I've spent the past several weeks devoting my article content to some of the major questions that come up for the SBA 8(a) Business Development Program. But there is more to certifications than just 8(a), so today… it's about the ladies.
When researching the target market for my business I decided to focus on Women as well as Minorities, based on the numbers. Let's review some of those key findings from the latest census data analyzed in a June 2011, SBA Office of Advocacy report. In 2007, there were 7.8 million women-owned firms, an increase from 1997 of almost 44%. During that same 10 year period, male-owned businesses grew by 22%, meaning women-owned firms grew an astounding two times the rate of male-owned firms. Another amazing fact was that the number of women owned businesses increased in every state. Based on those statistics alone, I knew this represented a huge growth market, but let's look as some key changes and what that means for you, the woman-owned business.
I said "single ladies" because a lot of women-owned businesses are either like mine, a single member LLC, or a Corporation where the woman holds all titles. Even if your business isn't, you've gotta love Beyonce and all the cool You Tube spoofs that spun off of the original video. But, I digress.
With the changes that took place in February 2011, women business owners who wish to compete in the federal marketplace have the SBA's Women-owned Small Business (WOSB) and Economically Disadvantaged Women-owned Small Business (EDWOSB) Programs at their disposal. These programs were designed to provide a level playing field where women owned small businesses can compete. By specifically limiting, or setting aside, certain requirements for competition solely to WOSB's or EDWOSB's, the program does just that. The federal government has a goal in place to award 23% of all federal prime contracting and subcontracting dollars to small businesses. In addition, the federal government must award 5% of those same prime contracting and subcontracting dollars to women-owned small businesses.
The WOSB Programs focus on NAICS codes that have been historically underrepresented by women. Some of these industries include: residential construction; apparel accessories and apparel manufacturing; all types of equipment manufacturing; specialized freight trucking; lessors of real estate; professional services; facilities support services; and outpatient care centers. The aforementioned are but a few of the 83 four-digit NAICS codes identified. These translate into, literally, hundreds of businesses that are underrepresented by women.
So, what are the next steps if you are a women-owned business and you want a piece of the action? Check out the link to the NAICS codes that have been underrepresented and/or substantially underrepresented by women. If you happen to be in one of those industries, research the steps to certify yourself as a WOSB or an EDWOSB. There are a lot of guidelines and stipulations so read them all carefully to ensure your business qualifies. Do your due diligence, and seek out assistance if you get stuck. The opportunities in the federal marketplace are definitely worthwhile for the businesses that persist.
Author Resource:-
Myra Cisse is the founder of 8aTheEasyWay.com, her company assists women and minority business owners obtain certifications necessary to compete in the federal marketplace. To get your Free CD and White Paper and to receive informative weekly articles answering the most pressing questions about Women and Minority certifications, like us at facebook.com/8atheeasyway
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