If you’re a Black person and/or a woman in business for yourself, there’s something you can do to boost business volume right now. What is it?
Certifying your business on the local and federal level as a minority business enterprise (MBE) and/or a woman-owned small business (WOSB) – if it applies – is a sweet deal you may not have considered until now. Why is this such a significant and important step on the way to increasing business volume?
Ellevate reports that “the government and large corporations are the largest buyers of goods and services and often award contracts specifically to [WOSBs and MBEs]. These contracts can be constant, reliable sources of income.” In fact, some contract winners even have quotas they have to meet of the number of subcontracts they award to women and minorities.
So how do you go about acquiring these crucial certifications designed to increase access to valuable resources, opportunities, and visibility in the business arena and, ultimately, those lucrative contracts?
To be considered, contact your local Small Business Administration office. The process uses documentation such as tax returns, bank statements, citizenship identification, and operating agreements to verify if your business qualifies.
As determined Black business owners seek to win lucrative contracts, our communities stand to thrive as a side effect of their success!