The path to a multi-million dollar business starts with government contracts.
The Benefits of Working with Government Agencies are Amazing:
Government buying is the biggest source of wealth creation in America, only behind Wall Street and Silicon Valley. The government buys virtually every product & service small businesses sell.
The US government is the world’s largest purchaser of goods & services, spending $500 billion a year, while state and local governments buy tens of billions more.
The federal government alone awards over $115 billion in contracts to small businesses, including $25 billion in set aside contracts to women-owned businesses, and $25 billion more to minority-owned businesses .
No government agency is meeting all of its small business goals because not enough small businesses are participating.
Once you’re in the system and have proven yourself, you’re golden. The contracts keep rolling in and the people you meet can lead to a lot more business. Last year the average minority-owned (8a) business averaged $6 million in U.S. government contracts.
Government contracts provide stability, allowing businesses to ride out downturns in the economy that bankrupt other businesses. 70% of businesses fail within 10 years, but 80% of top government contractors are still in business 20 years later.
You don’t need money to start – everything you need is at your disposal. Companies know that if you have a government contract there is security and reduced risk behind offering you favorable terms and credit.
How Does it Work for You and Your Small Business?
If you qualify as a small business, a woman-owned, or minority-owned business, you have access to the $115+ billion allocated for small business by the US Government. And State and local agencies also have quotas to meet in awarding contracts. It’s time well spent to research if your business is one of the hundreds of types that the government purchases goods and services from. There are many types of certifications, and each has a set of advantages. You can find a Basic List here. Some criteria is as follows:
You own a small business. The rule of thumb is less than 100 employees and under $7 million in revenue per year.
A women-owned business: a woman must own at least 51% of the business and be a full-time, fundamental part of business operations, and a US citizen.
A minority-owned business: must be at least 51% owned by an African Americans, Hispanic Americans, Asian Pacific Americans, Subcontinent Asian Americans, or Native American.
There is a set of steps to take to register or certify your business. Contact me to help you get your Golden Pass!
