Time to Startup!

The BizFilings blog covering business tips and trends.

Founding a Female-Owned Business

Published on May 23, 2013

Summary

This post is devoted to helping women start their business and the management of a successful venture.
twitter This post is devoted to helping women start their business and the management of a successful venture. Last month, BizFilings featured an infographic on the power of the Mompreneur, in honor of Mother’s Day. Missed it? Check it out here! The first question to ask yourself is whether you want to be a woman in business or if you want to be the woman in a woman-owned business? If it’s the latter, being a woman entrepreneur is an important part of your brand and will resonate with your customers. Have you considered a Women’s Business Enterprise (WBE) certification? As a member of the WBE, female business owners are eligible to receive various legal advantages and federal services, like the Prequalification Pilot Loan Program, which can put up to $250,000 back in your pocket.  A Women’s Business Enterprise certification can also build a company’s credibility and validate the business with customers and the wider business community. If you’re a woman-owned business, below is a checklist to see if your business fits the bill for a WBE certification:
  • The company must have at least 51% ownership, management and control in the hands of women;
  • The business must have been in operation for at least six months;
  • The owner or owners must be US citizens or legal resident aliens;
  • The owner must prove the source of capital;
  • The owner must illustrate participation in the management of the business; and,
  • The owner must also demonstrate the ability to perform in the area of expertise without reliance on financing or resources from a firm that is not woman-owned.
Need some more help? Check out these other resources for women entrepreneurs:
  • Women’s Business Enterprise National Council (WBENC) www.wbenc.org *This organization can provide WBE certification
  • National Women Business Owners Corporation (NMBOC) www.nwboc.org *This organization can provide WBE certification
  • Association of Women Business Owners (NAWBO) www.nawbo.org
  • www.WomenOwned.com *This is a great resource for financing opportunities