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Launching a business? Success starts with a solid plan.

Article Excerpt
When it comes to launching a successful business, everyone needs to start the same way as anyone else, with a good business plan.

"This is the key as it provides a map the fledgling business can follow," said John D. Philo, chair of the Gulf Coast chapter the Service Corps of Retired Executives (SCORE), a volunteer group that provides counseling help through the SBA. "The process is designed to help the person not only understand what they are about to undertake, but to also allow them to answer the questions they must answer to become a success."

Philo says the most important key to success is passion. If a person does not have a passion for what they propose, it will be less than successful.

"They should also know something about the business they propose to enter and be willing to learn more," Philo said. "Everything else, i.e., how to do the business plan--there is an outline guide on our Web site at www.scoregulfport.org--marketing strategy, financial skills, etc., can be learned."

Starting point

The well-developed business plan provides the information any lender will want to see before putting money into a business. After all, Philo said, lenders must have assurance that the loan will be repaid.

"Perhaps the biggest reason for using SCORE counselors is that our service is free, and if our local counselors are unable to answer specific client needs, we have access to about 11,000 counselors around...

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