10 Top reasons why doing business with the Government is worthy
Why should I get involved in the Government Contracting Market?
There are numerous reasons to enter the market, many of which stem from the reality that the government is the largest and most reliable consumer in the world. While you may have your own motivations, here’s my Top Ten Reasons for entering the government market.
- The federal government’s annual budget is about $6+ trillion, representing the largest consumer in the world.
- The federal government awards over $600 billion in contracts annually. Who wouldn’t want to get in on that cash?
- Currently, less than 1% of all U.S. companies are winning federal contracts despite the federal government’s stance as the largest consumer in the world.
- Of all federal contracts, 23% are set aside specifically for small businesses. However, agencies struggle to meet this goal year after year. More companies like yours are needed to help change that.
- Large corporations that win over $750,000 from federal contracts must subcontract 35% of the share to small businesses. This gives the smaller companies a secondary path to getting a piece of the contracting opportunities.
- $47 billion was awarded under this category: “Everyone could compete, but only ONE bid or offer was even submitted.” More competition is needed!
- The average federal contract is worth $180,000.
- Every 1 minute, 114 federal contracts are awarded. That’s over 6800 a day!
- Federal purchases under $10,000 go through a very simple buying process called micro purchase and can be done through a PO or credit card.
- The federal government consistently awarded: • $1.6 billion every day • $68 million every hour • $1.1 million every minute • $19,000 every second How much of these opportunities are passing you by? Shouldn’t you get a “piece of the pie?”
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