Grow Your Small Business Through Government Contracting

If you're looking to grow your small business, becoming a federal contractor may be a viable option given the buying power of the federal government. But how do you know if government contracting is right for you? The U.S. small Business Administration provides a readiness assessment and is happy to help you through the process. Just find your local SBA, district office or resource partner by visiting sba.govlocal assistance. Confirming whether your product or service is in demand with the government is the first step. A quick test is to see if you can identify at least three federal agencies that might be interested. Next, assess whether your business has the resources to fulfill a government contract. Your business capacity should be competitive with staffing and resources, but it should also be able to scale up if you win large contracts. Additionally, government contractors are required to be physically located within the United States, identified as a for profit company, and have a US Citizen as the majority owner. Determining your creditworthiness and reviewing accounting systems and capital reserves are next. The government is diligent when it comes to system compatibility, so your accounting system will need to meet this requirement. You'll also want to be sure you have enough cash reserves to continue operations if there are any delays in payment so your business can continue to grow. Your local SBA office has people who will walk you through the process, help you assess the competition, review potential certifications or special programs you may qualify for, and help determine if now is the right time to become a federal contractor. To learn more about becoming a federal contractor and the next steps for your business, visit SBA Dot. We're powering the American dream by empowering small businesses, and we can't wait to work with you.