All small businesses have difficulties when trying to start their business, however, research shows that minority owned business enterprises (MBEs) face more challenges than non-minority owned businesses when trying to build their company, such as obtaining loans and having access to suitable advisors. MBEs are an essential part to our economy and communities. Government agencies also acknowledge how important different women, minority, veteran, disadvantaged and disabled owned businesses are to our ever-changing economy and believe it is good practice to work with these businesses. Each year a percentage of funding is set aside for specific subsets of suppliers, based upon specific certification status, to be awarded government contracts or subcontract work. If your company qualifies for a certification, such as being a minority owned business, it is very beneficial in the government bidding world and important for your business to get the proper certification.
The Advantages of Getting Certified as an MBE
There are many opportunities and advantages that come with certifying your business. Going through the certification process can seem overwhelming at first, but the end result can be very rewarding to your business’ bottom line. Here are just some of the advantages MBE’s have by getting certified:
Set Aside Contracts
To level the playing field for MBE’s, many government entities will set aside contracts for businesses that are certified as an MBE. Often, and specifically with federal funding, it is a government requirement for procurement departments to award a percentage of contracts to MBEs each year. So, know that government agencies know the value of hiring a certified MBE and are actively seeking these specific entities for partnerships!
Guidance & Resources
There are many helpful resources available for MBE’s and other small and disadvantaged businesses. Take advantage of the trade education, training seminars, financial guidance, access to specialized financing, and so much more offered to your business through certification. For example, the National Minority Supplier Development Council (NMSDC) has monthly events and seminars for minority businesses to take part in. The NMSDC also holds an annual conference including workshops, tips to succeed, and opportunities to connect with other businesses.
Strength in Numbers
An MBE certification can connect you to a more expansive support network through events and conferences. Lack of social capital can be detrimental to a small, disadvantaged business, however, networking with like-minded entrepreneurs who can help provide you support or guide you based on their own experiences can help your business thrive. And in return, the more experience you’ve gained and the opportunities you have successfully conquered will empower you to help other businesses like yours to be strong and successful.
Steps to Get Started with Certification
The first thing you’ll want to do is to determine if your business meets all the eligibility requirements for certification. It’s best to familiarize yourself with the certification process and get your documents together that are required for certification within your state. You may also want to research what agencies your state has that help suppliers with the certification process. You don’t need to handle this process on your own, it is always better to seek help than to get overwhelmed and miss an important step to getting certified.
Check those requirements twice to ensure you have everything needed including all documents and your application for certification. Once submitted, you will receive notice when you are approved. Once you are certified as an MBE, keep an eye out for all the new government bidding opportunities you’ll be able to bid on.
If you want to learn more about the certification process, check out this guide on getting certified.
Getting Help Finding the Right Bids
By using a bidding solution like bidnet direct, you won’t have to waste your time searching for these government business opportunities on your own. We can help you become more familiar with the bidding process and start finding perfectly matched solicitations from various federal, state, and local agencies. As an added benefit, you can also upload your certifications to your business profile on bidnet direct, which allows government agencies to directly seek out MBE certified suppliers. If you’re interested in finding more bids for your business, register for one of our Group, Statewide, or Federal Packages today and start bidding.
Your MBE certification always matters and can give you a much-needed advantage over your competitors when it comes to bidding on government opportunities, so don’t wait, get certified today!
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