If someone handed you a client’s contact information and told you that they were looking to spend approximately $13.5 billion on businesses like yours, would you reach out to that client?
I think it’s safe to assume that the answer is YES, yes you would. I mean, in the cut-throat business environment that we exist in today, you’d be crazy not to! You may be surprised to find out that this client exists and is in fact the worlds #1 customer and purchaser of goods and services.
Shall I unveil this mysterious consumer? Drum roll please…
The United States Federal Government.
Yes, it’s true, and more and more small businesses are taking advantage of the many different programs offered to gain a piece of this lucrative $450+ billion pie.
One program in particular is the Historically Underutilized Business Zone Empowerment Contracting program (thankfully they’ve shortened that mouth-full to HUBZone). This program provides federal contracting assistance and opportunities for qualified businesses located in distressed historically underutilized business zones. These zones are commonly referred to as “”HUBZones.”
You may be asking yourself, what exactly qualifies as a HUBZone?
According to the Small Business Administration, a HUBZone is an area of high unemployment and/or low income. The SBA provides this detailed map to check and verify if a specific business area meets these requirements.
So, let’s dive into HOW this program can grant you potential access to financial set-asides that are mandated to go to businesses with a HUBZone certification.
Benefits of the HUBZone Program
Participants who become eligible have the opportunity to receive sole-source contracts, which equates to that yearly ceiling of up to $13.5 billion.
We are NOT mad at that figure, am I right?
The potential is huge but also doesn’t have to be if your particular firm is not set up to handle large volumes of business. Businesses that are HUBZone certified can also partner with other business owners to bid on contracts allowing them to be a piece of the puzzle, vs the puzzle in its entirety.
Furthermore, HUBZone certified businesses have the opportunity to secure SBA-backed loans as well as ongoing educational and guidance programs.
There are many additional benefits of the program that qualified businesses can take advantage of.
For more information on the requirements and benefits of the HUBZone program, check out our 2018 HUBZone Specification Sheet for a quick reference to the program.
So where do you start once you’ve decided to jump onboard with the world’s #1 consumer?
The most important decision you must make upfront is whether you choose to take on the application process alone, or seek help from an expert firm to assist you.
We prefer the latter, and here’s why.
It requires a vast time investment.
The application process itself is lengthy to say the least. Vetting a government contracting consulting firm to take on the time involved lends you the ability to keep that valuable resource and put it towards more important activities…such as gearing up for all of the potential work that comes with government contracting programs such as this.
It can become very overwhelming.
The process is perplexing. The questions are difficult to grasp. It’s hard to know where to even begin!
Choosing a company who has in-depth experience to all of the methods involved (and yes it’s basically a science) can truly be a stress-level life saver; as if a business owner doesn’t have enough of that already!
A note from Select GCR:
Select GCR is a consulting firm committed to helping small and medium-sized businesses achieve growth through government contracting. We identify the best path to success for each individual business and assist in the completion of all necessary registrations and certifications. Our strategic involvement simplifies the overall process and allows business owners to focus efforts on their principle business activities.
We proudly maintain a 97% approval rate with applications and registrations submitted on behalf of our clients. For more information or assistance, please visit us at www.selectgcr.com.