While a few certifications are not really worth the paper they're revealed on, certifying your commercial enterprise as girl-owned sincerely is really worth doing –– specially if you plan to do business with any neighborhood, country, or federal authorities entity.
Your enterprise does no longer ought to be absolutely owned with the aid of women with the intention to qualify for certification as a girl-owned enterprise (WOB) as long as the commercial enterprise is at the least 51% owned by means of a girl(en). If the enterprise is publicly owned, 51% of inventory must be owned by ladies. Additionally, a lady (or ladies) need to be actively concerned within the enterprise in a certain way (see extra below about necessities for being licensed as a WOB).
Benefits of Being Certified as a Women-Owned Business
- More Opportunities: If you're making plans to do commercial enterprise with a government enterprise the first and maximum probable region you'll be observed is in the Contractor Registry.
- Exclusive Opportunities: When you emerge as an authorized WOB you could get hold of discounts for memberships or even loose subscriptions to offerings and magazines.
- Increased Credibility: Becoming licensed is a method; you should observe and be authorized for certification. Not all corporations are eligible for certifications and not all that observe are permitted. Being certified makes your business stand out in a completely unique manner.
Requirements for Self-Certification of a Women-Owned Business
You absolutely can self-certify your business as women-owned, see you later because it falls within the parameters of what a lady-owned commercial enterprise is.
However, this self-certification can be challenged upon procurement award. If this occurs, the procuring company may additionally request proof of the firms’ WOB reputation, or even require certification. If you fail to comply, you can lose the award.
Your business will also be neglected as there may be vast discretion amongst contracting officials in how they accept, technique, and award contracts. A officially licensed ladies-owned enterprise may, within the eyes of a contracting officer, be best.
Definition of a Women-Owned Business
The term “women-owned small enterprise issue” as described by the Federal Acquisition Regulations (FAR) as:
A commercial enterprise this is at least 51 percentage owned by way of one or more ladies; or, inside the case of any publicly owned business, as a minimum fifty one percent of the stock of which is owned by means of one or greater girls; and wherein management and each day enterprise operations need to be controlled by way of one or greater women.
It is important to be aware, but, that the Small Business Administration (SBA) has different, greater precise criteria for ladies, along with:
- The commercial enterprise need to be independently owned and operated
- Must be prepared for income
- Is not dominant in its field or industry
Additionally, the SBA further defines “small commercial enterprise” primarily based on enterprise, quantity of personnel, and receipts.
WOSB Program Third-Party Certification
The SBA has accredited four companies to behave as 1/3-birthday celebration certifiers underneath the WOSB Program:
- El Paso Hispanic Chamber of Commerce
- National Women Business Owners Corporation
- US Women’s Chamber of Commerce
- Women’s Business Enterprise National Council (WBENC)