If you’re considering whether your business should explore the federal contracting system, consider the following facts:

• The U.S. government is the largest single purchaser of goods and services in the world.
• The federal government aims to award at least 23% of all federal contracting dollars to small businesses each year.
• If you have a Veteran-Owned Small Business (VOSB), you may qualify for advantages when bidding on government contracts, along with access to other resources and support. 

 

[RELATED: Federal Contract Offers Growth Opportunity for Veteran Entrepreneurs]

 

If you’re interested in growing your veteran-owned small business, here are some tips on how to procure government contracts to take advantage of this tremendous financial opportunity:

 

1. Evaluate whether government contracting is a good fit for your business. The federal government purchases products and services across a wide array of industries. Use tools like the Federal Procurement Data System and USASpending.gov to glean information about existing contracts and to identify government purchasing trends. This will help you to establish whether there is a demand signal for your products or services.

2. Learn about the proposal bidding process. If you’ve decided government contracting makes sense for your business, register with the System for Award Management(SAM) and match your products and services to a North American Industry Classification System (NAICS) code. But your homework is not done! Be sure to read up on the different types of contracts available to small businesses.

[RELATED: More Federal Job Resources From MOAA]

3. Determine whether you qualify for a contracting assistance program. Small Business Administration (SBA) contracting assistance programs give participants an edge in the federal marketplace by offering exclusive contracting opportunities and tailored mentorship. These programs are geared toward specific subsets of business owners, including VOSBs and Service-Disabled Veteran-Owned Small Businesses (SDVOSBs). Learn more about the SBA’s contracting assistance program for SDBs and all other SBA contracting assistance programs at this link.   

 

4. Connect with local resource partners for personalized business assistance. If you’re ready to start your government contracting journey, contact your local Veterans Business Outreach Center (VBOC) for help applying for a contracting assistance program, determining which contracting opportunities are suitable for your business, assistance with your proposals, and more.