As an entrepreneur always looking to scale up my business, I’m constantly considering new markets and evaluating my customer base to see where there are gaps that can lead to opportunities. That’s the very reason why I got involved in government contracting and now advise other business owners to explore this market. Becoming a successful contractor in the federal marketplace can be a great way to open up new streams of revenue that can diversify your existing business. In fact, an American Express OPEN report found 47 percent of small business contractors have revenues in excess of $1 million, far exceeding the five percent of all small businesses that have achieved that level of business success.
As the world’s largest customer, the U.S. government is a reliable client with an endless need for products and services and has a goal to set aside 23 percent of all expenditures for small businesses. Plus, the U.S. Small Business Administration (SBA) has a number of set-aside programs and certifications for specific business types, like women-owned or economically disadvantaged businesses, to help them gain a competitive edge even if they are going head-to-head with larger corporations.
So how can you get started? If you’re a beginner, it may be difficult to track down the small business liaisons at federal agencies, so start at the local level. Get involved with your industry associations and introduce yourself to your local Procurement Technical Assistance Center (PTAC) and the closest SBA district office. Not only can these organizations provide invaluable guidance in navigating the government contracting arena, but they can help you identify small business advocates to talk with, including government procurement officials. Also keep an eye out for free events and workshops in your area. For instance, American Express OPEN hosts free government contracting events across the country that connect small business owners with government buyers and prime contractors.
You should also register your business with the System for Award Management (SAM), the government’s online supplier database. Your SAM profile will highlight your company’s key competencies and help you get noticed by agencies. Next, visit the SBA website to determine if your company qualifies for any small business certifications, which can help a small business stand out.
If you’re eager to break into a new market, I urge you to consider government contracting. As an experienced contractor of more than 30 years, I can attest that it can be a lucrative investment and provide you with a growth surge in your respective industry. For more information and tips to get started, visit www.openforum.com/governmentcontracting.
The post Looking to Grow Your Small Business? Consider Selling to Uncle Sam appeared first on AllBusiness.com
The post Looking to Grow Your Small Business? Consider Selling to Uncle Sam appeared first on AllBusiness.com.
