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Running a business is a big undertaking, especially if you are one woman entrepreneur. Despite the progress in gender equality among most sectors of society, women-owned businesses still face unique challenges in the marketplace.
A Bank of America of 2023 survey found that 31% of women business owners said they had difficulty accessing capital, while 31% felt they did not have the right information or qualifications to feel confident applying for capital.
Another ongoing challenge for women-owned businesses is the ability to gain the trust of consumers. Although approx 40% of all small businesses in the United States are owned by women, 46% reported. experiencing gender bias while operating their businesses.
One way to overcome these barriers is through customer-facing business certifications. These independent third-party ratings can help reliability with lenders and potential customers alike.
Just as seeing an A+ health rating in a restaurant window can encourage first-time customers to try a new restaurant or help retain regular customers, earning third-party certifications can help women-owned businesses build customer and lender confidence in their offerings.
Today's certifications cover various areas, including environmental impacts, ethical business practices and supplier diversity. These certifications can help define your place, values and ethics, as well as those of other businesses in the market. And while some certifications are more difficult to obtain than others, putting in the work required can pay off in the long run with many benefits that can boost your business' bottom line.
Improving your brand story
Business certificates help to share and tell the store about your company's values. They tell customers what you stand for and what matters most to your business. When customers see that your business has a certification badge, they understand that it meets certain standards and requirements. This helps to enhance your brand story.
Building trust through transparency
Customers will appreciate the transparency and commitment to the standards required by the certifications and the efforts made by your business to meet them. By undergoing the certification process, your business is committed to the relevant certification requirements and goals. This builds consumer confidenceas they know they are supporting a business that adheres to high standards.
Join a community of like-minded individuals
Business certifications can give business owners access to a network of other businesses that share similar values. By joining a certified network, you gain access to events, forums and partnerships that can help your business grow and thrive with like-minded individuals. This community can be an invaluable resource for support, collaboration, mentorship, new opportunities and growth.
Promotion of business development
Businesses with the same certification are more likely to do business with you because they share the same values and missions. This can lead to new partnership and collaboration opportunities, and as a result can increase a business's customer base.
Increased visibility, awareness and association
Having business certificates can make your business more attractive to companies and customers looking for partners or suppliers with similar values. Business certifications are a great way to stand out in a market flooded with many consumer options. It also doesn't hurt to link your business with other reputable certified companies.
When choosing the best certification for your business, it can be helpful to keep Simon Sinek's in mind The Golden Circle Modelwhich consists of three concentric circles: why, how and what.
He emphasizes the importance of starting with “why” when communicating a brand's value proposition. According to Sinek, “Why“ represents the core purpose, beliefs and values of an organization. It is the emotional driver behind what they do. “How” describes the unique approach or process that sets the organization apart. And, “What” refers to the tangible products or services provided by the organization.
People are inspired by shared purpose, causes and beliefs. Consumers don't just buy products or services; they buy into the underlying purpose and values. By obtaining certifications aligned with your vision and values, you are effectively communicating the “why” to your customers, attracting loyal brand evangelists who believe in your mission.
Related: What if Women Entrepreneurs actually got what they needed for their businesses?
Key certifications to consider
Women-owned certification
it certification verifies that a business is at least 51% owned, controlled and directed by a woman or women. It helps customers and other businesses support women-owned businesses. For women-owned businesses, this network can be empowering as it provides a networking opportunity to connect with other women, share experiences and support each other in navigating the challenges they face.
Certified B Corporation
Certified B Corporations meet high standards of verified performance, accountability and transparency regarding factors such as employee benefits and charitable giving, supply chain practices and input materials. This certification is ideal for businesses committed to positively impact society and the environment. Having a certification as a B Corporation shows your audience that your business is not just about making a profit, but also cares about making a positive impact on the world.
Climate Neutral Certification
Climate Neutral Certificate it shows that sustainability is part of your brand's core values. This certification demonstrates your commitment to reducing and even eliminating greenhouse gas emissions and mitigating climate change. This is a popular and well-known certification that can attract environmentally conscious customers to your businesses.
Fair Trade Certification
it certification is for businesses that are committed to ethical sourcing, ensuring products meet rigorous social, environmental and economic standards. It's a powerful way to demonstrate your commitment to fair trade practices, especially to female and minority workers.
Getting business certifications isn't just about adding a badge to your business; it's about enhancing your brand story, building consumer trust, joining a supportive community, driving business development and increasing visibility. For women-owned businesses, these certifications can help them overcome the unique challenges and barriers they face in their business journey.