How to Analyze a Side Hustle or Business Idea: A Simple Method from a Founder Worth Millions.

Have you ever come up with a biz idea, but weren't sure how to evaluate it well? @businessbarista lays out his way.

Use it before committing time & effort. Read ๐Ÿงต๐Ÿ‘‡ for more.
1. I really enjoy Alex Lieberman's "Founder's Journal" podcast. It's short & sweet, but packed with lots of advice, prompts, thoughtful ideas and takes. In his latest episode, @businessbarista analyzes an idea meant to address a major pain in his life.
2. For those who don't know, Mr. Lieberman is co-founder of the popular Morning Brew newsletter which has about 3 million subscribers. So, what was the problem he needed to solve?
3. It's that, outside of playing sports, he hates exercising. (Join the club, right?) Specific workouts, like spinning or Crossfit, become boring after a short while. He says, like most people, he knows he should do it, but it sucks.

So he came up with an idea for a business.
4. He calls it Sub30 (meaning the workouts are < 30 minutes). It's a hypothetical name for purposes of the podcast. Sub30 would be a global exercise movement that combines community & content to make getting healthy fun. It would work as follows:
5. Sub30:
* You take a short quiz on how you like to work out, your fitness level & commitment level.
* You get placed in a group for 30 days.
* Classes are on Zoom.
* There would be no instructors. Classes would use Sub30 curated high intensity workouts created by pros.
6.
* But actual classes would be led by community members (not hired instructors) who get discounts for leading classes.
* The leader would get some training, the curated workout, a music playlist.

This deepens sense of community and makes the business model capital efficient.
7. Pause here: How would you evaluate such a business? What questions would you ask?

@businessbarista's questions are coming up. But, before reading on, try to analyze his idea yourself and then compare. Ok, now that you've truly done that... ๐Ÿ™‚
8. Here are the first 3 of 6 questions he would ask to break down a business idea:
* How painful is the problem?
* Why is the solution significantly better than what's already out there?
* How defensible is the business at scale?
9. And the last 3 questions to evaluate a business idea:
* What's the ambition of the business?
* What makes me a good fit as the business's founder?
* How can I test this idea quickly and cheaply but with high fidelity?

So, what was his verdict on Sub30?
10. He says Sub30 is a no-go for him. It could be a good business for others, but not for the types of businesses he wants to start. To go much deeper on applying those 6 questions, listen to the Founder's Journal podcast by @businessbarista.
11. If you liked (and if you've read this far...) this thread, the please let me know. Follow me @alexlee1300 or DM me. I am exploring many topics related to business like marketing and copywriting. (And for more great essays on all manner of topics, check out #ship30for30)

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