How to Get Started in Government Contracting
If you’re looking for a new way to grow your business, government contracting may be the answer. But it’s not as simple as submitting a proposal and waiting for the contract to come through. There are a lot of things you need to know before you get started.
Government contracts offer big opportunities for businesses of all sizes. Why? Because the federal, state, and local governments spend billions of dollars every year on goods and services. These big budgets mean that there’s a lot of money to be made in government contracting. But if you want to take advantage of this money, you need to make sure that your business is ready to start bidding on government contracts.
If you’re thinking about getting involved in government contracting, there are a few things you’ll need to know:
First, familiarize yourself with the different types of federal contracts available.* There are four main contract types: IDIQ (indefinite delivery/indefinite quantity), indefinite delivery/fixed price, firm fixed price, and time-and-materials. Each contract type has its own set of rules and regulations, so it’s important to know which type is most suitable for your business before you start applying.
Next, you’ll need to familiarize yourself with the process of bidding on government contracts.* This means understanding how to submit proposals, finding potential opportunities that match your company’s strengths and capabilities, collecting quotations from subcontractors if necessary, and submitting bid forms properly. It also means knowing when bids are due as well as the new deadlines established by Congress each year in the National Defense Authorization Act (NDAA). You can find this information by checking out websites like GovTribe and FedBizOpps.
Finally, you’ll need to understand the criteria that are used to evaluate proposals on government contracts.* When a contract opportunity is posted, it typically includes instructions for submitting proposals that tell you how they will be evaluated. You may receive points for certain key capabilities or past performance, so it’s important to make sure that your proposal addresses all of these areas effectively. If your proposal isn’t scored well in all evaluation categories, it may not be selected as a finalist.