Only a small percentage of companies are owned by women and because of this, such businesses have access to several benefits that are made available to underrepresented groups in the business world.
Women face numerous challenges in the corporate world but being a female business owner has its advantages.
Public corporations along with local, state and federal government agencies have devised programs that allot a certain number of contracts to women-owned businesses. Obtaining a Women Business Enterprise (WBE) certification can help expand a business sufficiently.
With that being said, getting certified as a WBE isn’t easy. The process has several challenges and many owners are discouraged by how overwhelming it can be.
So why do people go through all the hassle of getting certified?
Getting certified gives businesses an edge over those that are not certified. Check out some of the benefits below:
Benefits Of Getting A WBE Certification:
- Direct access to opportunities from large corporations and federal agencies.
- Ongoing training and special educational programs for WOSB (Women-Owned Small Business).
- Plenty of networking opportunities
- Access to buyers looking to meet their 5% federal subcontracting targets.
- Access to procurement agents.
- Eligibility for bids and proposals.
- Access to exclusive mentorship programs.
If you’re a woman running her business, here’s what you need to know about getting certified.
The Certification Process
Know The Criteria
There are many benefits to getting certified but the process is lengthy. Business owners determined to get certified should be prepared to invest the time needed to fully complete the process. There are stringent requirements to submitting an application and if they are not met, your application may be dissolved.
The process is overwhelming but most business owners find that the results are worth the trouble. Following is the criteria:
· Majority control
The biggest requirement for obtaining a WBE certification is that a woman should own 51% of the company. Aside from being the majority partner, the women should also hold the top position of the company, be involved in day-to-day operations and set the strategic direction of the business as well.
Ownership can easily be proved on the paper but it’s more difficult to show that the woman is, in fact, the visionary leading the organization. Before applying for certification, make sure you have ways of proving that you are the one that makes all important strategic decisions.
· US Citizenship
To get her company certified, the woman needs to be a US citizen.
· Business Activity
The business needs to be active for at least 6 months before they can apply for certification.
Third-Party Certification Companies
If you intend on becoming a certified business owner, it’s best to start the process earlier. Begin putting aside the necessary documents early on so you aren’t overwhelmed later. Take advantage of third-party companies that can assist you by providing lists of necessary documents and helping you navigate through the process.
Federal Contract Advisors, Inc. is a third-party registration firm that serves small businesses owned by underrepresented groups such as women and veterans. We guide underrepresented business owners such as women and veterans with registration and certification services. If you’re looking to get your women-owned small business certified
, contact Federal Contract Advisors, Inc. today!