WOSB Certification: Is it Right for Your Business?

If you are a woman-owned small business or WOSB owner, you may have heard of the WOSB certification program. But is it right for your business? 

In this article, we will explore what the WOSB certification program is, its benefits and whether it is right fit for your business. Whether you are just starting out or looking to grow your business, this article will provide you with valuable insights into the world of government contracting and help you determine if WOSB certification is the right path for your business. So, let’s dive in.

What is WOSB Certification?

As more and more businesses are seeing to expand their reach, they are exploring different ways to access new markets and customers. For women-owned small businesses (WOSBs), one potential avenue to explore is the WOSB certification program. This certification provides access to a range of government contracting opportunities, as well as networking and support resources. 

The WOSB certification is a program run by the Small Business Administration (SBA) that is designed to help WOSBs access government contracts. The certification is open to businesses that are at least 51% owned and controlled by one or more women. The SBA also offer a similar certification for Economically Disadvantaged Women-owned Small Businesses (EDWOSB), which requires that the business meet additional income and net worth requirements.

WOSB Certification Requirements: Eligibility Criteria You Need to Know

To be eligible for WOSB certification requirements, a business must meet the following qualifying criteria:

• A business must be at least 51% owned and controlled by one or more women who are U.S. citizens.
• The business must be considered a “Small Business” according to the SBA’s size standards for its primary industry.
• The women who own and control the business must have the technical expertise and management experience necessary to run business.
• The women who own and control the business must be actively involved in the day-to-day management of the business.
• The business must be organized as a for-profit entity and must be located in the United States.
• The business must not exceed a certain threshold in terms of annual revenue, which varies depending on the industry.
• The women who own and control the business must be able to provide documentation to support their ownership and control, such as organizational documents, tax returns, and bank statements.

WOSB Certification Benefits

Here are some key benefits of WOSB certification program. Let’s have a look.

Contracting Opportunities: The federal government has a goal to award 5% of its contracting dollars to WOSBs. By being certified, a business is eligible to participate in the Women-Owned Small Business Federal Contract Program and compete for federal contracts set aside for WOSBs.

Access to Capital: Some banks and lending institutions have programs that are specifically designed to support women-owned small businesses. Having a WOSB Certification may help a business access these programs, as well as other funding opportunities that may be available exclusively to women-owned businesses.

Networking Opportunities: Certification can provide access to networking opportunities with other women-owned businesses, as well as with larger corporations that may be interested in partnering with or doing business with WOSBs.

Marketing Advantages: WOSB certification can help a business differentiate itself from competitors and can be a valuable marketing tool to attract potential customers who may be looking to support women-owned businesses.

Educational Resources: Many organizations that support women-owned businesses offer educational resources, including training programs, webinars, and workshops, to help business owners grow and succeed. Being certified as a WOSB may provide access to these resources.

How to Get a WOSB Certification for Your Business?

The WOSB certification application process varies depending on the type of certification being sought. It is important to note that there are different types of WOSB certification, including self-certification, certification through an approved third-party certifier, and certification through the SBA.

Here are the general steps involved in the WOSB certification process:

Determine Eligibility: Review the eligibility criteria for WOSB certification to ensure that your business meets the requirements.

Choose a Certification Type: Decide which type of certification you want to pursue. You can choose to self-certify, use an SBA-approved third-party certifier, or apply for certification directly through the SBA. 

Gather Documentation: Collect all the necessary documentation to support your application. This may include tax returns, financial statements, organizational documents, and evidence of your ownership and control of the business.

Complete the Application: Fill out the application form and provide all required documentation. Be sure to double-check that all information is accurate and up-to-date.

Submit the Application: Submit your application and pay any required fees. If you are applying for certification through a third-party certifier, you will need to follow their specific submission instructions.
Wait for Review: Wait for your application to be reviewed. The review process can take several weeks or months, depending on the type of certification and the volume of applications being processed.

Respond to Inquiries: Be prepared to respond to any inquiries or requests for additional information during the review process.

Receive Certification: If your application is approved, you will receive certification as a WOSB. If your application is denied, you will receive an explanation of the reasons why and may have the opportunity to appeal the decision.

What are WOSB Certification Cost?

The cost of WOSB certification application varies depending on the certifying entity and the type of certification being sought. Here we provide some general costs to consider:

Self-Certification: There is no cost for self-certify as a WOSB. However, you will need to complete the WOSB certification process on your own and ensure that you meet all eligibility criteria.

SBA-approved third-party certifiers: Third-party certifiers may charge a fee for their services. These fees can vary, but typically range from a few hundred dollars to several thousand dollars.

SBA certification: There is no fee to apply for WOSB certification directly through the SBA. However, you may incur costs associated with gathering the necessary documentation to support your application.
It's important to note that even if there are no direct fees associated with WOSB certification, there may be indirect costs, such as the time and resources required to complete the certification process. Additionally, once you are certified, you may need to comply with certain requirements or incur ongoing costs, such as paying annual fees or undergoing periodic recertification. Be sure to carefully review the WOSB certification costs and requirements associated before applying.

Conclusion

The decision to pursue Women-Owned Small Business (WOSB) certification ultimately depends on the individual needs and goals of your business. While the certification can provide valuable opportunities and resources for women entrepreneurs, it is important to carefully consider the requirements and potential drawbacks before applying. 

By conducting thorough research and seeking guidance from experts, you can make an informed decision about whether WOSB certification is the right choice for your business. Regardless of your decision, remember that women entrepreneurs have the power to make a significant impact in their industries and communities, and with determination and hard work, anything is possible.