Are You Eligible For The Minority Business 8a Certification Program?

The minority run enterprises in the United States of America have grown in numbers in the last decade yet they could not establish themselves fully due to certain constraints on the socio-economic frontier. The aim of SBA is to draw in response from the minority business owners who are finding no way to boost their small business presence. The SBA therefore came up with the 8a certification program, which is undoubtedly the best thing to happen to the US minority owned businesses. If you belong to one of the minority communities in the USA, you stand a chance to grab this unique opportunity provided by the Small Business Administration (SBA) by earning the 8a certification for your enterprise.

Minority Business 8a Certification Program

To start with you have to apply to the SBA for obtaining the 8a certification. Before you start processing your 8a application you must take a break from all the activities and make sure that your personal and business status both stands eligible for obtaining the coveted 8a business certificate. To make things easy here are the prime eligibility criteria -

1. The applicant business firm must be ‘majority-owned’, that is the owner must have 51% or more of the ownership rights (in case there’s more than one owners)

2. All applicants must be American citizen either by birth or through naturalization.

3. The applicant business firm must be owned directly by individuals who belong to one or more of the minority communities of the United States of America. The term ‘minority’ is variously defined by the SBA, more prominently it indicates people who belong to one or more of the socially and economically segregated groups like the aboriginal American Indians, the Alaskan natives, the Hawaiian islanders as well as includes the black Americans and Hispanics naturalized American’s.

4. The applicant’s business must essentially be a ‘small’ business in every sense of the term.

5. The applicant small biz firm must display its promise and potential for future growth and success.

6. The small business must also have a considerably good track record in the same field in the last 2-3 years prior to applying for 8a certification.

Once your business meets all the of the above eligibility parameters, as decided by the SBA authority, you’re free to apply for the coveted SBA 8a Certification program and take your entrepreneurship initiative to the next levels of prosperity.

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Features And Efficacy Of GSA Schedule Contract For Small Business Owners

The abbreviation of GSA in association with the schedule contracts stands for General Services Administration. This is a term which is exclusively prevalent in the United States and is a legal organization which gives in for long-term contracts which are essentially government wide by nature. These contracts are addressed to the commercial firms, regarding the wide scaled provision of all kinds of products and services which are relevant and prevalent in the commercial facets of functioning. The outstanding feature of these kinds of contracts is that these are characterized to give out products and services at remarkably reasonable prices that are also attached with discounts as well. Various commercial organizations in the United States have undergone such contracts with the GSA and that they are still up to continuing the same on account of the fact that the services offered by these contracts are really effective in saving funds at large.

GSA Schedule Contract For Small Business Owners

A GSA Schedule Contract is something that is also referred to as the Multiple Award Schedule Contract and that it gives in for one of the most significant vehicles of the government contracts whatsoever and this is on account of the fact that these contracts are high in smoothening the government sales procedures and their execution in the United States.

These contracts, with the help of their pre-determined terms and conditions on pricing, cater the companies sell to the government buyers and in this regard it has to be mentioned that one of the most significant features that can be attached on to the Advance GSA contracts is the GSA which gives in for advanced and organized negotiations that effectively build a bridge between the federal government who is seeking to purchase various goods and services and the manufacturing companies who are up to selling the same to the government. However in this regard it is necessary to point out that GSA services are used at large by the state, federal as well as the local leveled governments, all of which are highly provided with almost every kind of a good or a service required in their functioning.

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Prevalence Of 8 A Certification In Contemporary Business Procedures

Business is literally defined to be an economic activity which gives in for a prominent platform to carry out the basic economic activities like the buying and the selling of products and services in exchange of something that is considered to be of equal worth whatsoever. This activity has been in prevalence since quite a long period of time and the fact remains that the features of the business procedures have undergone considerable modifications over years and at present they simply exhibit the best of what businesses are suppose to be.

8 A Certification Business Procedures

Businesses are active in almost every part of the world and that America is one of the most significant places in this regard as because it gives in for business activities to be carried out in an extra-ordinary extent. It is here that the mention of the feature of 8 a certification is required. This is a program which essentially forms an integral part of the SBA authority, the abbreviation of which stands for the Small Business Administration. This is an authority that has been given in by the Americans so as to cater the scope and chances of the business authorities that are grounded on the land of the United States of America.

8 (a) certification is a program which gives in for a specialized status to those business authorities which are not financially stable or rather are not capable of establishing themselves as mainstream business procedures amongst the others that are existent here in the same land. The main objective that has been attached on to the initiative of this feature is to make way for these business procedures to compete in the field of business functioning amongst those who have reached the position of the marginalizing high profits whatsoever. One of the noteworthy criterion that an 8a small business beholds is that it has to be proved that it is a small-scale business procedure that is socially deprived on grounds of finance and resources; that is to say that the authorities of the 8 a certification are liable to be vigilant on the facts that the business organizations which seek to be registered with the provisions of this program essentially need to be proved lacking on grounds which are associated with no faults of their own. It is only then that the same will be able to get help and support from the authority.

