What advantages come with accreditation as a woman-owned business?

 Businesses having a certification as a women-owned small business (WOSB) have access to special opportunities. Small company owners who are women should look into the WOSB application for the certification. Their enterprises might expand as a result.

What does certification for women-owned small businesses (WOSB) mean?

Women-owned small enterprises are accredited by the Small Business Administration (SBA). You must finish filling out the WOSB application and submitting SBA Form 2413 to receive this certification.

A small company is considered to be owned by women if:

The company is a small business as defined by the SBA. Find a test to see if your company is eligible here.

Women who are US citizens own and control it to a 51 percent extent.

Women oversee daily activities.

Women are in charge of the business's long-term decisions.

As soon as a company satisfies the requirements for a WOSB application, it may also be eligible to become an EDWOSB (EDWOSB). The criteria for this second certification cover earnings and assets.

EDWOSBs aren't traditionally considered to be economically underprivileged. It doesn't necessarily imply that the business owner is poor. It has to do with how big their company is compared to normal government contractors.

EDWOSBs could generate sizable profits from their operations. However, their more powerful rivals might generate billion-dollar gross revenues. In contrast, EDWOSBs are at a disadvantage.

Which sectors are eligible for WOSB certification?

You can check a list of the listed industries on the SBA website, which is organized according to the North American Industry Classification System (NAICS) before applying for a WOSB application.

What is WOSB certification worthwhile?

Women's opportunities to succeed in various industries are constrained by traditional gender roles.

The American government wants to increase the chances for women who own businesses. They intend to give WOSBs or EDWOSBs 5% of all government contracts.

The government puts contracts on hold to accomplish this goal. They can only be bid on by WOSBs. There is a similar scheme of set-aside contracts for small firms run by service-disabled veterans.

It can be difficult to compete for contracts with businesses that have vast resources and experience. Consider bidding for contracts against organizations like Microsoft, Boeing, and McKesson.

Smaller companies can compete for contracts with larger companies thanks to set-aside contracts. In turn, the U.S. government has the opportunity to network with fresh and creative partners.

Some of those terrifying large corporations are kind in their resource allocation. They participate in the Mentor-Protégé Program of the SBA (13 CFR 124.520). You can participate in this program if you hold a WOSB certification. Large corporations also want to meet you.

Why ought I submit a bid for government projects?

Some companies are unaware of their ability to submit bids for government contracts. You might not be familiar with the idea if you have no experience in the military or with the government.

Large businesses are better at it. Their annual income is frequently largely derived from government contracts.

Look into government contracts for the following reasons:

They represent a sizable potential market with considerable spending power on goods and services. They occasionally provide multi-year contracts.

They purchase a variety of products and services. Government acquisitions can range from the commonplace to the unusual. Requests for housekeeping services and underwater cycling ergometer systems are currently appearing in search results (used for physical therapy).

It's your cash. The majority of contracts are funded by tax money. Why not gain from a system that you support?

It is nationalistic. Why not assist our government if you're proud of what you do and how you do it? Delivering superior products or services benefits society as a whole. Have you ever been let down by a government agency? You can make them better.

The government wants to collaborate with small companies run by women. They take seriously achieving and surpassing their WOSB program annual targets. Government agencies are eager for women to contribute more to their initiatives.

Consistent payment. Government contracts consistently pay. Long-term government contracts boost your business's worth to lenders, investors, and buyers.

Winning government contracts boosts a vendor's standing. You'll win over prospective clients and customers. Obtaining and keeping government contracts demonstrates credibility and stability.

How can I locate federal contracting opportunities?

Federal business opportunities are listed on SAM.gov. All contracts worth more than $25,000 must be disclosed by government bodies.

Visit the SBA website if you're ready to land government contracts. Additionally, you can visit with local SBA resources in many cities in person.

Obtaining a WOSB application can help many women-owned small companies grow their customer base, gain access to new networks for learning and networking, and open doors to new business opportunities. You can get the most out of the process of the WOSB application with the help of the appropriate technology and strategic strategy. Discover more right away, and then decide whether getting certified can help you grow your small business.