Founder Of Shes Got Goals Llc And The Trillion Dollar Secret To Government Contracts As A 20+ Year Business Vet Who Successfully Built Two Small Businesses She Teaches Small Business Entrepreneurs How To Grow Their Business With Government Contracts So They Can Have Consistent Sustainable Income And Get Paid Top Dollars By The #1 Largest Purchaser Of Services In The Us Without Chasing Customers
Over the past couple years this Government Contracts Strategist has helped over 200+ entrepreneurs generate upwards of 3 million of dollars and growing in revenues.Karwannas been featured on CBS, NBC, FOX, Star Tribune Business, Best Business Digest, SBA SBDC, Ticker News, The LIST TV Show and more and has shared the stage with major leaders including Les Brown, Trent Shelton, Dr. George Frazier, Stacia Pierce and others.
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Stake Your Claim: How Minority
September 28, 2021 by ProPricer
Minority-owned small businesses face a unique set of challenges that come with being underrepresented. Nevertheless, potential is ripe in the field of government contracting.
For fiscal year 2020, the government awarded $145.7 billion in prime contracts to small enterprises, with minority-owned small businesses receiving a whopping $7.285 billion.
Federal law requires 23% of all federal contracting dollars to go towards small firms. With the right tools, minority-owned small businesses can position themselves to command an even larger piece of the pie than they currently have, collectively.
The best place to start is with certification programs. Not only do they offer a host of resources, they also provide access to set-asides and sole-sources, placing your business at the governments front doorstep.
Small Business And Minority
Small businesses are the backbone of our economy. With that in mind, various obligations are imposed by the government on federal contracts. As a result, opportunities are exclusively set aside for small businesses. They may consider the number of employees and annual revenue to determine eligibility. Additionally, vendors who promote affirmative action within their organization and focus on employing veterans and disabled individuals are given priority.
The federal government sets a monetary goal to award contracts to small and minority-owned businesses annually. In 2020 it exceeded its 23 percent goal for small businesses and three and five percent for service-disabled veteran-owned and small, disadvantaged businesses, respectively. Of the billions spent on vendors last year, 26 percent or $145.7 billion in prime contract dollars and $89 billion in subcontracts were awarded to small businesses.
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Must Play To Win: Minority
According to the U.S. Small Business Administration, 29% of all businesses in the U.S. are owned by minorities. In 2012, minority-owned businesses contributed $1.38 trillion in revenue and 7.2 million jobs to the U.S. economy. Unfortunately, these businesses earn significantly less revenue and employ far fewer people than they should . One way that minority-owned businesses can increase earnings and longevity is by leveraging incentive programs offered by government agencies throughout the country.
Several laws require a percentage of government funds to be spent on minority-owned contractors. Governments contract for services ranging from accountants to artists to engineers to event planners to landscapers to lawyers, to name a few. Basically, if your business is at least 51% minority owned, you could be missing out on the largest client of your life just because you havent looked into becoming a certified minority-owned business and sought out government contracts.
How To Get Government Contracts For Women Minorities And Small Businesses
Many entrepreneurs such as myself create businesses out of a need. Some people are just tired of working at their jobs. Some people are really great at something and decide to be an accountant or a management consultant. But the problem that many entrepreneurs face is that they dont necessarily know all of the other challenges they are going to encounter.
The government provides a number of resources to help entrepreneurs make the decision as to whether or not having a business is for them. It teaches them, free of charge, what they should be looking at, how they should scale up, and those types of things.
I think about the Small Business Administration as an example. Right on their website, they have a number of online courses that a potential business owner can take to see if starting and launching a business is right for them. It covers everything from finance to marketing, and those types of things.
Using the government as a resource, since its a service thats provided free of charge, is a really important first step. You just dont know what you dont know when youre starting a business.
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Small Disadvantaged Businesses And 8 Small Businesses
If your answer is yes to the following questions, you may meet the criteria for an 8 set-aside:
- Be a small business
- Not already have participated in the 8 program
- Be at least 51% owned and controlled by U.S. citizens who are economically and socially disadvantaged
- Be owned by someone whose personal net worth is $250,000 or less
- Be owned by someone whose average adjusted gross income for three years is $250,000 or less
- Be owned by someone with $4 million or less in assets
- Have the owner manage day-to-day operations and also make long-term decisions
- Have all its principals demonstrate good character
- Show potential for success and be able to perform successfully on contracts
For more information on eligibility requirements and certification, visit the SBA 8 Business Development Program page.
