Bidding on and winning federal contracts can be a great way to expand and grow your small business.
Each year, the government awards hundreds of billions of dollars in federal contracts to businesses to meet the needs of federal agencies and the military. The government’s goal is to award at least 23 percent of those contracts to small businesses.
Check out these three tips from USA.gov to help you perform market research, find helpful resources, and register to become a federal contractor.
Decide If It’s Right for Your Business
Becoming a federal contractor can expand the number of opportunities available to your business and help your company grow. But it also requires a significant amount of time and resources. It’s important to assess your business up front to make sure federal contracting is the right route for you. This includes researching whether there’s a market for your products and services, and if your pricing will be competitive in the federal marketplace.
Get Your Questions Answered
Working with the government can be complicated and feel confusing or even overwhelming. But the government provides local technical assistance centers, free online courses, and more to answer questions and help you navigate the federal contracting process.
You can also take advantage of the Small Business Administration’s counseling resources and training opportunities for companies bidding on federal contracts for the first time. Learn how to get free business mentoring through SCORE, find a local Small Business Development Center, or contact a commercial market representative in your area to learn about federal subcontracting opportunities.
Prepare Your Business
If you decide to become a federal contractor, use this step-by-step list of things to do to get your business ready to start bidding on opportunities. Learn about timelines, regulations, and determining whether your business is eligible for any special set-aside contracts for being owned by women, veterans, or meeting other requirements.
Visit USA.gov’s Introduction to Federal Government Contracting to find more tips, a glossary of contracting terms, and a tool to help first-time contractors search for opportunities.