How Does the Bidding Process Work? A Quick Guide to Contract Bidding

How Does the Bidding Process Work? A Quick Guide to Contract Bidding

By 2020 about 40% of America’s workforce will be freelancers. This means increased competition to win those coveted contracts for work.

If you are considering becoming an independent contractor, then you need to learn the ins and outs of contract bidding.

Use this guide to learn everything you need to know about winning your first contract and becoming a successful freelancer.

Research and Plan

Before you can bid on a potential project, you need to know what you are bidding on. You should only bid on projects that you feel confident you can successfully complete.

Once you determine that the project fits your experience and skill level, you can start creating a plan. Include why you are right for the job. Structure your bid to address the pain points of the company you want to work with.

Prepare Your Bid

Complete your plan by addressing how you will get the project done. Go into detail about timelines and costs. It can be tempting to underbid to win the contract.

However, this is a common pitfall and one that will end up costing you in the long run. One significant advantage of contract work is that you set your own pay. So value yourself and ask for what you deserve.

You can learn more about the pros and cons of contract work at thepaystubs.com.

Submit

Find out how your potential client want the bids submitted. You can lose out on a contract simply by not following the desired procedure.

Some companies want you to submit your bid through an online portal. Others want submissions sent to a cloud server. Then finally, some want a hard copy mailed to them.

Do a final check before you submit. You don’t want to look unprofessional with forgotten elements or errors in your bid.

Presentations

It’s always great news when you receive a request to meet after submitting your bid. You’ve cleared the first barrier! Now comes the real test where you need to impress to bring it on the home.

Find out what type of meeting it will be. Is it in person, online, or over the phone? Tailor your presentation to the format of the meeting.

Then prepare for all possible questions. There is no doubt; you will be asked a lot of questions. When you have the answers, you look prepared and capable.

You also need to prepare to negotiate. Know what your minimum is and possible alternatives. Remember that you can sell your quality, labor, and other benefits if you aren’t willing to come down on the price.

Become a Pro at Contract Bidding

By following these steps, you’ll be prepared to venture into the competitive world of contract bidding. Research, plan and prepare your bid.

Then seal the deal with a killer presentation. When you put in the work, it will show and make it more likely you will win the contract.

Check the business section of our blog for more great advice and tips for running your business.

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