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Women owned businesses have been rapidly growing over the last decade. However, there has been a lack of education on how to become a certified woman owned business.
Becoming a certified woman-owned business is a simple process that takes about two weeks after you register. Here’s what you need to do:
- Register for an account on the Women Business Enterprise Council website.
- Fill out your profile, including information about your business, its ownership structure and history, and the certifications you are applying for (you can only apply for one certification at a time).
- Pay the fee for the certification you are applying for (there is no fee if you are an existing member of the WBE Council). In order to get the fee waived as a low-income woman owned business, you’ll need to prove that by submitting an income statement and tax return (for businesses) or proof of income (for individuals).
- Download and print off the application form, which will be emailed to you after payment has been processed. It’s important that you fill this out completely before submitting it; incomplete applications will be returned unprocessed!
- Once your application has been processed, it will be sent along a committee of experts who will review your answers and submit their recommendations back to you within four weeks of receiving the application form.
How to become a certified woman owned business
Create a business plan.
A business plan is a written document that outlines your goals, strategies, and how you’ll achieve them. It’s a tool for monitoring the health of your business and making sure it’s on track—or helping you figure out if something needs to change.
A good business plan should be comprehensive:
- It will include short-term goals (like increasing revenue), as well as long-term ones (like taking on new clients).
- It should include information about who your customer base is and what services you provide.
- Your plan should also have a section for financials and projections, including information about cash flow, profit margins, sales volume and expenses.
Open a business bank account.
It’s time to start the process of opening a business bank account. You’ll want to go directly to the bank where you do your personal banking, and work with a banker there. The banker will be able to help guide you through the process of opening an account as well as answer any questions that come up along the way. You may also be asked some questions about your business, so be prepared with answers ahead of time!
You should also look into if the bank offers any special services or products for small businesses, which can include things like discounts on merchant services, interest-free financing options and more.
Obtain an Employer Identification Number.
The Employer Identification Number (EIN) is a unique nine-digit number assigned by the IRS to identify your business. It’s similar to a Social Security number for individuals, but it’s used exclusively for businesses and organizations.
Once you have an EIN, you must include it on all federal tax returns. An EIN isn’t required until you start filing taxes or if the company starts earning income, but it can be obtained as soon as the business is formed.
Decide on a tax structure for your business.
Deciding on a tax structure for your business is an important first step in the process of becoming a certified woman owned business. The type of tax structure you choose will affect the way you file your taxes and possibly even the amount of taxes you pay each year. You can choose a tax structure when you start your business, or change it later if it no longer works for you.
Contact the Woman’s Business Enterprise National Council and apply.
Contact the Women’s Business Enterprise National Council and apply to become a certified woman-owned business. The process involves filling out an application and paying a fee, which varies based on your company’s size.
The application process is relatively straightforward, but it can take a few weeks for WBENC to review your application and make sure you meet all of their requirements before issuing you a certification letter. You’ll need to submit some documents along with your completed application, including:
- A copy of your business license or certificate from the state in which your company is registered;
- An organizational chart showing how much stock each owner holds;
- A list of other companies that own 10% or more shares (this includes any outside investors);
- Proof that at least 51% of voting power belongs directly or indirectly with women;
- Documentation proving gender identity (if applicable).
A woman owned business can be certified if it fulfils the relevant requirements, which include creating a business plan, opening a business bank account, obtaining an Employer Identification Number, deciding on a tax structure for your business and contacting the Woman’s Business Enterprise National Council and applying to become certified.
A woman owned business can be certified if it fulfils the relevant requirements, which include creating a business plan, opening a business bank account, obtaining an Employer Identification Number (EIN), deciding on a tax structure for your business and contacting the Woman’s Business Enterprise National Council (WBENC) and applying to become certified.
There are also several other steps to becoming certified as well as legal advice and mentorship if needed. However these are not mandatory but recommended.
