How can I be Confident That my Business is Possible?

Image shows the title of the article over an image of a woman looking up with her eyes closed and crossing her fingers.

Frequently, aspiring self-employed business owners ask me if their business idea is possible. But when I answer that question, they're typically not satisfied because that's not the actual issue. So today I'm going to tell you the truth about that question. You will likely feel unsatisfied (but hopefully a smidge inspired) and then I'm going to give you the answer to what you're actually trying to ask. Before I get to "is your business idea possible" indulge me in a short story about the stuff we are made of.

A Brief Story

When my younger sister was 19 she developed acute liver failure and had a sudden liver transplant. Today she is healthy and well, though that's not really the point. I bring this up because shortly after the transplant I learned an amazing fact about the human body. See, the donor liver was much larger than my sister's small frame. So they'd put it in place and hooked it up and all, but they didn't sew her all the way shut. They sealed the incision with what I equate to medical-grade saran wrap until the liver adjusted for the body it was in, and then they could close it up. While this also is amazing, it's not yet the point I'm trying to make.

I happen to be in the room when the nurse was running through all the disclaimers for this second surgery to close the incision. At this point, I was already familiar with the often upsetting and/or confusing legal disclaimer process. The nurse explained that this surgery was technically optional and that the body could, with enough time, heal closed the incision. However the risk of infection was quite high, and so it was medically recommended to proceed with the surgery. We agreed to proceed with the surgery (duh.)

The Stuff We Are Made Of

But hold on, rewind there a minute... the body could heal this incision on its own?!?! And this wasn't a dainty little laparoscopic surgery. This incision was like a muppet's mouth in my sister's abdomen. It traced the entire front half of her waistline. I'm pretty sure I saw a drawing of this in some lesson on the medieval times where they'd drawn and quartered people. Intuitively it seemed obvious that this was not a survivable incision.

And yet the disclaimer was the opposite. Yes, with a year's worth of bed rest, frequent bandage changes, and an exceedingly sterile environment, this wound would heal itself. It sounds like something out of sci-fi! The body slowly knitting skin and muscle across this more than an inch gap that runs for nearly a foot across the belly. The body doesn't hit the 6-month mark and go "ugh, you know what. Let's call it quits over here. We're never going to get this hole shut. It's futile. Infection is bound to happen. Might as well cut our losses now. Let's pack up and go home."

No, our crazy bodies and the determination that is life is like "ok! slow and steady wins the race. Let's do this!"

And this is what I think of when people ask if I think their business is possible. Yes, with time and dedication your business will definitely get off the ground. That part is a given. Life is powerful, and we are powerful. We can make so many things happen if we commit ourselves to them.

The Real Question

And. Will the wound heal before infection sets in? It's a fair question and the actual gamble in launching a small business. In business terms, this analogy becomes two questions: Will my business start making money fast enough for my current financial situation? and How much business do I need to drum up?

With both of these questions, a little basic math will give you a lot of information. The amount of time you have for your business to start making money before you're broke, I call that your runway. By comparing your expenses to your savings and/or alternative income sources, you can come up with how many months you have available to launch your business. When it comes to how much business you need to drum up, you can get a goal number of clients by comparing how much you want to earn with how much revenue you earn per client.

If those words sound vaguely reminiscent of a grade school word problem, never fear! I'm going to do the math for you! It's all in this freebie spreadsheet: Business Launch Calculator. Claim your copy of my new Business Launch Calculator.

The only unknown left is how fast can you drum up business? And that has so many contributing factors, many of which I cover in my articles on sales or marketing. Even with a wealth of knowledge, it's impossible to tell how "the market" will respond to a business idea. This is one of those things that you're going to have to just try and then find out. But knowing how much runway you have will tell you when you need to change tact.