Top 11 Women Owned Business Benefits: The Power of She

Do you know what the best part of becoming an entrepreneur is? The freedom and flexibility. As a woman business owner, you've got that in spades. But there are so many other benefits to having your own women-owned company too. We're talking tax incentives, networking opportunities, funding programs - the list goes on and on.

If you're on the fence about starting your own venture or just curious to know what kinds of perks come with the title, you've come to the right place. We're counting down the top 11 benefits of women-owned businesses.

From certifications that can open doors to work-life balance that can't be beaten, you'll be ready to take the plunge into entrepreneurship once you see all the rewards that await. So what are you waiting for? Keep reading to find out why women-owned companies have so much to offer. The future is female, and the future is bright! So, lets dive in Top 11 Women Owned Business Benefits.

Table of Contents

TOP 11 Women-Owned Business Benefits

• AT&T Supplier Diversity Program
• Tax Benefits for Women-Owned Businesses
• Grants for Women
• Lead Generation
• New Markets Tax Credit
• Mom-Inspired Grants from Huggies
• Tax Credit for Research and Development (For New York Residents)
• Eileen Fisher Women's Business Grant Program
• Women's Economic Empowerment Initiative at Wal-Mart
• Women-Owned Small Business (WOSB) Federal Government Contracting Program
• Women Entrepreneurs and Money

1. AT&T Supplier Diversity Program

AT&T's Supplier Diversity Program opens up opportunities for women-owned businesses. As an AT&T supplier, you'll gain access to their network of corporate partners and procurement professionals. Expanded Market Reach

AT&T spends over $14 billion annually with diverse suppliers. Becoming an approved vendor gives you the chance to tap into this extensive budget and build new client relationships. AT&T also provides mentorship and networking through events, further helping you extend your reach.

• Capacity Building

The program offers resources to strengthen your business. You'll receive guidance on improving processes, coaching on leadership skills, and funding for professional development. AT&T may also directly invest in your company to increase production capacity and support growth.

• Greater Visibility

Being an AT&T supplier gives your business more prominence and credibility. You can promote this partnership on your website and marketing materials to attract new customers. AT&T will also highlight top diverse suppliers, giving you an opportunity to raise your profile.

• Access to Decision Makers

As a program member, you'll have opportunities to connect directly with AT&T's executives and procurement team. You can pitch your products and services, better understand their needs, and build key relationships to become a trusted partner. These valuable connections can lead to new contracts and long-term success.

Overall, the AT&T Supplier Diversity Program enables women-owned businesses to scale up and compete at a higher level. While challenging, the rewards of becoming an approved vendor are well worth the effort. With hard work and persistence, you can achieve great things through this initiative.

2. Tax Benefits for Women-Owned Businesses

As a woman-owned business, you qualify for some unique tax benefits and incentives that can really help your bottom line.

• Special Tax Deductions

You may be eligible to deduct up to $500,000 of business start-up and organizational costs in the first year, versus $5,000 for most businesses. Things like market research, professional services, and travel can be written off.

Once up and running, you can deduct up to $10,000 per year in qualifying business expenses like rent, supplies, and utilities. Home office deductions are also allowed. These tax breaks can add up to major savings, so take full advantage!

• Tax Credits

The federal government offers tax credits targeted specifically at women-owned businesses. The Women-Owned Small Business Federal Contract Program provides set-asides and sole-source awards for women-owned small businesses. Qualifying businesses can get a tax credit for a percentage of the award amount.

Some states also offer additional tax credits for women entrepreneurs. For example, the New Mexico Women-Owned Business Tax Credit provides up to $10,000 per year in tax credits for qualifying businesses. Check with your state to see what they offer.

• Lower Tax Rates

In many cases, small businesses including women-owned businesses qualify for lower tax rates. For example, most small businesses are subject to lower individual income tax rates versus the higher corporate tax rates. You may also be eligible for reduced self-employment tax rates. Every dollar you can save on taxes is money that stays in your pocket, so explore all your options.

