The U.S. Federal Government market is right down the street from Maryland companies and the GSA Schedules Program is a $37B per year opportunity for just about every Maryland small business.
Amazingly enough, less than 1,300 small Maryland companies have obtained this valuable hunting license which means that if you randomly assembled 200 Maryland small business CEOs, only 1 of them would run a company which holds a GSA schedule. Missed opportunity!
Small businesses that sell via the GSA schedule capture an average of $1.2M in annual revenue so this is a market that I highly recommend considering, especially in these tough economic times. I have had a number of consulting Clients over the years who have increased their sales, earnings and employee count several times over. The Federal market is certainly not for everyone but given its close geographic proximity and this program which is specially designed for small business, isn’t it worth at least investigating?
Why do so few Maryland companies hold schedules? I believe that there are 3 reasons: the first and most important is not being aware that the Federal government purchases what you sell – almost 11 million products and services each year, the second is not understanding how to obtain a schedule and third is being willing to make the investment in outside assistance ($10,000 to $20,000+) to obtain the license.
That’s why I asked House Majority Leader Kumar Barve to propose legislation for an Income Tax Credit for Maryland companies to help defray the cost of professional assistance. I’ve testified in both the House and Senate budget committees and am awaiting the fate of this common sense idea.
Imagine several thousand more Maryland companies selling their wares to the U.S. Federal Government, creating many more jobs and stimulating our local economy.
A GIANT opportunity that is hiding in plain sight. Call me to discuss further – no obligation & I can recommend excellent resources to help you pursue this. 410-802-7333.