What You Need to Know About Government Contracting
It’s a massive market: The U.S. government is the largest purchaser of goods and services on earth. It awards some $500 billion in contracts each year. And about 23 percent these contract dollars are earmarked for small businesses. At any given time, there are typically more than 25,000 active federal contracts looking for bids. There’s plenty of work out for bid with state and local governments as well.
But pursuing contracts with government agencies is not for the faint of heart. In addition to the many procedural milestones involved, you need to know your business’s capabilities backwards and forwards. Gaining an understanding of the bidding process is essential—and you’ll need to build relationships along the way.
Still, if you’re willing to put in the time and legwork, chances are, you can find a successful niche in the wide world of government contracting.