With more and more people buying goods online, service businesses have done well and there is plenty of room for you to start your women-owned business. The state of Illinois offers certification opportunities so you can get started. At The Law Office of David Hyde, our small business lawyer Chicago IL will help you navigate this new frontier. Call for a free consultation today at 312-210-9598.
According to Forbes and Biz2Credit Women-Owned Business Study, women-owned businesses had higher earnings growth (27% increase) than male-owned firms (22% increase) in 2022. Additionally, a year-over-year comparison showed an increase in overall annual revenue by 2% and a decline in operating expenses by 3% last year. In addition, the average revenue for women-owned businesses increased 2%, from $258,590 to $263,091.
What is a WOSB?
Being a certified women-owned business in Illinois can unlock numerous opportunities compared to uncertified counterparts. This official designation is often a prerequisite for special considerations from federal agencies, the state government, and even private organizations. Obtaining Women-owned Business certification can broaden your business’s horizons, granting access to a plethora of contracts, projects, and valuable resources tailored for women entrepreneurs, ultimately enhancing your influence within your industry.
Navigating the complex world of certifications in Illinois can be challenging due to the multitude of abbreviations and exceptions. This can make it daunting to determine the right path for your business. However, our small business lawyer Chicago IL can simplify this process and provide you with comprehensive guidance on applying for women-owned business certification. The Law Office of David Hyde will help you assess whether the benefits outweigh the effort involved in obtaining this certification.
If you meet the criteria, you need to register with the appropriate entities, so that you will be eligible for federal and state funding and, if applicable, bidding on state contracts. Because there are certifications and designations that are beneficial for your business, it is important to hire an experienced small business lawyer Chicago IL to ensure everything is set up correctly.
Eligibility for State and Federal Contracting Opportunities
If you are a woman-owned business, you may be eligible for state and federal contracts. The government has enacted laws that require certain businesses to set aside a certain percentage of their purchases for minority and women-owned firms. This is an important way to increase the number of contracts awarded to minority-owned companies, which can help them expand their reach and grow their businesses.
Becoming a certified Women-Owned Business Enterprise (“WBE”) or Minority-Owned Business Enterprise (“MBE”) with the State of Illinois is an important step towards realizing your goal and increasing your revenue. Not every company asks that their contractors be certified. Most often, only corporations and government entities ask for certification. If you do not work with large companies and/or government agencies, the WBE certification likely will not provide you an advantage.
Advantages of registering as a women-owned business
In addition to more of a variety of contracts, registering your business opens up other opportunities as well. You may be eligible for additional loans, it can provide you with opportunities to network and market as a women-owned business, and it may give you a competitive edge against other similar businesses. Although you don’t get tax breaks, there can be tax relief and benefits if you are located in specific areas and work with other minority owned businesses.
Contact our small business lawyer Chicago IL to help you establish your women-owned business
If you are looking for assistance starting or operating your women-owned business, contact the The Law Office of David Hyde today. Our small business lawyer Chicago IL will provide you with clear, concise, and consistent advice that leads to optimal outcomes for your business.
Your business is unique and you need a business attorney that can provide you with advice and support tailored to your specific needs. This firm is committed to providing you with the most cost-effective, simple, yet elegant solutions that will help you continue to move your business forward. Contact us today for a free consultation.