With these major money-saving tax benefits available, women-owned businesses can gain a real competitive edge. Be sure to take advantage of all the credits, deductions and lower rates you legitimately qualify for. Your bottom line will thank you!

3. Grants for Women

As a woman business owner, you have access to grants and funding specifically tailored to support and empower female entrepreneurs. Here are some of the major benefits of women-owned business grants:

• Increased Access to Capital

For many women, limited access to funding remains a barrier to starting or growing a business. Grants for women-owned businesses aim to remedy this by providing capital to get your company off the ground or take it to the next level. These funds don’t need to be repaid, giving you more flexibility and control.

• Networking Opportunities

Applying for and receiving a grant exposes you to valuable networking opportunities. You’ll connect with other female business owners, funders, and organizations supporting women in business. These connections can lead to mentorship, collaborations, and increased visibility for your company.

• Recognition and Visibility

Being awarded a grant gives your business credibility and recognition. It signifies to customers, partners, and investors that an outside organization believes in your company and its potential for success. The publicity from receiving an award can also increase visibility and raise brand awareness.

• Business Development Resources

Many women's business grant programs provide resources to help you strengthen your company. This may include access to educational programs, mentorship, and counseling services. They can help you create a sustainable business plan, improve your marketing strategy, and navigate challenges.

• Inspiration and Confidence

For women entrepreneurs, receiving a grant can be a huge confidence booster. It’s a validation of your vision, skills, and potential as a business leader. This inspiration and self-assurance will fuel your motivation and perseverance in building your company. Knowing others support and believe in you can make all the difference.

In summary, grants for women-owned businesses provide funding, connections, visibility, education, and motivation. If you’re a female entrepreneur, applying for these opportunities can be one of the best investments in your company’s success.

4. Lead Generation

As a women-owned business, you have access to lead generation opportunities not available to others. Here are some benefits:

• Procurement programs

Many large companies and government agencies have procurement programs that give preference to women-owned businesses. They set aside a portion of their purchasing budget specifically for women-owned suppliers. Getting certified as a women's business enterprise (WBE) or women-owned small business (WOSB) opens you up to these opportunities.

• Networking

There are networking groups and events targeted specifically at women in business. Attend local meetups, join online groups, and look for regional and national conferences. Connecting with other women in similar industries is a great way to generate new leads through partnerships, cross-promotion, and word-of-mouth marketing.

• Mentorship

Look for a mentorship program for women in business, whether through a local organization or an online matchmaking service. A mentor can help guide you to new leads and clients. They have years of experience and connections they can share with you. In turn, look for opportunities to mentor other women coming up in your industry.

• Media exposure

Women in business are a hot media topic. Look for ways to pitch yourself as an expert source for relevant media opportunities. Reporters are always looking for sources to quote in their articles. Appearing in media, even if just quoted as an expert, helps to raise your visibility and credibility which leads to new leads and clients.

• Online promotion

Promote your women-owned business status on your website and social media profiles. This appeals to customers looking to support women in business. It also helps with visibility in searches specifically looking for women-owned businesses. Use related keywords like women-owned, woman-owned, WBE, and WOSB to improve search ranking.

The benefits of being a women-owned business are significant. Take advantage of every opportunity to generate new leads and accelerate your company's success. With hard work and persistence, you can build a thriving business.

5. New Markets Tax Credit

As a women-owned business, you have access to certain benefits and resources not available to others. One of these is the New Markets Tax Credit (NMTC) program. This program provides tax credit incentives for investors to invest in low-income communities.

To qualify as a women-owned business for the NMTC program, your company must be at least 51% owned and controlled by women. The tax credits provided to investors amount to 39% of the investment made in your business, spread over 7 years. This makes you an attractive investment for impact investors looking to invest in underserved communities.

The goal of the NMTC program is to spur economic growth and job creation in low-income, high-poverty areas. If your women-owned business is located in an eligible census tract, you’ll gain access to capital that may not otherwise be available. The NMTC program has provided over $50 billion in investments for businesses and revitalization projects since 2000.

