Federal Contracting Made Easy – 001

Do you want to bid on government contracts but don’t know where to start?  Are you presently a federal contractor but have questions that no one seems to know the answer too?  If so, then Federal Contracting Made Easy is for you.  Listen in and learn: How to find Federal

Why Should I Become a Federal Contractor?

That is a very good question.  Why should I become a federal contractor?  Before we answer that question let’s go over some background information that will set the stage as to why you should consider federal contracting as a way to diversify your business.

What is a Set-aside?

As a federal contractor, you will have the opportunity to apply for four different classifications of small business if you meet the program requirements.  Each of these classifications called “set-asides” offers its own advantages.  So let’s begin with what is a set-aside?

A Set-aside is:

4 Types of socio-economic classifications (set-asides): Each of these will be discussed in further detail in a later article

  1. Socially Economically Disadvantaged Business (SDB) or 8(a) Disadvantaged  Businesses in the 8(a) program have the following benefits
  1. HUBZone Program (The Historically Underutilized Business Zones (HUBZone) program) provides federal contractors with the following benefits.
  1. Service Disabled Veteran Owned Small Business 
  1. Women-Owned Small Business

You can compete for contract awards under multiple socio-economic programs, as they apply.

Who is the largest buyer of products and services in the World? USA Federal Government

Each Year the Government spends approximately $500 Billion on products and services. As a federal contractor, you would be able to bid on these acquisitions. The Government wants small businesses to bid on work that they have to offer. That is the whole purpose of having set-asides.  In order to ensure that they are meeting the objectives for having set-aside’s the Government has established goals.  Now let’s talk about how these goals relate to the $500 Billion that we discussed earlier.

Wow, that’s a lot of money!!!  

The Pros of becoming a federal contractor

It would not be fair to just list the pros without listing the Cons of being a federal contractor

Now I would like to add a caveat that even though the government is the largest buyer of products and services, not all businesses will find opportunities.  It depends on your industry, where your business is located and other factors.   But we got ahead of ourselves here.  

So as you can see it is very enticing to want to bid on federal contracting.  Now spend some time thinking if government contracting is right for you and next week we will discuss ways to find federal agencies to market too.

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