The federal government does a tremendous amount of work with small businesses like yours. In 2017, the government spent more $100 billion in contracts to small businesses (take a look ). All contracts of less than $150,000 are required to be set aside for small business; larger contracts must also be set aside if there is reason to believe that small businesses can perform them. If your company isn’t doing business with the government, that money is going into your competition’s pocket.
Breaking into government contracting isn’t as hard as you might think. If you follow these simple steps, you will be well on your way to tapping into this vast market.
To start with, you must take a look at your company and how it fits into the process. Answer questions like: “Am I ready for business with the government?” and “Does the government buy what I sell?”
The first step to working with any new client is market research, and the government is no exception. You will begin with finding out your NAICS code. NAICS is the North American Industry Classification System, a numerical code that identifies industries. Most purchases are classified by NAICS code, and you can use it to find out how much money is spent on your industry.
If your market research indicates that you are ready for government contracts and that there are opportunities for you, the next step is to get registered. To do business with the federal government, you must (at a minimum) be registered in the following systems:
Once you are registered and ready to go, you will need to know where to go to get lucrative contracts. The government publicizes its needs in several ways. If you want to get your piece of the pie, here are some of the best tools to get started:
Fortunes are made in government contracting, and yours could be next. The government is one of the largest markets in America, and to ignore it is leaving money on the table. If you don’t pick it up, you can bet your competition will. Begin developing your government-contracting program today.
If you are looking for general information on government contracting, the SBA and PTAC are great resources. If you are looking to develop the perfect government-contracting program and want personalized, hands-on guidance, contact Thinker Ventures or Titan Business Consulting for more information.