Why Government Contracting is a "Blue Ocean" in 2024
Jul 16, 2024The U.S. government is the world's largest purchaser of goods and services, spending over $600 billion annually. This amount increases each year, covering nearly every imaginable product and service.
Opportunity for Small Businesses The Small Business Administration mandates that about 23% of government spending goes to small businesses, translating to roughly $150 billion each year. Often, agencies exceed this target, further increasing the opportunities.
A Vast, Untapped Market Remarkably, less than 1% of the 30 million small businesses in the U.S. sell to the government. This means the market is wide open for small businesses to tap into this immense purchasing power.
In summary, government contracting presents a massive, largely untapped opportunity for small businesses. With the government required to allocate a significant portion of its spending to small businesses, 2024 is a prime time to explore this "blue ocean" market.
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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