Women and Minority Owned Businesses
Women and Minority Small Business Certification: Pros and Cons
By Arista Hageman
Dec 28, 2005, 17:28

If you're the leader of a business that is 51 percent woman or a minority-owned, you may be eligible to certify as a woman or minority-owned small business. Please consider the pros and cons before applying for certification.

Benefits of Certifying:
• Qualify to win portions of government and corporate contacts reserved for woman and minority-owned businesses.

• Qualify as a subcontractor on government and corporate contacts with set aside for woman and minority-owned businesses.

• Additional financial and technical assistance may be available when registered with the
Federal Government's (8)a Business Development program program.

• Access to workshops, conferences, networking events and general support for your small businesses

The Downside of Certifying:
• The application process is lengthy and very time consuming

• Some certifications require a financial investment to complete third-party certification process

• Recertification, if required, is very time consuming

• Certifying your business may not be beneficial if you don't provide products or services the government buys.

For many woman and minority-owned companies, certification provides access to a great deal of additional revenue. However, certification does not make sense for everyone. Before you begin the certification process, be sure to contact the certifying agency to determine if the benefits your business can enjoy outweight the cost of applying for and maintaining your certification.


© Copyright 247Advisor.com.

Visit www.247Advisor.com for hundreds of articles to help and resources to help you with your small business.