire procedure each year. It is to confirm your eligibility as a participant in the program.
Benefits of Having a Women Owned Businesses Certification
You can get More chances to interact and carry on business with market leaders via corporate or government contracts. They usually have specified plans of allocating specific business volume to women-owned business enterprises.
Getting certified women owned business also makes you eligible to bid for government specified projects.
Support from a community of other woman owned companies and other professionals. These are keen on developments and the success of even small business administration.
What Does It Cost for A Certified Woman-Owned Business to be Successful?
To win projects and bid on government projects, it is not enough to get certify as woman owned business. You need to be capable enough and move with a proper strategy to mark your presence.
- Initially, start with the research on about five to six agencies to start locally at a time. It will most probably let you win a good, local one prior to a significant one.
- Conduct good research on the interest of these agencies, what they are buying, and the ways they are proceeding with it. Compare it with your services and procedures to get fit into.
- Must analyze the track record of those concerned agencies’ certification programs.
- Don’t forget to check your capability of meeting the margins. Also, take an analysis on whether you will go with the market needs and compete with them. If yes, then can enjoy woman owned business benefits.
- Competitive pricing: what the competitive pricing would be all depends upon the size of the entity and have a direct relation.
- Differentiators; just mark what makes you different from the rest of the holders. Provide a concrete basis to appeal to others to conduct business with you.
- Capital; just have surety of when and how you will be paid while going with a government project. Your woman owned company must have sufficient capital to get covered in the particular interim.
- Creativity; you must bring creativity with innovation in the ways you are going to serve the interest of the agencies.
To keep going with success, you just need to keep these basics into account, get certify as woman owned business, and you are ready.
Conclusion
Getting certified as woman owned business is a significant milestone. Getting certify as woman owned business comes with multiple benefits and profits, maximizing the chances of growth and development.
Building new collaborations and networking with other certified women owned business is a key to modern strategies. Owners need to adopt good approaches and appropriate strategies to mark their presence.
Being certified as woman owned business opens new doors for business and growth. You just need to follow a proper procedure seeking guidelines to get certified, and you are good to go.
Learn more: 14 Challenges Faced by Women Entrepreneurs in India in 2023
