How Much Are YOU Worth In Government Contracts? Find Out In 3 Minutes
Jul 19, 2024How Much Are YOU Worth In Government Contracts? Find Out in 3 Minutes
Curious about how much you can make selling to the US government? Here's a quick guide to help you find out if the government buys what you sell, how much they spend, and how you can compete.
Step 1: Use USAspending.gov Visit USAspending.gov, a free government website that tracks federal spending, including contracts. This tool can give you detailed information on how much the government spends on products or services like yours.
Step 2: Search Award Data Start by searching award data. Focus on recent fiscal years to get the most relevant data. For example, looking at 2021-2023 gives you a good idea of current spending trends.
Step 3: Choose Your Category Select a category relevant to your business. Using the Product or Service Code (PSC) is usually more specific than North American Industry Classification System (NAICS) codes. For instance, if you offer support services, you can see exactly how much is spent in that niche.
Step 4: Check Small Business Spending Filter by recipient type to see how much of the spending goes to small businesses. The government aims to award about 23% of contracts to small businesses, so this can help you gauge potential earnings.
Step 5: Explore Special Designations If you have a special designation like 8(a) (a disadvantaged business certification), you can see specific spending for those categories. This helps in identifying opportunities for sole-source contracting.
Step 6: Analyze Specific Contracts Look at individual contracts to see what similar businesses are earning. This can give you a realistic idea of potential revenue. For instance, small businesses in management support might earn between $1 million to $5 million annually, depending on various factors.
Why Use USAspending.gov? It’s a quick, free way to understand the government market and find out if your products or services have potential buyers. Whether you’re already selling to the government or just starting out, it’s a valuable tool for planning your strategy.
Learn More with DOD Contract Academy For more detailed guidance, check out DODContract.com. We offer training and resources to help businesses of all sizes succeed in the government market. Stay tuned for our upcoming Academy openings and weekly videos.
Get started today and discover your worth in government contracts!
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