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GBH News has spent several years investigating the dearth of public contracting opportunities for minority-owned businesses. Several times in 2020, Baker denied the state was falling short, but in November 2020 he announced that he was elevating the Supplier Diversity Office to a stand-alone agency and making several other changes to boost minority contract opportunities.
Nicole Obi, president of the Black Economic Council of Massachusetts, said that while the annual growth of minority contacts is relatively modest, “It is important to acknowledge the significance of the progress that has been made. Every additional dollar that has been spent to contract with Black businesses means one more dollar toward growing the wealth of Black entrepreneurs, families, and communities.”
Still, she said, “It is equally important for us to continue to insist that more can be done.” Obi told GBH News her organization, BECMA, will “continue to strongly advocate for further greater collaboration, oversight, and intentionality by the state and its agencies in providing inclusive and diverse contracting opportunities for all.”
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Obtain Certification And Duns Number
The Data Universal Numbering System, or DUNS Number, of Dun & Bradstreet , is a nine-digit identification number used to identify a company or firm instantaneously. DUNS numbers do not alter throughout a companys existence.
The DUNS Number is also used to keep track of trades and financial transactions all around the world. Using the DUNS Request Services platform, you can get a DUNS Number online.
Theres A Rise Of Many Unique Resources For Female Entrepreneurs
There are multiple benefits of becoming a certified women business enterprise or a woman-owned small business . However, you must meet specific requirements. For example, companies must at least have 51% ownership by a female. Further, WOSB certifications are obtained from the Small Business Administration . Meanwhile, WBE certifications are awarded by federal, local, or state agencies.
One thing notable is that businesses should be WOSB-certified to be able to compete for federal funding programs. After getting certified, women-owned businesses will enjoy the advantages of getting financial assistance and opportunities and winning government contracts. SBA makes it more favorable as they have announced that their goal is to set aside an award at least 5% of all federal contracting dollars to women-owned small businesses annually.
Aside from federal agencies, there are also hundreds of other companies in the private sector with grants dedicated to female-owned businesses. The grant money may vary from $2000 to $150,000. Some of them are:
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Government Contracts For Minority
Did you know that the government has contracting dollars set aside for minority-owned businesses?
I know you may have heard about all the paperwork necessary to qualify to do business with the government as well as going through the bid process. But I have to ask is it not worth it?
My personal experience is that it takes just as much work to acquire a small contract as it does a larger contract.
Dont be afraid of a little work. To be positioned to do business with the government is hard work, time-consuming, but it can be very rewarding.
Believe me, its a totally different feeling between winning a $50,000 or $100,000 contracts versus a $100,000,000 contract. Just ask Ernesco. She shared how it changed her life and I know how it has changed not only my life but my child as well.
In this episode, Im sharing exactly what you need to know before you make a decision about government contracting for your minority-owned business.
Lets dive in!
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The federal government invests more than $500 billion each year in private business partnerships often with small businesses and women- and minority-owned businesses. Bianca Vobecky discusses her experience.
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Transparency In Government Contracting
The thing about government contracting that I absolutely love is that its designed to be fully transparent. As a regular citizen in Boston or New York or anywhere, you could go onto your local website and you could figure out when projects are coming up, whom products have been awarded to, andthrough accessing resources like the SBA, the Procurement Technical Assistance Centers , and agencies like the Womens Business Development Centers you could develop a strategy to identify what projects are going be a good fit for you and strategically go after them.
I think a lot of people get frustrated with the process because they think that its rigged or the project is just awarded to someone. The bottom line is that successful government contractors spend time and resources in marketing their services to specific agencies. Theres a relationship factor thats a part of it as well. Government people are regular folks, so they like to do business with people they know, like and trust. So in doing business with the government, theres a marketing aspect to be considered.
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Verify Your Employee Identification Number
Other small business owners prefer to operate their establishment using their social security number however, the government requires contractors to have an Employee Identification Number .
If you need assistance acquiring an Employee Identification Number , you can contact the Internal Revenue Service .
You are now ready to look into federal contracting after youve completed this list of prerequisites.
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Minority Business Participation In Government Contracts
WHEREAS, many states no longer adhere to minority business goals on state funded public works projects, resulting in a dramatic decrease in the number of African American businesses participating in government contracts and
WHEREAS, the voters in several states have authorized abolition of goals and programs for minority owned business using state tax payer funds on public works projects that were established through legislation and public law and
WHEREAS, the Black Chamber of Commerce, during testimony before Congress in September 2007, noted the failure of the Small Business Administration to provide needed technical assistance to minority owned businesses and
WHEREAS, the Black Chamber of Commerce, during testimony before Congress in September 2007, stated that minority owned businesses have been decimated in recent years because of their inability to secure government contracts and subcontracts and
WHEREAS, in testimony before Congress, in September 2007, the Black Chamber of Commerce stated that there was less than 0.02% participation by African American contractors in FEMA contracts during the Katrina recovery
Get the full, detailed list of 2008 Resolutions.
