Top 4 Benefits of Being a Certified Woman-Owned Business

As a woman in business, the road is far from easy. Fundamental biases in the business world can restrict the success of a business owned by women, especially if those women are migrants or from minority groups.

Forbes explains this problem succinctly using the Müller-Lyer optical illusion. It highlights that even though most claim to know men and women are equal, men still get preferential treatment.

Though frustrating, this fact means that women-owned small businesses are the most impressive – they have surpassed countless hurdles to get where they are today. You have probably heard these downsides of being a woman in business countless times before, but did you know about the benefits of running a certified women-owned business?

If you are thinking of taking the plunge and setting up a company, keep reading for four benefits of running a business owned by women.

What Is a Certified Woman-Owned Business?

A certified women-owned business is a tool designed to increase opportunities for women by giving female business owners a leg up in a male-dominated field. A business must typically be 51% owned by women to qualify for certifications like the Women-Owned Small Business (WOSB), Economically Disadvantaged Women-Owned Small Business (EDWOSB), and Women’s Business Enterprise (WBE). 

1. Tax Breaks and Incentives 

Yes, you heard it right! Certified women-owned businesses often qualify for tax incentives like concessions, breaks, and credit programs. Some opportunities are available only to female business owners because the federal government aims to award at least 5% of annual federal contracting dollars to women-owned small companies.

2. Greater Business Visibility

Having an accredited label on your business will boost your visibility in the world of business, making your company name known and increasing your opportunities. Incentives to prioritize diversity in the workplace by supporting women-owned businesses give smaller businesses the break they need to succeed independently.

3. Education and Networking Opportunities 

Certified Women-Owned Small Businesses (WOSB) can participate in the Mentor-Protégé Program, helping them to fine-tune their skillset as a business owner. Plus, resources offered by the Women's Business Enterprise National Council aim to advocate for female entrepreneurs, helping them network with leaders.

4. Build Company Credibility

 Building a business means establishing your client base and gaining their trust. Adding a women-owned business certification will show your valued clients or customers a little about who you are and what your business stands for. It can prove your trustworthiness and generate leads, helping you stand out from your competitors.

Latina women-owned businesses can thrive through these programs designed to incentivize diversity. For guidance on business planning and strategy to help you amplify your power within, check out this course by Empowered Starboss. By celebrating differences and uplifting each other, women in business are the future.