PASS Online

8. Starting a Business

If a person is considering submitting a PASS with a work goal of self-employment, it must include a detailed business plan. The plan may require support from knowledgeable third parties as to the likelihood of the person's ability to conduct the business and the particular business' chance of successfulness.

Some possible third-party sources of support may include:

• individual's physician
• vocational counselors
• small business administration: sba.gov
• Service Corps of Retired Executives (SCORE): score.org
• local departments of employment and training
• local chambers of commerce
• local banks
• appropriate staff at local colleges

The business plan must include the following components (not an exhaustive list):

• Business name, address, owner
• Business form
• Description of the principal activity of the business, including a description of the product and/or service to be provided
• Explanation of specific objectives of the business along with timetables for establishing the business and attaining the stated objectives
• Explanation as to why business should succeed and unique features
• A description of target market and audience demographics
• A description of the mechanism for pricing the product/services
• A description of the financial plan that includes yearly projected earnings and expenditures
• Advertising plan
• A list of personnel and their roles/qualifications

For more information on writing business plans please consult your State's Department of Labors Guide to Starting a Business.