Get To Know The National Minority Supplier Development Council
When it comes to getting certified, businesses first need to know more about the National Minority Supplier Development Council , the largest and most prominent certification body for minority-owned businesses. The organization says it has an unwavering commitment to advance Asian, Black, Hispanic, and Native American suppliers in a globalized corporate supply chain.
The NMSDC has a network of 12,000 certified minority-owned businesses that can then be connected to more than 1,400 large corporate members. NMSDC certification also holds a lot of weight in government circles, with many states and cities accepting NMSDC certification to help with public-sector contract selection.
Corporate membership of NMSDC includes many of the largest privately owned companies in the world, including Accenture, Apple, Bank of America, Delta Airlines, Facebook, Google, GM, Microsoft, Nike, Raytheon, UnitedHealth Group, Walmart and Walt Disney Company. These member companies use the NMSDC directly of minority-owned businesses to research companies and award contracts.
The NMSDC has a network of 12,000 certified minority-owned businesses that can then be connected to more than 1,400 large corporate members.
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What Is A Wosb Contract
The women-owned small business federal contract program provides opportunities for WOSBs eligible to compete for set-aside contracts with women-owned businesses. The program also provides opportunities for economically disadvantaged WOSBs to compete for contracts set aside for EDWOSBs. This is an effort to reach their 5% goal of federal contracting dollars allotted for women-owned small businesses.
Eligibility requirements for WOSBs
- Must be a small business as stated in the NAICS code
- It should be at least 51% owned and controlled by one or more women that are U.S. residents
- Female owners should prove that they are economically disadvantaged
Local PTAC counselors can help you determine which certification option is right for your business. You can also contact your states PTAC office directly to determine if they offer certification or similar services. The following are some examples of businesses certification options:
Third-party certification process
Businesses can also apply for WOSB and EDWOSB certifications through organizations approved by the SBA or the third-party certifiers. The amount to pay starts at $380. Applicants pay more if they cannot provide the requested information on a specific date. The certification process lasts from 6 to 8 weeks to finish.
Who Is Getting Federal Contract Dollars
Analysis of the federal contracting landscape shows that minority-owned and women-owned businesses are getting a pittance in terms of contracting opportunities. Progress in changing this trend has been slow, and numerous agencies are falling short in supporting minority- and women-owned businesses.
Minority-owned and women-owned small businesses are getting only a sliver of the federal contracting pie.
In Fiscal Year 2020 the federal government spent over $650 billion on contracts for goods and services, of which nearly $560 billion was eligible to be done through small businesses.4 Yet, minority-owned small businesses received just 9.4% of those small-business eligible federal contracting dollars and women-owned small businesses a mere 4.9%.5 To put this into perspective, almost 19% of US employer businesses are minority-owned and just under 21% are owned by women.6
Small businesses writ large are often shut out of federal contracts. In FY 2020, small businesses only received 25% of the federal contracting pie. And of those awards to small businesses, 62% went to businesses owned by non-minority groups.7
Progress toward changing these trends is moving too slowly and, in some cases, backwards.
The WOSB program has met the 5% procurement goal only twice since it was authorized in 1994in FY 2015 and FY 2019. And while WOSBs were awarded 5.1% of federal procurement dollars in FY 2015, in FY 2020 that number actually shrank to 4.9%.9
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What Is A Minority Owned Business
These are business entities which have received certification as a minority-owned business. According to Minority and Women Business Enterprises a business may be certified if they are:
A minority-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories, which is owned, operated and controlled by minority group members. Minority group members are United States citizens who are Women, Asian, Black, Hispanic and Native American.
Veteran Minority & Women Owned Business Resources
Veteran, minority and women-owned small businesses in Texas have a major impact on the states economy. Texas is home to some of the top cities for Hispanic and minority entrepreneurs, and we have frequently been named one of the best states for black entrepreneurship. In addition, Texas is #1 for jobs created by African American, Hispanic and Veteran women business owners. Governor Greg Abbotts goal is for Texas to be the #1 state for veterans, minority and women-owned businesses in the nation.
Here are some of the resources and organizations dedicated to helping veteran, minority and women-owned businesses start-up and grow in Texas.
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