Online tenders are one of the fastest-growing and most innovative areas of business. If you’re looking to get into this lucrative field, but aren’t sure where to start, these five tips will help you hit the ground running. No matter what your level of experience or resources, if you follow this step-by-step guide, you can win online tenders and begin raking in the money!
1) Understand your client
The first thing you have to do when bidding for online tenders is try and understand your client. Understanding their needs is an essential part of winning any kind of business contract and that goes for online projects just as much as it does any other type. Look at previous work they’ve commissioned, get in touch with them, and ask questions about what they are looking for. If you’re planning on bidding in response to a specific tender, don’t waste time tailoring your bid specifically for that project—you need to be pitching yourself as a generalist who can deal with all their future projects so make sure you cast a wide net when reading previous contracts.
2) Know how much to bid
Researching how much other contractors are bidding for projects in your area can help you determine what your budget should be for bidding purposes. Calculate costs for every aspect of a project, as well as contingency and additional funds that might be needed. Taking all of these factors into account when bidding will help ensure that you’re able to maintain profitability throughout the process. Plus, even if you don’t end up winning an online tender, having an idea of how much money is available can save time during initial research so that you know whether or not it’s worth your while to pursue a certain contract.
3) Know the time it will take
If you’re posting a bid, estimate how long it will take you to complete it. This gives other bidders an idea of your commitment level and helps them figure out whether they should bother submitting a bid or not. If you’re looking for bids, make sure you know which companies are willing to meet deadlines and that their costs are reasonable. Other bids may be lower in price but what good is an underbidder if they can’t get your project done by the deadline? Be cautious of companies who say they can do it cheap and fast—this doesn’t always work out well for clients. Online tenders have become incredibly popular because it’s so easy for people all over the world to submit their bids online.
4) Research your competitors
It’s a lot easier to win online tenders if you can offer something that others don’t. One of your best resources for finding out what that is is by researching your competitors. Find out who they are, what they do, and how much they charge for their services. This will give you insight into whether you should bid on projects similar to theirs or go after a niche market entirely (but don’t stray too far from what people need). It might be more profitable in the long run, but it takes a bit more work upfront. Still, if you focus on offering something unique and valuable, it could really pay off in terms of winning new clients.
5) Write a clear and concise proposal
When you are participating in online tenders, there is nothing more important than a clear and concise proposal. Your competitors could be well-known global brands or they might be people like you with just a dream of winning an online tender. Whatever their credentials, you can bet they will all have clear and concise proposals that detail what exactly it is they plan to do for their client (the government or organization running the bid). The proposal is your first chance to show why you are better than anyone else in your field; so, make sure yours is exceptional.