A government contract can effectively set your business apart. Especially in the world of software where there are literal millions of programs vying for attention. The U.S. government pours millions of stimulus dollars into the economy with 23% reserved for small business. Government contracts can supply a good bit of profit, look great on a resume, and open the door for even larger contracts. Gaining one could be the tipping point of success, but to even gain one you have to play smart.
Evaluate Your Service
Knowing your niche is a valuable first step in business, even more so for government contract bidding. The last thing you want to do is bid for a job you cannot deliver on. The software world is full of various tech that satisfies purposes. Government contracts focused on software cover a wide margin of different functions, so first ask yourself what your specialty is. Is your expertise in security software, management apps, connectivity, multi-level management, or processing? Look for jobs that fit your niche. Gaining a contract is all about satisfying a specific itch, if you have what it takes to do that you have a decent shot. Do not advocate for any job coming down the pike. Even if you do not believe it is outside of your purview do not grab a job that does not fit your niche.
If you are a first-time bidder the best advice to take is to start small. Look at contracts around $3000. There will be bigger contracts available, but they usually go to trusted sources. Going low gets your foot in the door and provides the opportunity to build your reputation. One secret of success is to subcontract. Big business that nab large contracts often need help for smaller parts of it. This causes them to outsource to smaller companies. One way to get your foot in the door is to subcontract for these companies. This is great for adhering to niche and allows you to build reputation.
Research is also vital to win a government contract bid. Look into the market and see what is trending. This is will show you if your specific niche is in demand and will also show you which niches are currently in demand. Research can help you find subcontractor opportunities, discover software markets, and allow you to see what bids competition is placing.
Remember, you will not be the only company that bids on a job, so if you watch how others do it you can create an ideal bid. This bid will be enough for profit, but cheaper than others giving you the upper hand. Research will also aid you in discovering the profitable markets. There are many sides to software, but only a few have big payouts. Discovering that there is more money in security may influence you to change your niche or add another level to your service. Supply must meet demand after all, and if there is not a lot of demand for your particular supply you may need to change.