By Guest Author: Kevin Wimsatt, CEO, Bold Concepts
Wise investments made today that include successful diversification of Tribal Nation economic development opportunities will be key to a sustained and generational benefit for you and your Native Community. When considering where and how to diversify, many factors come into play such as the available resources of your Nation to fund, manage, and responsibly grow your new investment. It will be very important to establish reasonable return expectations as your investments progress over time. When considering potential business markets to develop, you should seek areas where you may have a unique and distinct advantage as a Tribal Nation.
One of these advantages may include your sovereign status, allowing for everything from simply growing a business without the burden of Federal taxes (you keep more of your profits to invest in growth than non-sovereign owned competitor companies) to unlimited participation in the Federal 8(a) program. The 8(a) program enables your business to receive sole source contracts from the Federal Government in the tens of millions of dollars as well as build a sustainable brand within the Federal space. A sustainable brand has proven to bring in 100’s of millions of dollars per year to those Nations with the vision and proper plan to responsibly invest in this marketplace.
One such market to immediately utilize your Tribal Nation advantage is the Federal 8(a) construction market. The Federal Construction market represents hundreds of billions of dollars and most Tribal Nations have either already established construction entities or have access to prominent individuals familiar with the construction industry. Though there are some barriers to entry, all Federal facilities need construction services. The key to a successful entry and sustained presence in the market will be to seek out relationships with service providers who can demonstrate successful collaboration specifically with Tribal Nations in this market.
You will have many choices when reviewing potential service providers, so make sure that you choose an industry leader and/or any potential business arrangement that can demonstrate experience with Tribal entities. Expertise regarding Federal regulations specific to the Tribal 8(a) program, access to effective business development, operations platforms, and enhanced bonding resources specific to the Federal Construction market will be key to a fast start. You only get one chance to establish a successful brand so choose wisely. Once you establish a trusted presence, the opportunity to expand your brand into additional types of Federal work at these Federal Government facilities will undoubtedly happen, ensuring generations of opportunities for all Tribal Nation members.
Since 1989, Bold Concepts has been enhancing the growth of Small Business Federal Contractors; and, since 2003, Bold Concepts has been increasing the participation of Tribal Nations in Federal Government construction programs.
Bold Concepts provides comprehensive support services for Small Business (SB) General Contractors specializing in Federal Government Construction Programs—namely, 8(a), Tribally-owned, HUBZone, SDVOSB, SB, and WOSB contractors.
Our approach to helping tribally-owned small businesses grow their construction businesses faster is a collaborative path where we listen to your needs and goals and work with you to create a successful strategy based on our industry expertise. We have helped tribally-owned small business construction companies win hundreds of Federal contracts. We have assisted in helping our clients create and fulfill their unique sustainable growth models to meet their long-term, economic diversification, and generational goals.
To learn more visit, Bold Concepts.