To apply for NMTC funding, you’ll work with a Community Development Entity (CDE) that will raise money from investors. The CDE will determine if your business and location qualify for the program. If approved, they will offer the tax credit incentive to investors to invest in your company. The CDE will also monitor your compliance with the program to ensure the economic and community benefits are achieved.

The NMTC program provides significant benefits for qualifying women-owned businesses. Access to capital, job creation, and revitalization of low-income communities are just a few of the major advantages. If your business could benefit from an influx of investment, be sure to explore the New Markets Tax Credit program.

6. Mom-Inspired Grants from Huggies

As a women-owned business, you have access to grants and funding specifically targeted at helping female entrepreneurs. One great example is the Huggies® MomInspired Grants from Kimberly-Clark.

Huggies® awards grants of up to $15,000 each to mothers who have innovative ideas for products that make life easier for today’s parents and families. The program provides funding and resources to help bring your concept from idea to reality.

To be eligible, you must be the mother of a child age 2 or younger and have an original concept for a baby product. Previous grant winners include the creators of a portable high chair, a wipe warmer and dispenser, and an adjustable baby bottle holder.

Applications open in the spring of each year. To apply, you’ll need to submit details about your product concept, a sketch or photo, info on how the funds will be used, and a short video explaining your idea.

A panel of judges will evaluate applications based on several factors:

• Originality and creativity of the product concept. The idea should be innovative and solve an unmet need.

• Feasibility of bringing the concept to market. The funds and plan to develop a prototype and conduct market testing are realistic.

• Potential benefit to families and parents. The product would make a meaningful difference in the lives of customers.

• Entrepreneurial spirit and passion. The applicant demonstrates the motivation, skills, and perseverance to establish a business.

If selected as a grant winner, Huggies® will provide the funding as well as additional resources and guidance to help make your concept a reality. They partner with experienced mentors and a design firm to provide advice and support along the way.

The Huggies® MomInspired program is a fantastic opportunity for mompreneurs to gain funding and support for their innovative product ideas. If you have an invention that could help make parenting easier, consider applying for one of these life-changing grants.

7. Tax Credit for Research and Development (For New York Residents)

As a woman-owned business in New York, you may qualify for valuable tax credits and incentives. One of the major benefits is the Tax Credit for Research and Development. This can provide up to $50,000 per year in tax credits for research activities.

To claim this credit, your business must meet a few criteria:

• You must be classified as a woman-owned business enterprise (WBE) in New York. This means at least 51% owned, operated, and controlled by women.

• Your business must be engaged in qualified research and development activities. This could include developing new or improved processes, techniques, formulas, inventions, or software. The research must be technological in nature, not just routine testing or modifications.

• You must have qualified research expenses like wages, supplies, and contract research costs. The credits can offset up to 50% of these costs.

• You must apply through the New York State Department of Taxation and Finance to determine your eligibility and the total amount of your tax credit. Documentation of research activities and costs will be required.

The tax credit for R&D provides woman-owned businesses in New York a way to reinvest in growth and innovation. The funds from the credits could help expand facilities, hire additional researchers, or fund new projects. While the application process does require paperwork and documentation, the potential rewards of up to $50,000 per year in tax relief can make it worthwhile.

Check with the New York State Department of Taxation and Finance to see if your woman-owned business qualifies and how to apply for this valuable incentive.

8. Eileen Fisher Women's Business Grant Program

The Eileen Fisher Women's Business Grant Program provides grants to women entrepreneurs to help grow and scale their businesses. Since 1998, Eileen Fisher has awarded over $7 million in grants to women business owners.

To be eligible for a grant, you must:

• Own at least 51% of a business that has been operating for 3+ years

• Have annual revenue of at least $100,000

• Be focused on environmental and social impact

Grant amounts range from $25,000 to $125,000. The funds can be used for:

• Hiring key staff

• Upgrading technology systems

• Expanding facilities

• Increasing marketing and sales efforts

• Developing new products and services

In addition to the grant money, recipients gain access to Eileen Fisher's expertise and mentorship. You'll work closely with their leadership team to develop a strategic growth plan for your business. They provide guidance on topics like:

• Scaling your operations

• Improving organizational efficiency

• Strengthening financial management

• Enhancing your online presence

To apply, you must submit an online application which includes:

• Information on your business, mission, team, and financials

• A proposal for how you will use the grant funds to accelerate growth

• Your key growth objectives and milestones over the next 3 years

Applications are reviewed annually in the spring. Recipients are selected based on their ability to demonstrate a viable plan for business expansion, commitment to social impact, and potential for job creation.

