Government Contracting Is it for you? OPEN Government Contracting Is it right for you? Government contracting can be a valuable tool to grow your small business, but it isn't for everyone. Complete the following readin ss a se sme t to help you decid whether your company can successfully compete for government contracts. CONTRACTING Government contracting can be a valuable tool to grow your small business, but it isn’t for everyone. Complete the following readiness assessment to help you decide whether your company can successfully compete for government contracts.
Confirm your answer to all of the following:
Are you capable of fulfilling a government contract (e.g., time, staffing, and materials)?
Does the government buy the product or service that you sell?
∙ Is the majority owner(s) a U.S. citizen? ∙ Does your company have a place of business in the U.S.? ∙ Is your business organized for profit? ∙ Does your business generate revenue?
Continue to question 2.
Continue to question 3. ✓
Government contracting may not be for you at this time. x ?
Your local SBA district office can help you gauge ramp-up time and other factors that contribute to government contracting success.
Continue to question 4. ✓
Start with your local SBA district office. If you can't identify at least three federal agencies that might buy what you sell, contracting might not be right for you.
These are requirements for participation in government contracting programs.
Do you have cash on hand to purchase working invento- ry, if needed?
Do you have an accounting system that produces financial statements, such as profit and loss statements, balance sheets, and cash flow projections?
Are you credit worthy?
Continue to question 5. ✓
Continue to question 7. ✓
x Visit an SBA Resource Partner for tips on repairing your credit.
Continue to question 6. ✓
Talk to an SBA Lender about getting a line of credit or a loan to do business with the government.
? Talk to an SBA Lender
about how to build credit.
Before you get into government contracting, make sure your accounting system is compatible with the government’s requirements.
Make sure you have: ∙ a DUNS number ∙ the NAICS codes and size standards for your industry ∙ SAM registration
Do you know where to find contracting opportunities?
Do you already have federal/state/local government contracting experience?
Continue to question 9. ✓
Continue to question 8. ✓
Ask an SBA business opportunity specialist for help.
Continue below. ✓
x If you don't yet have contracting
experience, you won't reap the full benefit of opportunities like the 8(a) Business Development Program. You can participate in the 8(a) program once, so make sure it's the right time for you.
x This is a requirement for
participation in some government contracting programs.
It sounds like you may be a good fit for government contracting! Visit your local SBA district office or sba.gov/contracting for more information.
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