Top Articles of the Week
Uncle Sam wants you...
Uncle Sam wants you:
If done right, having the government as a client can provide a tidy payoff
Marilyn Fox's biggest customer is a tough drill sergeant - literally.
Three years ago, as many of her customers were gravitating toward the Web, Fox decided to pursue government contracting as a way to replace lost business.
Today, the U.S. Department of Defense accounts for half of the revenues at Fox Travel & Tours, the 22-year-old firm that Fox runs with her husband Colin. "It has helped my business immensely," she said.
Having Uncle Sam as your customer can be an arduous task, requiring reams of paperwork, broad financial disclosure, research and patience. But if done right, it can provide a tidy payoff and a steady cash flow in tough economic times.
"It will build your business," said Pravina Raghavan, director of the U.S. Small Business Administration's New York district office. "The government pays on time and will build your reputation. The economy may go down, but the federal government will keep buying."
Uncle Sam is the largest single purchaser of goods and services in the world, spending $425 billion a year on everything from airplanes to lotions and soaps.
The federal government is mandated to award at least 23% of those contracts to small businesses — with specific goals for minority, women-owned and disabled veteran-owned companies.
We Invite You to Attend