Registering As A Woman Owned Small Business - With a clear vision, there is nothing that can stop you from succeeding in business as a woman. If you're ready to turn your passion into profit, learn how to register as a woman-owned small business.
Starting a business can be a daunting task at times, but there's no reason to think you're on your own. According to the US Census, there are nearly 10 million businesses owned by women in the US alone. That's about 36 percent of all companies in the country. Collectively, women-owned businesses generate more than $1.7 trillion in revenue. And more than half of all women-owned businesses are owned by women of color.
Registering As A Woman Owned Small Business
Any new business has many questions to answer and hurdles to overcome. However, the freedom that comes with being your own boss, choosing your coworkers, and seeing your dreams come true is 100% worth the leap of faith.
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As long as you have a clear vision and drive to succeed, there's nothing stopping you from succeeding in your woman-owned small business. If you're ready to turn your passion into more profit, learn how you can register as a woman-owned small business today.
Before we dive in, let's find out how a country qualifies as a Women-Owned Business, or WOSB. To be certified, your business must:
Your business must meet the guidelines set forth by the National Industry Classification System (NICS). In most cases, a small business is one with fewer than 500 employees, but the definition of the industry varies.
If you're not sure if your business qualifies, you can contact your local Small Business Association (SBA) office for more detailed assistance.
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Women should actively manage the company and participate in day-to-day activities. In addition, the highest positions in office must be held by women. The law also required the women to be US citizens.
Even if your business meets the requirements for WOSB accreditation, is it worth the extra effort to register? However, the legal recognition of WOSB has many advantages.
Whether it's a business loan, advertising or government assistance, every new business needs help. As many organizations, companies and government agencies are encouraged to work with WOSB, WOSB certification can help businesses grow.
These incentives are called supplier diversity goals and encourage companies to work with minority groups, such as women, to improve the corporate playing field.
Overview Of Various Types Of Certifications
Although a diversity of providers has existed since the 1960s, WOSB has become an increasingly integral part of the U.S. economy each year. In fact, the US government directs 5% of all federal contracts to WOSB. That equates to about $18 billion.
Therefore, a WOSB qualification can give you great financial leverage, which is beneficial for any small business.
If you're a WOSB, you've probably come across the term Women's Business Enterprise, or (WBE). Although they may seem very similar, WOSB and WBE have some important differences that set them apart.
WBEs are registered with the National Council of Women's Business Enterprises and are recognized by most companies in the private sector, requiring WOSB for federal employment.
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Some municipalities may accept WBE, but contact them to determine specific qualifications. A WBE certification connects you to a network of over 10,000 other companies in the private sector, creating sales, service and partnership opportunities.
EDWOSB is actually a category of WOSB rather than a separate entity. This means that to qualify as an EDWOSB, you must meet all of the WOSB's criteria except for one financial requirement.
For EDWOSB certification, the company's owner's net worth should be less than 750,000 and the company's total assets should be less than 6 million.
The US government has signed additional contracts specifically for EDWOSB, giving EDWOSB companies an advantage. Also, the EDWOSB applicant pool is smaller, so it may be easier to get certified if you meet the requirements.
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To obtain a WOSB certificate designed specifically for public sector work, you can apply by filling out a form on the SBA website. You can do so on the SBA website
If you are certified, you must register with the Rewards Management System to receive government management contracts. It may take 30 to 90 days to receive notification of the status of your application.
You can also apply through the National Women Business Owners Corporation (NWBOC), the American Women's Business Association, the El Paso Latin American Business Association, and the National Women's Business Council (WBENC), all of which are SBA-approved organizations.
Annual registration fees for third-party organizations range from approximately $200 to $400. If you decide to go the third-party route, you'll need to provide proof of your SBA credentials.
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The two main organizations that offer WBE certification for private sector jobs are the National Women Business Owners Corporation (NWBOC) and the National Women's Business Council (WBENC). In addition to the WBE certification, these two organizations also offer the WOSB certification.
Both of these organizations are great options, so it's best to choose the one that best suits your particular business. You can learn more about all of these organizations, including certification fees, on their websites.
As mentioned above, if your goal is to get a government contract, you will also need to register with the Government Award Management System database, also known as SAM. Unfortunately, signing up for SAM requires an additional online registration, but believe it or not, it's actually much more efficient than previous registration methods.
Previously, companies had to register separately with several organizations, including CCR/FedReg (Central Contractor Registration/Registration of Federal Agencies), ORCA (Online Representation and Certification Application), FBO (Federal Business Opportunity Office), and many other legacy systems. SAM simplifies the process of doing business with the government by bringing everything together into one simple database.
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Although the process may seem overwhelming, registering your business as a WOSB, EDWOSB or WBE can help you grow your business.
As a business owner, it's worth considering anything that can help ease the difficulty of finding a new business. For years, women-owned small businesses have been an underserved part of the American economy. Now is the time to take your business to the next level and register with WOSB.
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