Registering and certifying your business as woman-owned grants opportunities to appeal to new clients. This is because many companies seek women-owned businesses to avail tax incentives the government offers.
When talking about starting a business, most women lack the opportunities to achieve capital. But these barriers can be hurdled once the business is certified to be woman-owned. The moment you possess a certificate, your chances of getting an approved private grant, small loan, or government loan and grant increases.
There are also a lot of third-party organizations that provide training and various opportunities to drive your business forward. All you have to do is pay an annual certification fee and be a member.
To certify your business as woman-owned, follow the tips below.
1. Get a DUNS number
Image source: https://www.dnb.com/duns-number.html
The Data Universal Numbering System (DUNS) is a system designed by Dun & Bradstreet Corporation (D&B) which assigns a unique numeric identifier. The number assigned is given to single-entity businesses to track the credit reports of businesses worldwide.
This DUNS number is used by customers, suppliers, lenders, and the government as a means to learn about your company and help them decide whether to lend your business money or not. You can also use DUNS to monitor your business credit file.
To get a DUNS number, visit the Dun & Bradstreet website for the application. You’ll receive a call from a D&B representative. There are no fees but you’ll get your DUNS number within 30 business days since your application.
2. Meet the requirements
To qualify for the Woman-Owned Business Enterprise (WBE) certification, your business must:
- Be owned by 51% of women who are all U.S. citizens.
- Have the business operations managed by women daily.
- Have the executive-level composed of women and these women should be making long-term decisions for the company.
- Have a woman as a CEO who works full-time for the company during normal working hours.
- Have no rules governing time in business.
3. Use third-party certifying organizations
There are 3 Small Business Administration-approved (SBA) Third-Party Certifiers (TPCs) you can approach to certify your business as woman-owned. Some of these TPCs process applications for 30 days with additional annual recertification fees.
First, you have the National Women Business Owners Corporation NWBOC. This TPC requires a $400.00 application fee upon submitting and a $200.00-$300.00 annual renewal fee. The fees depend on your business’ gross sales. The good thing about NWBOC is that they host several business conferences every year for small business owners. Members are also given the opportunity to meet one-on-one with corporate and government suppliers that are essential to driving businesses forward.
Second is the U.S. Women’s Chamber of Commerce (USWCC). This TPC will help you troubleshoot potential issues with your preparation and eligibility when applying for certification. Their representatives provide organizing services for your certification documentation and are happy to answer the questions you have as you apply. USWCC certification fees cost $350.00 for non-members while members only pay $275 for both renewal and a new certificate.
The Women’s Business Enterprise National Council (WBENC) certification and membership offers the best woman-owned marketing programs for its members. Once they certify your product through standard and product examination, you are given the right to use the WBENC seal for your product labels. In addition to that, after serving your certification, the organization announces and promotes your business through local press media releases as newly WBENC-certified. Certification fees start at $350.00.
4. Self-certify online
Secure your DUNS number, employee identification number (EIN), and Marketing Partner ID Number (MPIN) first. Then, visit sam.gov to create a free SAM user account and pre-register for your certification. You’ll enter your IRS credentials and DUNS number here then wait for 24 hours again to register at Certify.SBA.gov where you need to sign up as well.
Get your DUNS number now to get your certification and avail of new revenue opportunities as soon as possible. We hope this article helps!
