In 2023, greater than 305,000 U.S. staff lost their jobs as a results of a wave of mass layoffs that hit the technology industry and beyond. CNBC Do it reported.
Meta worker Scott Goodfriend was one such person. After being laid off from his “dream job” as an augmented reality producer at a tech giant, he was faced with an essential decision: work for one other company or start his own business.
A great friend selected the latter. The entrepreneur ran his own business The best food tours he had been leaving New York for years, and his activity increased after he reworked his listing and listed it on Airbnb in 2021.
Goodfriend’s food tour revenue increased from $30,000 to $200,000 per 12 months
Ultimate Food Tours earned about $30,000 a 12 months from its weekend classes as a part of its 9 a.m. to 5 p.m. job, Goodfriend said. Entrepreneur.
“Sweet, sweet irony” according to Goodfriend? He never decided to turn his passion project into a business; in fact, when people first encouraged him to sell the tour, he was turned off by the idea of creating a website and marketing the services.
However, when Goodfriend decided to turn the side hustle into a full-time enterprise, Ultimate Food Tours tripled in size 12 months over 12 months – to roughly $200,000 in annual revenue in April 2024.
Goodfriend is not alone on his journey from layoff to success with the team. Earlier this 12 months Entrepreneur he talked to two other side hustlers who, after losing their jobs, built businesses that brought in significant profits.
El Ghatit’s sentimental business earned $350,000 in 2023 and is expected to reach greater than $700,000 this 12 months
In 2006, Illinois resident Alaa El Ghatit was working in the IT industry when he got here up with the idea to start LifeOnRecord, a service that allowed people to send stories, memories and wishes over the phone to those celebrating a birthday, wedding or other big day.
A few months later, El Ghatit was released and focused more on his side game. Although a few orders got here in, they weren’t enough to support his family, so nine months later he took a latest job and continued working on LifeonRecord on the side.
El Ghatit said LifeOnRecord earned $100,000 in side business at its peak Entrepreneur. El Ghatit left the corporate world and became a full-time entrepreneur in 2022. LifeOnRecord made $350,000 in 2023; as of February 2024, the company was expected to achieve greater than double its revenues.
Ugalde’s side business grew from $2,500 in its first month to nearly $3 million in annual revenue in 2024
Carlos Ugalde is one other entrepreneur whose layoff inspired him to develop.
When Ugalde, of Las Vegas, Nevada, lost his job as a copywriter and landing page designer at marketing company Google in December 2018, he decided to start a side business that became his print-on-demand clothing brand, Chingasos house.
Ugalde opened a Shopify storefront, created about 10 basic designs, connected it to the print-on-demand platform Printful, and began running ads on Facebook. Ugalde said the company made $2,500 in the first month, $11,000 in the second month and $54,000 in the third month. Entrepreneur. In 2023, House of Chingasos increased revenues by almost $3 million, an increase of virtually 70% compared to 2022.
“There is a flood of stories about people making astronomical amounts of money with side hustles.”
Turning your side hustle into a lucrative business pays off and provide financial security beyond a 9-5 salary, but the road to success is often bumpier than it seems.
“While there are plenty of stories of people earning astronomical amounts of money on the side, such cases are extremely rare,” admits El Ghatit. “Progress is usually slower than expected and resembles a ‘two steps forward, one step back’ dance.”
El Ghatit’s best advice? Be kind to yourself, focus on a principles-based business (which requires patience and time), and “use your day job for its intended purpose” – reducing your financial risk while building a sustainable business.