According to the State of Women-Owned Businesses Report, female entrepreneurs continue to make headway across industries, with the number of women-owned businesses increasing by 21% between 2014 and 2019.
Getting your women-owned business certification can open the doors to private and government contracts. But it also provides several other opportunities. Learn about the different types of designations and how to get certified.
Overview: What is a women-owned business or EDWOSB application certification?
The women-owned business certification includes designations for working with the federal government and doing business with municipalities or the private sector. The types of certificates include:
Women-Owned Small Business (WOSB)
Economically Disadvantaged Women-Owned Small Business (EDWOSB application)
Women’s Business Enterprise (WBE)
Although eligibility differs by certification, in most cases, your business must have over 50% female ownership. To participate in federal programs as a woman-owned business, you need your WOSB or EDWOSB application certification. Private organizations accept the WBE designation.
2 major benefits to getting the women-owned business certification
Although EDWOSB application certification doesn’t instantly boost your revenue, it gives you credibility, as all three designations are well-known and trusted. Plus, certification exposes you to new entrepreneurship opportunities.
Benefits of certification include:
1. Visibility needed for competing with larger organizations
Competition for federal contracts is stiff. By law, federal government agencies must meet contract goals by dispensing a percentage of contracts to EDWOSBs or WOSBs.
A women-owned small business certification allows you to participate in set-aside contracts for designated industries and sectors in the North American Industry Classification System (NAICS). You can also register with multiple databases such as the Department of Defense’s System for Award Management (SAM).
A partial list of the qualifying NAICS for the women-owned small business federal contracting program.
Before applying for the WOSB, check the qualifying NAICS for the federal contracting program. Source: sba.gov.
Private companies also work with women-owned businesses to take advantage of tax breaks, among other reasons. With a WBE certification, your business is added to a database used by large corporations to achieve supplier diversity.
You can showcase your EDWOSB application certificate both online, say on your website or social profiles, and at your physical business location.
Access to educational and networking opportunities
The Small Business Association (SBA) oversees the WOSB program. Certified businesses can participate in the Mentor-Protégé Program by searching the DOD Subcontracting Directory, locating a mentor, and applying.
A WBE designation after EDWOSB application gives you access to many resources, as the Women's Business Enterprise National Council aims to advocate for female entrepreneurs and help them network with leaders.
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