We are often approached by business owners that want to apply their company for the 8(a) program but who at the same time, still hold full-time (or even part-time) employment with another company and/or have ownership interests in other companies. Quite honestly, this is understandable - most people don't have the financial resources to quit their job and start a business unless they have guaranteed customers and/or sources of revenue. However, when it comes to the 8(a) program, what many don't understand is that the program is not a program for startup businesses.
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8(A) CERTIFICATION: WILL OUTSIDE EMPLOYMENT AND OWNERSHIP IN OTHER COMPANIES IMPACT YOUR APPLICATION?
8(a) Certification: Should You Be Concerned If You Derive More than 70 Percent Of Your Revenue From a Single Source?
For companies just entering the Federal GovCon market, the vast amount of information you are sure to receive from various sources can be overwhelming. You will find that everyone has an opinion or “advice” as to what you should/should not do, so you must be very careful in terms of what pieces of advice you choose to follow. We have seen companies miss out on opportunities or waste time pursuing a futile course of action all because they were following bad advice.
Here are the five steps you need to take to apply for the HUBZone program.