How to make money with government contracts

Please enable JavaScript in your web browser; otherwise some parts of this site might how to make money with government contracts work properly. 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. To sell your products or services to the federal government, your business must meet specific requirements. Although the contracting process can seem complicated and overwhelming at first, the government provides lots of information and tips to help you learn to compete as a federal contractor. There are several different ways you can find opportunities to do business with federal agencies and the military. You can use these resources to get a sense of the federal marketplace for the products or services your business offers.

And while that may seem like it is a lot of money and opportunity up for grabs, the process of winning government contracts is one that is challenging and requires a lot of knowledge and attention to detail. So, where should people start? Great question! This article on the ins and outs of government contracting is a good place to begin. Department of Commerce, about bidding for and winning government contracts. Bassette has over 20 years of experience in public and private organizations providing fiscal, operations, procurement, marketing, small business development, and government-related services. Department of Transportation, Office of Civil Rights to develop a national small and disadvantaged business enterprise program. And when it comes to learning about and positioning your company to win contracts , she says that it is important for small business owners seeking to win government contracts to learn and to familiarize themselves with the rules of government contracting because it is another language and requires a lot of work. First things first, before small businesses can apply for federal contracts they must be certified and recognized by the Small Business Administration SBA along with other requirements that must be adhered to. Without entry or registration into this database, you will not be able to do work with the federal government. Then you will have to determine your business size to qualify for government set aside contracts. From there, she says that is it critical to develop your own strategic growth plan and learn the federal contracting language. If you continue to do good business and build relationships you can really be successful. There are also many different contracts.

Looking for contracting opportunities can be as simple as going online. These forecasts are planned federal contracting opportunities that will identify upcoming opportunities per quarter. And for those who are looking for sub-contracting opportunities, you can visit SubNet. Beyond the language and completing the qualifying steps, it is also important to hone in on the relationship and proposal building process before you approach a federal agency. But before you attend that conference, you need to peruse the agenda to identify the agencies that align with what your business has to offer. She also adds the government agencies are really interested to know that you know their business. So you have to do the homework on their mission, know some of the challenges they face, and what they buy.

For many female business owners, the shortest route to a million in revenues runs through Washington.

The decision of how to price the goods or services you offer to the government is the one step in the contracting process where you are the expert and we are not. Given that there are so many different types of businesses out there and so many different ways of pricing, our best advice is to be as competitive as possible. Let’s add a little perspective to the «hammer» story. The ship has over 3, sailors, carries 85 warplanes, with support personal for them about 2, , along with the pilots. They will use , ballpoint pens, 1. Each crew member will eat three meals. The actual story is that they had a special order for a «small» amount of these special tools, if they had waited one hour, not one day, the cost to the government and the taxpayers would have made those hammers cheap at any price.

Remember that the government always looks to purchase items and services at the lowest possible price, so you must be competitive. Search for subcontracting jobs. However, you need to read these completely to understand what the government wants to buy and under what terms. Ultimately, you must decide if selling to the government is right for your business. You have to find solicitations, typically on the FBO website.

Uncle Sam wants you (to work for him)

When the government wants services, they put together a solicitation, called a bid package. There are at least two options. These problems can prevent you from becoming a successful government contractor. It depends upon a lot of factors, including but not limited to: the nature of the claim against you, the resolution if anyand the type of service you would be providing the government. Register Your first step toward doing business with the U. You do not want to be unable to fulfill a bid you had won. You can always try to ask. However, examining the actual solicitations and submitting bids can be complex and time consuming. Each monry is different; however, finding the procurement office is relatively simple. You will spend a lot of time reading these documents, so be selective in your choices.

Navigating the process of landing government contracts is no easy task, though, especially for firms that have never done it. We profile six entrepreneurs who fought hard to procure large, multiyear federal contracts. Read on for tips from these contractors, now generating millions in business from the government. James «Rock» Rockhill, who retired contracte the U. Air Force in after 21 years as a fighter pilot, conhracts used to doing contracrs things: working as an air-traffic controller at Luke Air Force Base, near Phoenix; flying Fs for several hundred combat hours in Operation Desert Storm, Bosnia and Serbia; and training young military pilots how to fly fighter jets.

On This Page

But when Rockhill started to build a small company around providing aviation services for the federal government, advisors told him he was aiming too high in bidding for multimillion-dollar contracts. I think I [sold it] for just a few dollars above that,» Rockhill said.