There are many obstacles to overcome when starting a business, and securing the funds needed to get your venture going is one of them. For this reason, the Small Business Administration (SBA) has programs available for certain qualified individuals that will help ensure their success.
For example, the SBA has a contracting program that helps women-owned small businesses obtain federal contracts. A business must be comprised of at least 51 percent women in addition to being owned or controlled by women. The SBA announced this program in February of 2011.
The Washington Post recently reported women-owned businesses "have maintained around 4 percent of the federal contracting market share — based on reported spending since fiscal 2010 — with about 80 percent of contract dollars held by the combined efforts of women-owned small businesses (WOSBs) and economically disadvantaged, women-owned small businesses (EDWOSBs)."
These types of contracts were awarded to women-owned businesses in industries including administrative support, logistics, and program management among others, according to the article. These statistics demonstrate that women-owned businesses are able to benefit from the SBA program, although reportedly the SBA's goal is to reach a 5 percent market share, and that has yet to be attained.
Small businesses play an important role in the economy by helping increase job growth. The SBA offers ways to help many types of small business owners obtain the resources and information they need to create and grow a successful venture.
Incorporating your business is a key step in setting the foundation for small business success. An online incorporation services company can be a valuable resource to help business owners with important aspects of incorporation, including selecting the type of business entity that will best work for their company.