It’s George Washington’s Birthday and we are still feeling like patriotic Money Vikings at the moment. Along this theme, here is how one engages with the US Government in order to provide goods and services.
Obviously a huge part of the equation in terms of building wealth is INCOME! One will most likely need active income they work for in order to build up enough assets to live off the investments. Most of us do a specific job for a specific employer or run a small business and provide a specific product/service to customers. Did you know that the Federal Government is constantly putting out opportunities to small businesses to compete and provide a particular product or service in support of Government operations? In other words, the US Government could be your client and the American people your ultimate customer!
The Government spends $500 billion each year on services and products in support of all its operations. Defense, science, food inspection, security, medical, management of natural resources, leasing property, etc. It takes a huge amount of supplies and services from the private sector to support such operations. About half of these funds are used to buy products from small businesses across the nation. Major economic stimulation every year that keeps the country safe, clean, food and medicine inspected, borders secure, etc. etc.!
Where does the Government post these opportunities?
Actually it is quite simple, go to https://www.fbo.gov. There is a tab with thousands of opportunities for small businesses to provide services to the US Government.
One of the first steps in order to bid is to register and obtain a Dun & Bradstreet Data Universal Numbering System (DUNS Number). You will need to visit fedgov.dnb.com. Next you will need to register in and use the System for Award Management (SAM system). There are dozens of online resources to help people manage the initial setup.
So, something to consider if you have a small business or are looking for new business opportunities. Help the country operate and turn a profit at the same time!