10 questions to ask yourself when thinking of a new business or side hustle

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Do you want to start a business or side hustle? Will it be something you do alongside your career or what you think can become your mainstay? Choosing a path for more income and inflow shouldn’t be complicated. Ask yourself the following questions to see how they help you chose your next big thing:

  1. What do you love to do or find pleasure in? finding and doing your passion will help you keep the drive going.
  2. What do you hate to do or get easily frustrated at doing? Choosing to provide a solution to solve your pet peeves can be a cash-cow as well.
  3. Can you think of a service or product that would make the things you do or what you see others struggle with easier? You may only need to provide a solution to an obvious problem.
  4. What are you naturally great at? It will be easier to build on something you already have a flare for.
  5. What do others come to you for advice about all the time? This means you have some knowledge on the matter people find valuable, monetize it.
  6. If you were given ten minutes to give a five-minute speech on any topic, what would it be? This is a pointer to what you love.
  7. What’s something you’ve always wanted to do, but lacked resources for? This may be the time to turn that desire into demand.
  8. What can you do with little effort? This is something you already have and just need to attach a price to or something you can buy into that is readily available to you.
  9. If you could turn your dream job into a company, what will it be? Can you start building that from its smallest version and consider growing it into the version you see now.
  10. What is your retirement plan for generating income and for keeping active? This will obviously be something you enjoy so think about ways to start on that path now.

These questions should be the first step to your choosing the idea to pursue. If you already have an idea, these questions might help you expand it. Measure it against whether you’re good at it and if you can become great at it and make it profitable. On the flip side, if you can hire people to do it for you or simply be the middleman, then you can possibly turn this into a business or side hustle.

Get some advice from experts like coaches, consultant and people in the space you may be considering. First-hand knowledge is good but second-hand experience is better. This means that you should learn all you can about your venture but prioritize learning from those who have had the first-hand experience of the pitfalls and struggles of that business or idea. Then you can take all that knowledge and utilize them avoiding the failures and pains they did. And thoroughly milking their success stories and strategies to your advantage.

Ihotu Eritosin-Gregory is an Enterprise Educator with her niche as Organisational Design/Development and Strategy. She is a certified Goals and Accountability Coach. She holds a masters degree in Creative Enterprise from Birmingham City University and has other certificates from various fields. She has facilitated numerous projects on business startups, vocational training for women, mentorship for girls and is a sought after speaker in her areas of expertise



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