How Women Entrepreneurs Can Leverage the Federal Government Contracting

Over the past few years, there’s a growing trend of women business entrepreneurs across the United States. What triggering its growth is that federal agencies are increasingly looking to do business with women-owned firms like never before?

Endeavors to Financially Bolster Women Entrepreneurs

The federal government, along with many states and local government agencies, maintain goals regarding the contracts they target for women-owned businesses. The federal government's goal is 5% of the more than $300 billion in federal contracts which amounts to $15 billion in business opportunities that should be won by women-owned firms. This is both good news and bad news. The bad news is that this goal has never been reached. The good news is that there is a greater opportunity now than ever before for women-owned firms to tackle and win contracts from any Government marketing agency.

How Profitable is to do Business with a Government Marketing Agency

 

Precisely, it’s a great opportunity for women entrepreneurs. Though the law was enacted five years ago that proposed regulations will be implementing the formal women's federal procurement program, it was not implemented in reality. However, the SBA has finally issued the regulation for implementation. The best part is that it allows federal contracting officers as well as any particular government marketing agency to "set-aside" specific procurements for women-owned businesses. This is quite a confidence boost for the qualified women-owned firms to kick start their business.

Can women-owned businesses handle these opportunities?

The answer is a resounding yes. According to a report released by the Small Business Administration, women-owned firms increased nearly 20 percent over the latest period. No wonder, why the federal contracting agencies offer a large number of set asides for the women owned firms. Today, when a government marketing agency releases projects for bidding, they also decide the percentage of set asides keeping the needs of women entrepreneurs in mind.


What the Statistics Reveal

The Center for Women's Business Research states that, “Businesses majority-owned by women of color have grown at leaps and bounds. The number of firms increased by more than half (55%), number of employees increased by nearly two-thirds (62%), and annual sales revenue increased by almost three quarters (74%)”. Quite obviously, any government marketing agency will focus on getting the job done by women entrepreneurs.

 

Final Thoughts

Firms owned by women have the knowledge and capacity to perform well, while acquiring projects from  government marketing companies. Generally their biggest hurdles are learning how to disrupt into the market and working within government processes, rules and regulations. There are a number of organizations that are poised to help women-business owners tackle this profitable market such as the SBA and the National Women's Business Council. It’s indeed a complicated maze, but worth tackling as they are kind of lifetime earnings.



 


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