Apply for WOSB Certification and Get Certified for Your Small Business
In the competitive market, often small business owners get unrecognized and struggle to take a position in the federal market. Aiming to do business in the federal market with government contracts is a lucrative career choice. Some women face difficulties to climb up the ladder of success for their small businesses. It is because, small business owners lack capital and thus, struggle to compete with large and strong competitors.
The WOSB program is designed to give qualified businesses access to essential resources that will help their businesses grow by winning government contracts. In this blog, we will talk about the WOSB program, in brief, some benefits, the WOSB certification application process, and some ways or methods. So let’s find out the essentials.
What is actually WOSB?
The WOSB is a program which is known as the Women-Owned Small Business. The program is coordinated through the Small Business Administration, also known as SBA. Just like any other program of the U.S. government, WOSB is also designed for a specific group of U.S. citizens. In this program, female-owned businesses get access to public and private contracts to make it easier for them to obtain.
The program provides eligible businesses with official certification from the SBA to validate their potential. WOSB-certified companies get the strength and advantages to compete for contracts in the market at the federal level. The SBA also provides other useful resources to the WOSBs.
Now it is time to know the benefits before you get into the program.
Benefits of WOSB certification
With the help of the WOSB certification, the women-owned small businesses become better at competing in the federal market to obtain government contracts. The federal government of the United States has set a goal that concentrates on providing 5% of all federal contracts to small businesses that are owned by women in the United States.
The government limits the competition for certain contracts to businesses that participate in the contracting program meant for women. Some contracts are set aside for the WOSBs in the industries where they are underrepresented.
Through WBENC, women-owned small businesses can earn WBENC certification as well as the WOSB certification through the same process.
Now let’s get into the technicalities and procedures.
Who can actually apply for WOSB?
Not every small business that is owned by women can be eligible to apply for WOSB. There are certain criteria that a business must have or need to fulfill to be a part of the beneficial program. We have explained those important aspects in a much-simplified way.
- 51% of the company has to be owned and controlled by women.
- These women have to be citizens of the United States.
- The women of the business must be responsible for managing day-to-day operations in the company.
- The company’s highest profile has to be filled by a woman as well.
- Women have to be responsible for taking big and remarkable decisions in the business.
- The female owner cannot exceed her net worth of more than $750,000.
- The asset must have a fair market value and cannot be more than $6 million.
- The gross average income for three years must not be more than $350,000.
- The applicant’s company must be small in size according to the SBA size standards for the particular industry.
- Applicants must be registered with SAM.
- The women must have a specific NAICS code.
Ways of getting certified
There are two existing ways for getting certified as a WOSB. If you are planning to opt for certification then it is very important for you to be well aware of these two methods or ways. Applicants need to choose any one way according to their preference and compatibility of their business. You also need to check if the government is currently accepting all the ways before choosing anyone. With the help of the necessary information given below, you will be able to identify and determine a way that will be best suited for your business. These two ways are:
- Self-certification.
- Third-party certification.
First, we will be discussing the self-certification process.
Self-certification
The name of this process is pretty self-explanatory as it says, self-certification. Although you need to focus on knowing the technical aspects.
The very first step in going through the self-certification process is to register at the System for Award Management (SAM) website.
After registering, do wait for 24 hours and register at the SBA website to complete the self-certification.
Women need to have a DUNS number in order to complete the self-certification for WOSB. They also need to have an EIN and MPIN.
It is easier and free to obtain an EIN through the IRS. The MPIN is a personal code that you will be creating for yourself during the process of the SAM registration.
Obtaining the DUNS number is also easy but it can be time-consuming as it can take up to 30 days.
Third-party certification
Enlist the services of a third-party agency to help you get the WOSB certification for your business. The Small Business Administration (SBA) has a list of third-party organizations. These organizations are approved for helping applicants to get WOSB certification. These include organizations such as the Women’s Business Enterprise National Council, the National Women Business Owners Corporation, and the U.S. Women’s Chamber of Commerce. Being an applicant you should contact any of these organizations for obtaining the certification through the systematic process. Do remember that all of these organizations charge an amount of fee for assisting you to complete your WOSB certification application. They also charge a fee for handling your annual renewal.
Just like men, women also face challenges in their professional careers on a day-to-day basis. It is really important for women who have small businesses to stay updated and constantly match with the trends. It helps them to take advantage and opportunities from various programs, resources, and incentives. Do concentrate on grabbing the advantages that are built exclusively for the women of the United States.
The WOSB certification program is one of the best ways to compete in the federal market.
Conclusion
Going through the WOSB certification application process will get you certified if it is done properly. After getting the WOSB certification you will be able to compete in the federal market for obtaining contracts in a much better way. It is because it will help your business to stand out.
A new world of opportunities will open for your small business. You will get access to and will be given priority to several government contracts once you get certified. As a result, you will be able to network and engage with potential customers that you could not do it before.
So don’t wait and apply for WOSB certification.
Comments
Post a Comment