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Paving The Way For A Good Business Through GSA Schedule Contract

The General Services Administration is an agency chiefly responsible for meeting the requirement of the United States government offices and employees. They arrange for all the resources required for the functioning of the government including vehicles and office buildings. The GSA Schedule Contract helps business organizations supply their product directly to federal agencies on a long term basis. Each contract is drafted in such a way that it remains in effect for quite a few years. This allows business units to enter in to a long term business relationship with federal agencies.

Business Through GSA Schedule Contract

Federal customers can buy from GSA scheduled commercial concerns in order to get products at a discounted price. There are a few advantages of shopping from GSA scheduled commercial organizations. As a result a large number of people are getting more and more inclined towards buying from these companies in order to get quality products at a discounted rate. First, buyers are always able to save a good amount while buying products from gsa schedule contract holders. It is to be kept in mind that the federal government has to buy and avail a large number of products and services everyday and so even a small save on each product and service can result in saving a huge amount annually.

Second, the federal buyers can make a choice from a large number of options. As there are a large number of contractors enlisted under the schedule. This helps buyers get the right product at the right price. Moreover, the companies that are enlisted in the gsa schedule contract are managed by expert professionals and hence are able to offer effective and efficient services and suggestions to clients. As a result the clients can be rest assured that they are going to get the best possible products and services at the best possible price.

Third, procuring goods from a gsa schedule contract holder is not a time consuming affair at all. The contracts are pre-competed and make it possible to procure even the scarcest resources within a very little time. Buyers can connect with the right industry partners and are thus able to make the best and utmost utilization of their time. Most of the procurement is done within a very few days if all the formalities are completed properly.

Fourth, transparency is another important aspect of sourcing goods and services from a gsa schedule contract holding company. The whole process is managed over the internet and so it is possible to maintain a transparent approach in the procurement process. There is no room for malpractices and both the procurer and the supplier benefit from this practice.

There are many commercial units that are currently registered under the gsa schedule contract. Federal buyers can go through the internet in order to know more about the companies so that they can select the right one according to their requirement. While dealing with these companies the buyers can be rest assured that they are going to have the best products and services in the market.

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Top Ideas To help You Achieve Success As An Entrepreneur

Winners don’t do different things. They do normal things in a bit different way. The maxim is true in its entirety. If you are an entrepreneur by profession and are in the habit of seeking constant streams or sources of ideas you should get the point that every time you might not need a concept which is as new as a new penny just out of the mint. In order to achieve success as an entrepreneur you mint have to mine a little harder. Probably you are going to find a perfect mix and match of the traditional methods as well as some mint fresh concepts useful for your ultimate objective. Here is a quick peep at some quintessential ideas which are going to help you a lot in terms of accomplishing your objectives and set your mark as a visionary entrepreneur of this era.

Overcome pessimism

Pessimism can prove to be biggest hurdle for your success as an entrepreneur. It is an impediment as well as a predicament. So you do need to make it sure that you are going to overcome pessimism at any cost. In order to overcome the problem of pessimism you can make use of the technique which renowned and astute motivators would like to describe as ‘auto-suggestions’. It is a particularly useful method which is often adopted by professionals, sports people as well as top notch sales people so that they can tide over the negative feelings that threaten to unhinge their mindset.

Go for a certification program

If your business is in a state of its formative years or in its startup phases then you do need to go for a certification program. You can consider the 8a certification program in this regard. With the help of this kind of a helpful program you are going to win your spur in your respective field of business in due course of time.

Use latest technologies

Use latest technologies such as crowd sourcing, social sharing through internet, life style apps, specific tools for enhancing productivity (TENXER, EVERNOTE). These technologies are gradually turning out to be the tools that change the way business are done on global platforms.

Take care of official red tapes

Take care of official red tapes are going to be a pain in the neck if you are not careful enough about them. Do everything in your power to make sure that the obstructions are well taken care of. If you have to pull strings, then pull strings. Use your connections. You would be surprised to know that an 8 a certification program can prove helpful in this regard. If you are 8a certified then you get to face less amount of stringency from official circles.

In order to give you a final word on this issue, you must make it a point that you are not going to get distracted while making your earnest initiatives. If you have to achieve success as an entrepreneur then you do need to make it a point that you are going to turn out to be more productive in a true sense. You need to reinstate or concretize your business vision. You have to tap into your expertise or potential and most importantly you have to keep asking questions that keep you motivated and help you brave through oddities.