The Eileen Fisher Women's Business Grant Program is an amazing opportunity for women entrepreneurs to gain funding and strategic advice to take their businesses to the next level. If you meet the eligibility criteria, it's worth applying for this grant program.

9. Women's Economic Empowerment Initiative at Wal-Mart

The Women's Economic Empowerment initiative at Walmart aims to empower women across the company's global value chains by promoting fairness and opportunity. Walmart believes that empowering women economically will make the world better by accelerating global prosperity and social impact.

Walmart's initiative focuses on increasing women's participation and leadership in the workforce. They have set goals to achieve over 5 years:

• Increase the percentage of women in management roles, especially at senior levels. Walmart aims to have women represent at least 30% of senior leadership roles in their company.

• Expand women's access to job opportunities and skills training. Walmart will provide training programs focused on developing skills and experience for advancement. They plan to train over 1 million women in workforce readiness and retail skills.

• Increase opportunities for women-owned businesses. Walmart will double its spend on women-owned businesses in the U.S. and Canada. They aim to source $20 billion from women-owned businesses.

• Promote safer, fairer, and more equitable workplaces. Walmart will implement new policies and programs to prevent issues like discrimination and harassment. They will also work to address barriers such as access to childcare and paid leave that can impact women in the workplace.

Through these focused initiatives, Walmart hopes to unlock opportunities for women's economic empowerment and advancement. By giving more women the chance to fulfill their potential, Walmart believes it can drive business growth and have a positive impact on communities. Overall, Walmart's Women's Economic Empowerment initiative is a step towards building a world with more fairness, equity, and prosperity for all.

10. Women-Owned Small Business (WOSB) Federal Government Contracting Program

The Women-Owned Small Business Federal Government Contracting Program gives women business owners access to set-aside contracts, allowing them to compete for federal contracts among a smaller group of contractors.

To qualify as a WOSB, your business must be at least 51% owned and operated by one or more women, and primarily managed by one or more women. The women must be U.S. citizens. The company has to be "small" in its main industry, following the size rules set by the Small Business Administration (SBA).

As a WOSB, you'll gain access to set-aside and sole-source federal contracts in industries where women-owned small businesses are underrepresented. This means less competition and greater opportunities for your business. Some benefits of the WOSB program include:

• Access to over $50 billion in annual federal contracts
• Set-aside contracts restricted to WOSBs in underrepresented industries
• Sole-source authority allowing certain contracts to be awarded directly to WOSBs
• Free opportunities to market your business and network at government industry days
• Matchmaking events to connect WOSBs with government buyers
• Specialized resources and programs to help grow your business

To get started, you must first register as a WOSB with the SBA, and then self-certify your business through the WOSB Program Repository. There is no cost to apply or participate in the WOSB Federal Contracting Program. Program representatives will review your documents to verify your eligibility.

Once certified, regularly search for WOSB set-aside opportunities on FedBizOpps.gov and market directly to federal agencies and prime contractors. You must recertify your WOSB status every three years to remain eligible for the program.

The WOSB Federal Contracting Program levels the playing field for women entrepreneurs. If you own a qualifying small business, this program could be the key that unlocks the door to new government customers and revenue streams.

11. Women Entrepreneurs and Money

As a woman business owner, you have access to many benefits and resources specifically tailored to support you. Here are some of the top benefits of owning a women-owned business:

• Funding opportunities

There are grants, loans, and investment programs specifically for women entrepreneurs. For example, the Small Business Administration's Women-Owned Small Business Federal Contracting program helps provide access to federal contracts. The Women's Business Enterprise National Council also offers a certification program that can open up more opportunities.

