It's been reported the Girls Aloud beauty is planning to create her own record label in a bid to find the latest music talent.
And not wasting any time in getting started, Cheryl is planning to launch her label as early as next year!
According to The Mirror, having her own label is something Cheryl has always wanted and since being a judge on The X Factor she has worked up quite a talent for scouting out hot new artists.
A source told The Mirror: "It's a natural next step for Cheryl... She knows what it takes to succeed in the industry from her experience as a performer – both as a solo artist and as a group, from her years in Girls Aloud."
Before focusing on her record label, the 31-year-old has new music material to release, including a brand new album.
For now though, Cheryl is enjoying being back on the ITV talent show to judge this year's X Factor hopefuls.
Returning to the judging panel after last being on the show back in 2011, Cheryl claims Simon begged her to join him for this year's eleventh series.
It's no secret there has been no love lost between Cheryl and Simon at times, especially after he publicly sacked her from the US X Factor a few years ago, and even reunited the pair are still set on winding each other up.
Ahead of the X Factor's return at the end of last month, Cheryl described her pal as an "annoying brother" thanks to the pranks he likes to play on her.
Now possible future competitors in business and not just on the show, we're dying to know what Simon will make of Cheryl's latest venture...
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