This is an interesting question and one I get asked a lot. If you are considering starting a specific business or project, what is the best way to determine if it is feasible? Well I don’t know if this is the best way, but it has certainly helped me to avoid making some very big mistakes in the past.

Human nature seems intent on us only seeing big and bold upsides when it comes to thinking about new projects and ideas. Everything is going to be fabulous, we will get all of this business rushing in the door and it won’t cost that much to set it all up. I have seen it time and time again – and been caught wearing these “rose coloured glasses” many times before.

When presented with a set of figures, my standard response these days is to ask “will the venture stack up if you double how much everything will cost, halve how much income you think you will bring in and double the amount of time you think it will take to get it off the ground?”.

If the answer is yes, go for it. If the answer is no – run like the wind.

This creates a very honest picture or worse case scenario and generally, it is far more accurate than the initial set of figures. We tend to think that things will happen much fast than they do. We under estimate how much everything will cost (and the hidden expenses) and we are way too optimistic about how much revenue we will generate.

So I call this the “GRIFFITHS DUMB RULE OF THUMB” to planning pretty much any project. If it can stand up to this brutal treatment, then move to the next stage – make sure there is someone to buy whatever it is you are selling. But that is a topic for another post!

The potential for a new customer is always just around the corner. Astute business owners know this and they are always ready for action. To truly take advantage of any opportunity you need to be prepared. You need to keep a supply of business cards on you and a stock of promotional material or product samples handy and of course you need to be able to hand them out at the drop of a hat.

Most of all, you have to be ready to talk to someone about what it is you sell. Something that I have noticed over the years is that many business owners are outwardly shy when it comes to talking about their business. They are almost afraid of saying what they do. While humility is nice, it really isn’t a good strategy for building a business.

Look for any opportunity to promote your business and you will find plenty of them. Look at any chance encounter as an opportunity—who knows what will come out of it. I have made a surprising number of excellent contacts and long term customers from simply striking up a conversation with the person next to me on a plane (and no, I am not one of those weirdos that talks non stop on planes – hang on – maybe I am – oh my gawd).

If you are generally interested in other people, you will find they will reciprocate and be interested in you. I am not advocating you stalk people, just that you be prepared to tell people about your business and be prepared to give them more information. Don’t ever judge a book by its cover. The person sitting next to you, or standing a line with you could easily be your next big customer. Assume that they are, rather than assuming that they are not!

Interestingly, the starting point here is being able to say what it is you do in a way that grabs the other persons attention. A lot of people actually struggle with this part of the interaction. When asked what they do there is a kind of mumble with downcast eyes. I recommend you have a very clear statement in your mind: when asked what you do, stop, look the person in the eye and tell them boldly exactly what you can do for them.

This may sound dumb, but try doing a dry run in front of a mirror. Get excited, be energetic and most of all be passionate about your business. People want to do business with people who are passionate and energetic. Who wants to buy from the most miserable person in the street?