Economists are predicting that a “Double-Dip” recession is now imminent in the next quarter, if it hasn’t already begun. Businesses that barely scraped by during the last recession will need to create new revenue streams in order to survive a second economic downturn.
Government contracting is just one way you can try to make your business recession-proof. While its unlikely you’ll strike it rich through government contracts, the federal government is a steady, reliable customer who is required by law to pay its bills on time. Since the federal government doesn’t produce anything itself, it has to turn to the private sector for every product or service it needs. The United States government is the biggest consumer in the world and is always buying, no matter how tough the economy becomes. Many small businesses found federal contracts to be a lifeline during the last recession when consumer spending flat-lined. With a record number of disasters declared this year in the United States, FEMA disaster relief contracts may also be a great way for your business to stay afloat.