By Jeremy Higbee
Even though there are budget problems right now, the government spends a great deal on government contractors, particularly small business owners. In 2009, the government spent $96.8 billion in contracts with small businesses. That’s a whole lot of money. Any small business owner or entrepreneur would be remiss to not take advantage of that large of a revenue opportunity.
That being said, it’s probably best not to attempt to rely solely on government contracting opportunities as a single source of income for your business. There are companies like Lockheed Martin that develops military weapons, jets, and satellites that rely solely on government contracts that run up into the hundreds of billions. Unless you’re planning on make the next F-35, I wouldn’t put all my eggs in one basket.
Since you’ll be dealing with the government, there’s going to be a lot of paperwork, registering, and seemingly pointless hoops to jump through. Here are the hoops that need to be navigated in order to benefit from Uncle Sam’s federal contracts:
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You hear of seemingly strong businesses closing up shop all the time. One day everything is normal and the next they’re putting up the dreaded “Thanks for all your support over the years!” sign and locking the doors forever. I just saw it happen to my local bookstore a few months ago. For customers, the big “going out of business” sale might seem to come out of nowhere, but a million factors always come in to play.
In today’s rapidly paced business world, staying relevant and competitive is a big task. Sometimes it can seem like you’re always running uphill just to stay where you are. Many business owners don’t feel like they can keep up which causes them to give up the ghost.
It’s not impossible, however. You can keep up with all the changes in your industry while managing not to get too behind in everything else.
Welcome to the U.S. Small Business Administration edition of the ABCs of MyCorp; a very important component of the small business community.
What is the U.S. Small Business Administration and what exactly do they do?