Government contracting can add another stream of revenue to your business, but navigating the different levels of government can be overwhelming.
At the federal level, there are many opportunities for businesses to work with the government through contracts, but the competition can be fierce.
State and local governments also offer opportunities for businesses to work with them, but the bidding process can be more localized and less transparent.
To register with the federal government, businesses must first register on SAM.gov, which is the System for Award Management.
Teaming with other companies can be a great way to increase your chances of winning a government contract, as it allows you to combine your strengths and resources.
Working as a subcontractor to a larger prime contractor can also be beneficial, as it allows you to gain relevant past performance that can increase your chances of winning future contracts.
However, there are also potential downsides to government contracting, such as the extensive paperwork and regulations that must be followed.
To register with state and local governments, businesses must typically register with the relevant procurement office in each jurisdiction.
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Getting registered with SAM.gov is a crucial step for any business looking to do business with the federal government.
The first step in the process is forming your legal business entity, such as an LLC, S-Corp, or C-Corp.
Next, you will need to obtain an EIN (Employer Identification Number), which separates you from your business.
It is also recommended that you open a business bank account and consider opening a merchant account if you plan on targeting micro-purchases or the S.A.P.
Even if you are not interested in doing business in the federal marketplace, registering with SAM.gov can still be beneficial as many state and local government agencies require an active registration.
By registering with SAM.gov, you demonstrate to potential government agencies that you have been cleared and approved to do business with any government agency.
Working with a procurement consultant like Abe Scott Enterprises can be helpful in navigating the complexities of government contracting, and in maximizing your chances of success.
By leveraging the opportunities offered by government contracting, businesses can increase their revenue and improve their bottom line.
Contact us today, and let’s discuss where you are, and the steps to get you and your business where you want to be!
