But for many women, running a small business is very rewarding, and there are some unique perks. For example, as a part of reparations to female entrepreneurs, the federal government in the United States has instituted a
Overcoming Challenges as a Women Entrepreneur
Even though women are rising in the business world, how our society views women can create challenges for these business owners. Here are a few of the issues that almost all female business owners face and how you can hurdle over them.
Even though women make up 47% of the workforce, they are still expected to run their households alone. A Gallup survey found that most career women are still responsible for laundry, cleaning, caring for children, grocery shopping, and other household tasks and errands.
In the midst of those demands, women who set their own hours are often taken advantage of by their family and friends because they have a flexible schedule. You must set clear boundaries in the beginning to avoid frustrations and missed deadlines later.
It is worth mentioning again that gender discrimination is still very much an issue in today’s business world. Women business owners make up less than 20% of all small businesses, and as such women often face difficulties networking with other business owners. Women in industries predominantly run by men run into even more problems and are rarely taken seriously.
Addressing a lack of confidence
One of the reasons there aren’t more
If you’re questioning your ability to run a successful small business, sit down and brainstorm all of your skills, talents, abilities, certifications, and experience that apply to your new venture. When you can see your qualifications in black and white, it gives you more confidence going forward.
Benefits of Being a WOSB
The benefits of being a
The Small Business Administration offers many resources for
WOSB Federal Contracting Program
To meet that goal, the federal government designates certain contracts as for
Qualifications for WOSB and EDWOSB Federal Contracting Programs
In order to qualify for these federal contracts, your company must be at least 51%
The SBA also offers additional opportunities to economically disadvantaged
Joint Venture Agreements
A joint venture is a partnership between two or more entities in which they work together for a common goal, in this case landing a federal contract. Each company has talents and areas of specialty to bring to the table, increasing the likelihood of winning the contract.
Small businesses often apply to government contracts as a part of a joint venture agreement because small companies have more limited specialties and may not be able to manage the project on their own. But there are some rules as to whether or not your joint venture can apply for WOSB federal contracts.
- Both entities must qualify as a small business according to industry limits set by the SBA
women-ownedbusiness must manage the venture, including day to day operations
woman-ownedbusiness must take ultimate responsibility for the performance of the federal contract
- When the joint venture creates a separate entity, it must be at least 51%
There are many other requirements for joint ventures when it comes to federal contracts. You can learn more about joint venture criteria from Cornell Law School here.
Women-Owned Small Business Certification
Before you can get the benefits of being a
There are two types of certification, WOSB and EDWOSB.
The criteria for WOSB certification include:
- Meet standards for company size and revenue, determined by industry at the SBA
- Be at least 51%
women-owned,and women must be responsible for major decisions and day-to-dayoperations.
- The highest position in the company must be filled by a woman working
There are a few different ways that you can get certified. You can
Although there are no requirements for time in business for small business federal contracts, you will be more likely to win projects if you have a
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