Owning your own business can be the pinnacle of independence. You set your own hours, work on your own priorities, hire the candidates you choose to work with, and dedicate resources towards the projects you deem appropriate. However, this independent work is still largely male run — 71% of small business owners are men.
This disparity is exactly why US government tasked the Small Business Administration(SBA) with growing the number of contracts awarded to women-owned businesses. The federal government has set a goal of awarding 5% of all contracts to women-owned small businesses (WOSB). However, in 2016, only 4.7% of contracts were awarded to WOSBs.
A study by the U.S. Department of Commerce found government contracts are 21% less likely to be awarded to women-owned business. This shows just how much work the SBA has ahead of them!
Some people might hear these stats and feel saddened. Others might feel the entrepreneurial spark and see the opportunity in the numbers. This is a great time to be a women-owned business if you’re interested in qualifying for government contracts precisely because the numbers are so low. If you are a female business owner you might be eligible if you meet these requirements.
- Be a small business
- Be at least 51% owned and controlled by women who are U.S. citizens
- Have women manage day-to-day operations and also make long-term decisions
The first step in accessing government contracts is to get your WOSB certification. The certification process isn’t always easy to understand, but that’s where Sage can help. Let our experienced business consultants guide you through the paperwork and navigate the contract opportunities out there for you! Drop a note today to get started!