Jan 1, 2024
Your Partner in Boosting Small Businesses through Set-Aside Contracts
The good news for all the small businesses out there is that the federal government sets aside certain contracts and projects for businesses that women and underprivileged stakeholders run. Contractors and business owners who are interested in pursuing these federal contracts can make fair use of these Government contracts. They can take help from federal contractors like MySetAside to avail these contracts and build their business to a great new level. Before the company can avail of these projects, they must get an official certification or award stating their underprivileged status. The set-aside contractor will help in getting these certifications as well. Types of small businesses set-asides The ultimate aim of the SBA or the small business administration program is to help owners of small businesses with an equal foot with that of large companies by helping them bid on government contracts. In order to avail these small businesses of set-aside projects, it is important for the business to exist for a minimum of two years and also have a net worth of about $250,000. There are many different types of small business set-aside projects, and they are as follows. In order to qualify for this program, a business should […]
Dec 19, 2023
8(a) Program Explained: Turbocharge Your Small Business Growth
The 8 (a) Business Development program is basically a business assistance program for small and disadvantaged businesses. This program offers tremendous assistance to firms that are controlled and owned by at least 51% of the individuals from economically disadvantaged backgrounds. Focus of 8(a) program The 8(a) is seen as an important tool that helps entrepreneurs with social and economic disadvantages to seek access to the economic mainstream of the US society. It is with the help of this special program that aspiring entrepreneurs are able to gain a positive foothold in government contracts. The major focus of the program is to provide business development support in major areas such as mentoring, business counseling, procurement assistance, financial assistance, training, and other management and technical assistance. Benefits of the program Small businesses can participate in the 8 (a) business development program in two phases over a period of nine years. The first four years are referred to as the developmental stage, and the next five years are referred to as the transition stage. There are a number of benefits for businesses participating in the 8 (a) business development program. They are as follows. How does the 8(a) program turbocharge the business development […]
Dec 13, 2023
How NAICS Code Work and Determine Your Business’s Classification
The NAICS, or the North American Industry Classification System, is a standard tool that the Federal statistical agencies have used to classify business establishments. The main purpose of this classification is to collect, analyze, and publish the statistical data that are relevant to the business economy of the United States. The main purpose of developing the NAICS code is to allow a very high level of comparability in business statistics among North American Countries. What is NAICS? The NAICS is a standard that Federal statistical agencies have used to classify business establishments for the sole purpose of analyzing, collecting, and publishing the statistical data that are related to the business economy of the United States. It was originally developed by OMB or the Office of Management and Budget. It was started in 1997 to replace the SIC or the Standard Industrial Classification system. Structure of NAICS The NAICS is a product-oriented concept, and thus, it tends to group establishments into industries based on the similarity in the processes used to produce the goods or the services. NAICS generally makes use of a hierarchical structure. In this structure, there is a strong relationship between the items in a specific category. The […]