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if you just learned about Federal Government Contracting I'm here to walk you through what you should do next having a business is vital if you have a business just hang on I'm going to talk about what to do if you do not have a legal business the first step is to establish one you can establish a sole proprietorship and get a tax ID through the irs.gov website or you can establish on your own or you can pay someone to create a corporation for you an LLC limited liability Corp an S corp a C Corp the options are endless but a business a legal one is required for those of you who already have a business if your business has a very Niche name such as Brenda's braiding feel free to create a doing business as you can abbreviate it to BB Consulting BB Federal BB Group whatever your heart desires so then that way it has a different connotation so that when somebody comes across the name they don't think oh you're selling braiding to the government instead it's oh you're selling a variety of products or services or one product and service so no one is influenced by the name of your company negatively influenced that is you want them to be positively influenced for anyone who has a nonprofit or you're thinking of starting a nonprofit here's my suggestion only register your nonprofit for or federal government contracts if you plan on bidding on work located at grants.gov otherwise you're not going to receive all of the benefits that I'm about to discuss so instead create a for-profit business and register that with the federal government when forming your business or if you have an existing business you must have a physical address you cannot use a virtual address a post post office box a UPS Store a USPS no a physical address is needed meaning you can have meetings there in your home in an apartment in a mobile home in an office a physical address is required searching on sam.gov is one of the greatest tools that you should take full advantage of right now before even following the next steps for in someone reached out recently and they're like hey I'm in The Courier business wanting to know if there are a variety of contracts on the federal government side there are a ton of them but because the federal government is all about supporting small businesses you don't have to sell what you're selling that's why this space is so beautiful I have a PhD and Industrial organizational psychology my name is Dr KY Marie Parks I have contracts for Vape inspection I've sold Oculus headsets I've had contracts for warehouse work and you can do the same too so go on sam.gov advaned search and take a look at all that's out there so you are well aware of the different opportunities because the next thing is to think about do you want to be an entrepreneur in this space or do you want to be an expert when I first started out over 10 years ago I was an expert I was Dr Parks I was the diversity and inclusion Guru predominant for the Department of Defense it wasn't until several years later that I actually stepped into Staffing and it and so many different areas and I'm so glad that I did because it not only significantly increased our profit revenue of course the team the agencies that we impacted but it increased our breath of services so we were like in Amazon Amazon started out selling books looking out you can get diapers you can get Doritos and you can get other things that begin with d so the same goes for you if you want to be an expert just be aware that the pool of opportunities may be small they may be tiny when you become an entrepreneur and you have that mindset the world is your ocean there's so many opportunities that you can bid on you also want to make sure that you establish a business bank account because when you register which I'm about to share with you how to do that a bank account is needed you must enter in that information it's okay to enter in whatever bank account you have when you go through the registration process but you will eventually need a business bank account because the federal government pays via a because you're probably wondering okay this seems great I've heard about it how do we get paid how do they give you money do they take taxes out the money is directly deposited to you into the bank account that you will enter into sam.gov there are times where they want to swipe a Visa and they will want to run a credit card so having that option you can go through QuickBooks you can get a merchant account through your bank that's why it's great to have a relationship with your business Banker the smaller the bank the better I once had a bank account with a company called coent bank they were tiny they were great they worked with me I didn't have any hiccups with them especially when you're first starting out those are the type of banks who want to take a chance on you and they're willing to take a chance where bigger Banks they have their algorithms they have their data centers their focus is on a different type of clientele so you want to be set up so you can receive payment and what's great about receiving credit card payment is fast we receive credit card payment I think the most we've ever run on a government contract was right around $30,000 we've run contracts for a little less than 3,000 so those are options the government does not remove any tax from from your payment you as a business owner this is something that you have to handle and I suggest that you look into getting a platform like QuickBooks having an awesome accountant a bookkeeper making sure that you are taken care of taxwise cuz you don't want to end up like you know celebrities and others who have been in situations where they end up having a tax liability especially because you're breaking into Federal Government Contracting and that's one of the questions that they ask do you have any outstanding taxes owed in which you're not making any payments it's okay if you're on a repayment plan is another thing if you haven't made any payments so making sure you're on top of your