In the United States, October is National Women’s Small Business Month. This means it is time to celebrate and recognize the remarkable progress that women entrepreneurs have been making over the years.
Since the onset of the pandemic, there has been a significant increase in the number of small businesses owned by women in the U.S. In 2019, before the pandemic began, 28% of new entrepreneurs were women. Two years later, this percentage rose to 49% as of 2021, according to Gusto, a human resources management software company. This influx of women-owned small businesses signifies an upward trend, as they serve as an encouragement for more underrepresented groups to pursue their own business ventures.
Certification as a Women-Owned Business
One way to help these small businesses grow is to have them certified as “Women-Owned Small Businesses” (WOSB).
Through certification, these businesses gain access to a vast support network, including business opportunities, increased visibility, education and development programs to stimulate growth, mentoring, and networking.
The most interesting aspect is the opportunity to secure government contracts.
To help provide equitable conditions for women entrepreneurs, local and federal governments have programs that limit competition for businesses that are certified as women-owned.
Who is Eligible?
The certification validates that at least 51% of a business is owned, controlled, operated, and managed by a woman or women. This means that one or more women must have unrestricted control of the business, proven management of day-to-day operations, and a proportional investment of capital or expertise.
Due to this meticulous process, the certification is considered valuable, being accepted by over 1,000 corporations, as well as some states, cities, and other entities.
Benefits
The benefits of certification for women-owned businesses include:
• Access to a diverse supplier base in hundreds of major U.S. corporations and federal, state, and local government entities;
• Opportunities to do business with corporate and government members;
• Access to networking events, procurement opportunities, guidance, executive education, capacity development programs, and other business tools and resources;
• Eligibility for regional and national recognition and awards;
• Use of the “Women-Owned Business” logo as a marketing tool to promote your business and increase your company’s visibility;
• Support community of other women business owners and like-minded professionals.
How to Obtain Certification
You can apply for your registration for free directly on the Small Business Administration (SBA) website at the following link: https://beta.certify.sba.gov
Alternatively, you can obtain your certification through one of the four SBA-approved third-party organizations (specific requirements and associated fees vary by organization):
• El Paso Hispanic Chamber of Commerce
• National Association of Women Business Owners
• U.S. Women’s Chamber of Commerce
• National Women’s Business Council