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What exactly are federal contracts and how do people make money from there?
I am registering for my business and leaning more about it and within all the websites writing it mentions something about bidding on federal contracts and things of that nature. Obviously, I know little, so if one could simply explain what this is and how it relates to a business I would want to do of importing goods and selling them in the US? Sorry..'from them'
Public Comments
- Basically, the government needs to buy goods and services. When it does, it puts out an RFP or request for proposal. This means that businesses can bid on the job, and the government chooses from the bids to award the contract to the winning bidder. For example, when the gov't needs a road built, the DoT (department of transportation) issues an RFP and engineering companies with experience and interest in road building submit their proposals for the contract. You can search the various government websites -- city, state, and federal - to see what contracts they are current seeking proposals for, and read the specifics to see if you can submit a bid. This is very simple resonse - as you can expect from the government, there are a lot of forms that need to be completed, and hoops to jump through, but it can be worth it for a company to win a big contract.
