Don’t Stay Poor In 2024 | Government Contracting

So, I'm asked all the time, "How do I make more money? How do I expand what I'm doing?" And the number one way, the million-dollar market most of you are overlooking, is a federal government contract.

I'm going to go deeper into this because you may say, "Well, I already know that. Can I really make a million dollars?” My answer is “Absolutely!”

In fact, at the time of writing this article, one of my students is in the middle of closing a $2 million contract. It will be her first federal government contract. I’ve also interviewed several people on my channel who have won contracts. Just like you, they once thought… “The federal government must be hard. It must be difficult.” “There must be some trick to all of this.” “Can you make a million dollars?”

See, you can sell services, like janitorial or staffing. You can also sell products, like phone covers and things of that nature. The only exception in this space of federal government contracting is if it's something like fighter jets. But at the company level, there are so many things you can sell.?

Diverse Opportunities

Another aspect of federal government contracting, and why it represents a million-dollar market that you may be overlooking, is the availability of different set-asides for bidding. These include opportunities for HUBZone, Service-Disabled Veteran-Owned Small Businesses (SDVOSB), Women-Owned Small Businesses (WOSB), and similar designations. The advantage of these set-asides is that they can scale your business. When you secure set-aside, you can facilitate growth, but the key lies in understanding the appropriate strategy required for the process.?

Securing set-asides can be incredibly rewarding, particularly if you have grit, resilience, and you’re good at engaging with people. If you're a natural-born salesperson, you're in an ideal position because selling yourself is an important part of succeeding in government contracting.?

Have An Abundance Mindset?

So, how do you get into this space? It begins with mindset. If you want to be successful then you must have an abundance mindset. This is where I always begin. Many of the people I coach have full-time jobs and pursue this on the side. For instance, there's a gentleman in my Facebook group who set a financial goal he expected to achieve in a few years. But after deciding to fully commit to federal government contracting, he reached his goal within months. This could be your story too.

Now, if you’re interested in something like staffing, you may wonder, “How do I go about doing that?” Well, most government contracts that involve a human being can be considered staffing. Whether it's contracting for 500 hours for sign language interpretation, creating common access cards for security, or several other roles, the federal government offers a lot of great opportunities involving human resources.

For example, I have a coaching client who recently completed our Ultimate Edge program. It was a one-and-done program, and she's won three contracts so far, almost five. She specializes in religious opportunities, and when she posts a bid looking for a certain type of religious professional, she fills the position within a couple of months. The program only lasted for about three months, and she's already won almost five contracts.?

Are There Rules and Regulations??

There are rules and regulations depending on what you bid on. For instance, with the VA, if it's a service-disabled veteran-owned small business contract, there's a policy that you cannot subcontract more than 49% to a business that is not similarly situated. The VA is strict about this, but not every organization follows the same rules. Some, like the FAA, have different regulations. So, it's important to understand the specific rules for each opportunity.

When it comes to subcontracting, ask clarifying questions if needed. Sometimes the language can be contradictory or unclear. You can sub out certain aspects, but it doesn't mean you can completely step away. Active involvement is often required.

Contracting Strategies?

Whether you want to focus on copywriting or other areas, there are opportunities, but you must be strategic. The federal government sits aside around 25% for small businesses, so there's a wide range of things you can bid on. You can even offer your services to existing government contractors.?

Another common question about government contracting is about pricing. You set the price, but it should be competitive to win the contract. Consider the evaluation criteria. If the contract is based on the lowest price, doubling your price may not work. Put yourself in the government's shoes. However, for contracts where price isn't a significant factor, you can aim for higher margins.

In this million-dollar market, opportunities are abundant. You can get in on it, whether you're new to this space or if you’ve been here for years. The possibilities are endless. What holds people back are excuses, a scarcity mindset, and negative influences. But you can overcome these and become a GovCon Winner. There's no reason why you can't.

Now, do you want to stay equipped on your journey of being a GovCon Winner??

Subscribe to my official YouTube channel, where I share value-packed videos each week about government contracting.?

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I’m the author of the newly released book “The GovCon Winners Way: How To Win Government Contracts Faster Than Trying to Do It Alone!” At 28, I was awarded my first 5-figure federal government contract. I own and operate multiple government contracting businesses and have over $50 million in federal government contract awards. Today, I’ve helped my students win over $3M in Federal Government Contracts in less than 6 months, and I’ll help you, too!?

#EverythingIsPossible