• Private investors and venture capital firms are also looking to support women-led startups. Many focus on companies in sectors like healthcare, education, and finance where women have a strong presence.

• Crowdfunding platforms are a popular way for many women entrepreneurs to raise money from individual donors. Platforms like Indiegogo, Kickstarter, and CircleUp can be an easy way to raise $10K-$50K in initial seed funding.

• Mentorship and Networking

There are many organizations, events, and online communities aimed at helping women entrepreneurs through mentorship and networking. For example:

• The National Association of Women Business Owners has local chapters across the US that provide networking, education, and mentorship for members.

• Women Entrepreneurs' Growth Lab (WE Growth Lab) and Ladies Get Paid both offer virtual coworking, events, and mentorship programs.

• Women Founders Network and Ellevate Network host local meetups and an online community to help connect women entrepreneurs.

• Conferences like the Women of Silicon Valley and Watermark Conference for Women provide opportunities to network with and learn from successful female founders and executives.

• Accelerator programs like The Riveter, The Refinery, and Texas Women's University's Women's Entrepreneurship Institute offer mentorship, education, and networking tailored for women entrepreneurs.

Final Thoughts

So there you have it, some of the most compelling reasons why women owned businesses are on the rise and will continue to dominate the business landscape. As a woman entrepreneur, you are in a unique position to leverage all these benefits and build a successful company that taps into your creativity, life experiences, and passion.

Don’t underestimate the power you have to inspire other women and young girls. Your business journey can be an example that through hard work, perseverance, and a dedication to excellence, women can achieve great things. So keep going - the future is bright and the opportunities are endless for women owned businesses.

You’ve got this! Now go out there and build that business of your dreams. The world needs what you have to offer.

Frequently Asked Questions (FAQs)

What is a women-owned business?

A women-owned business refers to a business that is majority-owned and controlled by one or more women. The ownership can be either sole proprietorship, partnership, or a corporation.

What are the benefits of being a certified women-owned business?

Certification as a women-owned business can provide several advantages, including access to government contracts, preferential treatment in procurement processes, networking opportunities, and enhanced credibility in the marketplace.

How can being a women-owned business help with procurement opportunities?

Many government agencies and corporations have initiatives to increase supplier diversity. Being a certified women-owned business can give you a competitive edge in securing government contracts and corporate procurement opportunities.

Are there any financial benefits for women-owned businesses?

While not exclusive to women-owned businesses, there are various financial benefits available, such as grants, loans, and venture capital specifically aimed at supporting women entrepreneurs. Additionally, some programs offer tax incentives or preferences for women-owned businesses.

How does being a women-owned business contribute to economic growth?

Women-owned businesses are really important for making the economy grow. They create jobs, stimulate innovation, contribute to local economies, and promote gender equality in the business world.

Do women-owned businesses have access to mentoring and support networks?

Yes, there are numerous mentoring programs and support networks specifically designed for women entrepreneurs. These networks provide guidance, mentorship, and resources to help women-owned businesses thrive and succeed.

Can being a women-owned business enhance brand reputation?

Yes, being a women-owned business can enhance brand reputation and attract customers who value and support women-owned enterprises. It can differentiate your business in the marketplace and resonate with consumers who prioritize diversity and inclusivity.

Are there any specific government certifications for women-owned businesses?

Yes, in the United States, the Women-Owned Small Business (WOSB) Federal Contracting Program and the Women's Business Enterprise National Council (WBENC) certification are two widely recognized certifications for women-owned businesses.

Are there networking opportunities for women-owned businesses?

Yes, there are various organizations, conferences, and events that provide networking opportunities exclusively for women-owned businesses. These platforms enable entrepreneurs to connect, collaborate, and establish valuable business relationships.

Can being a women-owned business help inspire and empower other women?

Women who own businesses are like examples and give ideas to women who want to start their own businesses. They inspire other women to become entrepreneurs. By showcasing their success and sharing their stories, women-owned businesses can empower other women to pursue their entrepreneurial dreams.

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