taxes is super vital to become a prime government contractor meaning you hold the contract so we have a contract right now with the fda's multi-million dollar contract to inspect Vape tobacco shops the contract is in my name the name of my company KP D and we have a subcontractor who we partnered with on it in order for us to be eligible you must have a cage code go to sam.gov like Uncle Sam register for a cage code you will need to make sure you have a physical address your tax ID you will need a business email it's imperative if right now you can't afford a domain it's okay you can have at gmail anyone old school at Outlook Hotmail you can have emails like that they will also ask for a phone number this is all Vital Information as well as your banking information it will take approximately an hour maybe two hours to register on sam.gov just because they ask so many questions and while you're doing it it's like whoa whoa whoa what is this what am I signing up for there's just there's just these different regulations and they're questions that they have to ask don't get freaked out about it you never want fear to keep you from your goal this is a space where there's over $800 billion and the government has this requirement to spend 25% of their Contracting funds with small businesses maybe wondering do you need to have some kind of set aside like a disadvantaged business Enterprise a woman-owned set aside a veteran set aside a minority business own set aside when you register in sam.gov with a for profit organization you will automatically Ally become a small business you will be eligible for total small business set aside inless your business is doing 30 40 50 or you have maybe 1,500 employees then you may not be but for the vast majority of you watching right now don't forget to like subscribe hit the notification button you will automatically be known as a small business which is awesome because then the companies that you're competing against it's much smaller and and it's like the gym a lot of people have memberships how many people go to the gym the same goes for Federal Government Contracting there are hundreds of thousands maybe millions of companies registered in sam.gov but how many actually bid not too long ago we bid on an opportunity with the Navy we unfortunately didn't win two of us bid two and the opportunity was a little less than 300,000 two companies don't let anything hold you back don't let anything hold you back once you register on sam.gov initially you will be issued a UI number then they need to do some verification and you will be issued a cage code that time frame in between can be from days to weeks so during this time continue searching on sam.gov you don't have to log in to do it it doesn't cost anything as well as learn how to find these bids there's some tricks out there also learn what do all these documents mean and lastly what does it take for you to Bid and Win these topics alone I dedicate to separate videos and in my Facebook group but you can at least start the process becoming comfortable with it because at the end of the day in the Federal Government Contracting space it does require reading email and writing but this is no different than anything you've ever been through it's no different than what your kids may be doing right now and we do the same thing whether we're scrolling on Instagram Tik Tok or whatever platform you're on it's just now it can seem intimidating because like an attachment PDF it's a Word document it's Excel so the more you look at it research has shown you're going to become more familiar you're going to become more comfortable that familiarity is going to kick in so I suggest that you watch as much content as possible not only on my channel on different channels that are out there you join my Facebook group because the more you learn apply and adjust the more successful you you will be I'm continuously learning I have mentors I have coaches because in order to go all the way to the stratosphere I need a team and you do too so keep learning applying and adjusting also while you're waiting for your cage code to be issued research funding options I just received a DM today where a person said that they want a contract but they're unable to fulfill it so it was cancelled I asked for more details and what I have found is is super easy to win a contract I promise you it is so easy to win a contract the challenge comes in funding Andor executing the contract I don't know what happened with this particular person but more than likely they didn't have the funds and you don't want to be put in that situation because then it's going to deflate you you're going to want to give up when there are easy ways to get around that so while you're waiting for your cage code look into funding opportunities there's a plethora of funding opportunities whether you have have real low credit score you have a high credit score you're somewhere in between there are funding opportunities for you so look into it or look into using your credit card family and friends because if you know that you're able to win a contract where you need to put up let's say $155,000 but your profit is $10,000 you're going to be able to figure out a way to fund it and those are the type of margins you can get on various contracts here I was just interviewing Antonio and he was talking about an opportunity he bid on where his profit was going to be $14,000 a month Yes you heard me right $14,000 a month it's amazing the sky is the limit once you get that magical email that says you have been granted a cage code now it's time for you to step out there and to bid bid and bid while may be a little scary everything new has a little bit of fear but so much excitement there's so much upside and I'm here for you I'm cheering you on I'm going to keep making content again my name is Dr KY Parks please like subscribe hit that notification button and don't forget everything is possible and check out my book goom winners way you can get this at winners book.com winners wve book.com until next time