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7 Common Myths About The 8a Certification

Myth 1 : I can’t get certified if a family member is already in the program

The SBA has a waiver, which can be granted if the two firms are located in and market to a different territory or if they are in different industries.

Myth 2 : A majority of my sales must come from the private sector or I will lose my certification

The SBA has business mixed targets that your firm must meet in the ‘Transitional years’—years five to nine of its certification. In the years 5-9 you must have 15-55% of your sales from the private sector. If you fail to meet these targets you could lose your ability to perform on sole source 8a contracts. Automatically if you don’t make good faith efforts to correct this business mix target, you could lose your certification.

Myth 3: A firm cannot get certified unless it’s been in business for at least two years

The SBA has a waiver, which can be granted to firms that are wanting to obtain the certification sooner than two years. Typical requirements are that:

• The owner has a significant business background and has a significant technical background in the industry of the applicant concerned.
• The firm has successfully performed on at least one federal contract
• The firm has a potential for success indicated by income, profit and the firm must have at least one tax return.
Note a two year waiver is not needed if the only reason the firm is less than two years old is that it has an entity type change. For example, from a sole proprietorship to a corporation.

7 Common Myths About The 8a Certification

Myth 4 : A firm cannot get certified if it’s had a prior application rejected by the SBA

The SBA rejects 70% of 8a applications for a lack of completeness. Having your application rejected on its first attempt is very common.

Myth 5: An 8a certification isn’t that beneficial for my business

In 2011 8a certified firms received 18.4 billion dollars in federal contracts. This represents 2-3 million dollars in additional annual revenue per 8a certified firm.

Myth 6 : A company should be a well established mid-tier business before applying for the 8a certification

The SBA will certify firms with as little as $100,000 a year in annual revenue. Once certified, the SBA gives the firm the ability to enter into: joint venture and mentor protégé agreements with large federal contractors. These relationships enable the 8a certified firm to greatly increased growth by providing them with expertise, bonding, insurance, financial capabilities and other assistance.

Myth 7 : I must be a 100 % member of a minority group in order to prove SBA that I am socially disadvantaged

If an individual can show a 25% or more blood lineage to a presumed disadvantaged minority group like Hispanic American, African American, Sub-Continent Asian, Asian Pacific American or a Native American, he/she can qualify for an 8a certification. In some cases, the SBA will ask for additional supporting documentation to show that you represent yourself as a member of that presumed group in American society.

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Arranging The Personal Financials Is Compulsory Before Requesting For 8A Certification

If you are thinking to request for the 8A certification without arranging your finances, it is quite certain that your 8A application will get denied. According to the federal rules set of the SBA, your personal finances must be synchronized to get access to federal funded contracts.

Requesting for the 8A programs needs fulfillment of numerous pre-requisites. One of the key requisites to be fulfilled for successful 8A certification is the appropriate planning of your financials. According to the rules of the government programs, if you are requesting for schedule projects you must correctly coordinate the financial position of your firm and deliver your SBA application in a methodical and disciplined way. Professionals suggest that, if you own a small firm and wish to get rid of your personal financial barriers effortlessly to request for the 8a programs, it can be completed in a number of ways namely:

8a Certification

 Assembling a list of the liabilities

Before you request for the 8 A Certification programs, arrange a list of all your incomplete dues and liabilities namely credit card accounts, car payments, mortgages and HELOCs. Agreeing to the SBA, if you are a candidate you must disclose all your liability to the SBA.

Placing papers for all accounts

If you own an account for any liability or asset, appropriate documents must be delivered to display its current value. To validate the existence of such accounts, suitable documents must be offered instead of just word-of-mouth.

Good riddance from debts

If you have any federal obligation such as linens, arrear taxes or student loans it is highly suggested to pay it off. In case you are unable to pay your debt completely, establish up a formal payment option with the leading federal agencies like IRS, SBA, or Department of Education. Ensure that the plan is included in the 8A application before submitting it.

Keep a record of assets

Maintain a record of all your assets before prior sending the application for the 8A program. If you possess an asset together with your spouse, do not forget to indicate it in the list. It is compulsory for you to make the SBA alert of each asset, online accounts or 401k plans you own, prior sending the requesting for 8A certification.

Place your documents in order

After organizing all your documents, use a binder or folder where it can be easily accessed when needed while creating for 8A application. You can utilize your account statement to aid your financials while sending application.

If you do not obey to the basic instructions and layouts set by the government program, your request will get denied. Meeting the financial requirements is one of the rudimentary requirements to get your company 8Acertified successfully. Hence, it is compulsory for you to pay attention to the above-mentioned ideas and solve your financials prior submitting your SBA certification request to bid for government projects.

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