“Can Federal Government contracting really lead to financial success?” The answer to that quest is a resounding YES! Heres’ why. The Numbers are in your favor! Government Contracting Academy founder, Randy Wimmer, became a multi-millionaire from his first prime contract award alone. Despite the Request-for-Proposal being in an area where he had very minimal experience, his proposal had the highest score.
His odds of winning his company’s first prime contract were…drum roll, please…1 in 7. There were only six other bidders for the contract that made him wealthy. Just so you won’t think that Federal Government contracting is a “get rich quick scam” that is “too good to be true,” there is a little more to the story.
Before he won his first prime contract, he had to learn how to price, bid and manage a Federal Government contract. He also had to create a company possessing both requisite infrastructure and competitive differentiators. In a nutshell, Randy had to push himself well past his comfort zone to expand his knowledge base. After doing all of this, there’s still even more to the story.
Prior to winning this prime contract, he had to win a small subcontract to be used as a reference in his proposal’s Past/Current Performance Section. His subcontract was a 1099 contractor arrangement that he had supporting another Federal Government contracting company. He also submitted about five losing prime contract proposal bids before finally finding success. And again, this was after he had learned how to competently write and price proposals.
Regardless, the odds of winning a life-changing Federal Government are stacked in your favor. Unlike most businesses where you have to “win” several times per day or hour or even minute, in the government contracting industry, a single “win” can really change your family’s financial trajectory.
Successful entrepreneurs in this industry play the numbers game. They understand that if they submit enough technically acceptable proposals, they are going to win at some point. It’s simple math. Although the “pay-off” may rival that of winning the lottery, the government contracting “lottery ticket” uses odds like one-in-20, one-in-ten, in Randy’s case one-in-seven, and even, one-in-one.
The one-in-one odds of winning is not a joke. One of Randy’s colleagues won her “get rich” prime contract by being the only bidder. This is more common than you may think. She was a one-person company with no engineering or Navy experience and bid on a Navy maintenance contract. After receiving only one bid, the contracting officer realized that the government had released a confusing RFP, causing knowledgeable companies to sit this one out.
The Navy organization was then faced with a choice. It could either completely re-write the solicitation and delay its project by nearly a year or try to make this bidder work. Although her proposal was noncompliant, they told her that they’d award the contract to her company if she’d hire their recommended program manager. She agreed and won the lottery. And, so can you! It won’t be easy, though.