As the United States and the world edge toward recession, business owners everywhere are asking the same question: Is now the time to go into government contracting?

If you’re wondering whether your small business should become a government contractor, you shouldn’t underestimate the process. Government contracting has lots of benefits, as we’ll see, but it also has a lot of hoops to jump through and a lot of requirements to keep straight.

Here’s why your business should become a government contractor — and how to avoid the pitfalls that trip up first-time contractors.

It’s Not As Difficult As It Looks

Critics of government contracting complain that it’s too difficult to certify as a government contractor, let alone apply. Then, even if you win a bid, you have to deal with snail-like repayment timetables — many government agencies wait as long as 60 days to pay invoices.

This criticism is fair, but overblown.

For starters, an army of business advisors stands ready to work with prospective government contractors. Talk to one before putting in your first bid, or get free help from the Small Business Administration.

Once you’re in the door, partner with a government contract financing firm like LEONID — a DoD Trusted Capital Provider — that can structure financing solutions to bridge the gap between invoice day and payday. No more waiting weeks or months to be made whole.

Government Agencies Love Small Businesses

Government contracting isn’t just for military-industrial behemoths like Lockheed Martin and Boeing. According to data crunched by CNBC, more than a quarter (27%) of all federal contracts go to small businesses. What they lack in economies of scale, small businesses make up in low overhead and flexibility, meaning they often provide better value to government clients than big corporations.

Opportunities Abound for Diverse Businesses in Government Contracting

The bidding process often makes special accommodations for businesses owned by historically disadvantaged groups, notably women and people of color. If your business is partly or wholly owned by a member of a qualifying group, your bid may have an edge — but you’ll still need to do the work once you’re accepted.

Government Spending Is Recession-Resistant

Private businesses tend to spend less when the economy shrinks. This is a problem for B2B companies that are overly reliant on private contracts. They often struggle to stay afloat during recessions.

Businesses that earn significant income from government contracts tend to fare better when times are tough. Some government agencies actually increase spending during recessions; this was particularly evident during the most recent recession, when governments around the world spent trillions to keep the economy from flatlining.

Diversify Into Government Contracting Today

Becoming a government contractor gives you access to a long-term, recession-resistant source of income that’s often large enough to replace two, three, four, or even more private clients. It can improve your company’s reputation among existing clients too — people love to hate the government, but they somehow still respect its stamp of approval.

Down the road, you might decide government contracting isn’t right for you. But the benefits clearly outweigh the downsides, so why not see for yourself?