Since the very beginning, our mission at Sozy has been to empower women in whatever way we can. From creating clothes that celebrate your body with cozy style to supporting survivors, it was essential to our ethics to lift other women up along the journey.
We are so proud to be a recognized and certified Woman-Owned Business in the United States.
Being a woman-owned small business helps us to increase visibility and opportunity for other women in the work field and in turn, this fuels economic growth across the whole country.
Take a look at what it means to be certified as one of the women-owned small businesses and how this helps us to share the benefits and fulfil our goal of lifting others up.
What It Means To Be A Woman-Owned Business in the US
So what does it mean to be a certified woman-owned business? As the government recognizes the need to level the playing field when it comes to federal contracts and supplier diversity, they created a certification process that could help women business owners to earn both local and government agency contracts.
When you become a certified women-owned business, you are in a more visible position to be awarded business opportunities and federal contracting from corporations who have goals to hit when it comes to their contractor choices.
It's important to understand that the women-owned business certification is not about charity; it's simply about recognizing the need for providing an equal advantage for entrepreneurs and encouraging more diversity in demographics when it comes to business. Those who invest in the women's contracting program can also enjoy benefits too, such as tax incentives.
There are two different certificates you can go for in the application process. You can apply for a WBE certification (Women's Business Enterprise) or you can apply for WOSB certification (Women-Owned Small Business).
To apply for the WOSB program you must meet the following eligibility requirements to get certified.
- Have at least 51 percent owned or controlled by women (an individual or group is fine).
- Applicants must be US citizens
- The business must fall under the category of being a small business as laid out by SBA guidelines.
Not only does the program pave the way for contracts to be set aside for women-owned businesses, but it also provides more opportunity for economically disadvantaged women-owned businesses too. To make it into the category for disadvantaged women-owned small business, the person applying must have assets and that fall below $250 thousand (excluding their home and business).
The benefits of women entrepreneurs signing up for self-certification as WOSBS, a WBE, or signing up as EDWOSBS means that you can boost your business in the following ways:
- Get access to more opportunities and contracts from big firms and federal agencies.
- Enjoy access to exclusive training and educational resources
- Connect directly with those who are looking to fulfil their contracting goal of hiring a diverse supplier
- Get more networking opportunities
Benefits of Running a Woman-Owned Business
In a time when we are trying to rebuild and restore the economy, woman-owned businesses are essential to global growth. A study from the McKinsey Global Institute found that by taking the steps to boost women's equality, this could bring in a whopping $12 trillion to the global economy by 2025 and this could even bump up to $28 trillion with the right support and opportunities.
Even today, women face an economic disadvantage when it comes to the workforce and in business ownership. Researchers from Harvard even found that two-thirds of investors responded more positively to a male voiced business plan. Add that to the fact that women earn less money on the dollar than their male counterparts and we have a situation where women will have a lower personal net worth than men.
This is a vast well of untapped potential and valuable contributions that are being missed.
If women had an equal footing with male-owned business when it came to commerce and opportunity, the gender gap could start to close and the world could grow its wealth leading to a better fairer society for all.
Take a look at these benefits that come with being a women-owned business and get inspired...
Share the Wealth
One of the benefits of being a female entrepreneur is the fact that you may be in a position to pull other women up. You can choose who you bring into your business and who you partner with and this can mean that other women or minority groups who could have missed out on getting hired will have more opportunities to grow their own income and personal wealth.
Diversify The Way We Do Business
As a woman business owner (or as a team of women) there is an ample opportunity to diversify what business and management look like. In the past, we often see business as very male-dominated and masculine. We talk a lot about leaning in, being aggressive, having a cut-throat attitude, and generally being strong and unshakable.
But some women can bring a whole other element to business as studies have shown that they score higher than men in skills that include team-building, problem-solving, and mentoring.
Women can also help to build workplace policies that better suit the needs of women regarding flexible work patterns and other issues that many women may struggle with in a more corporate environment.
Get More Disposable Income
As women-owned companies grow, there come more opportunities to grow your personal level of disposable income. More money to spend is good for the economy as it directly feeds back into small business owners in your community and across the country.
Steady consumer spending is what is needed to uplift and stabilize our economy, especially after global tumultuous times. If women don't get hired, earn less money, or have less opportunity for their business to grow, this has a knock-on effect on the economy and is a huge missed opportunity.
Close the Gender Gap
Closing the gender gap in the world is important right down to the bottom line. It helps in the hiring, training, promoting, growing, and retention of women in business (which as we know is good for the economy). Even beyond the steady rise of growing global wealth, it’s good for society to be a more just and equal place for all. The shift in business thinking can trickle down to all corners and can lead to higher levels of transparency, equality, diversity, and in turn, this can lead to less violence and poverty.
Creative problem-solving, bringing innovation to the workforce, and inspiring other women business owners to thrive - this is an amazing way to help lift each other up. At Sozy, we want to share the wealth, to innovate and inspire, and to dedicate ourselves to helping close the gender gap and provide better opportunities for all.
Are you a woman-owned business? Share your experiences with us in the comments.
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