From Laid Off to $3M: The Side Hustle Secrets of a $200K Leap!
In 2023, a staggering 305,000 American workers faced the harsh reality of job loss amidst a wave of mass layoffs that rippled through the tech sector and beyond. The numbers are not just statistics; they represent dreams deferred and livelihoods disrupted.
Among the affected was Scott Goodfriend, a former employee at Meta. When he was laid off from his coveted role as an augmented reality producer, he stood at a crossroads: Should he seek another corporate gig or forge his own path as an entrepreneur?
Related: ‘Hustling Every Day’: How Friends Turned a $2,500 Investment into a Multimillion-Dollar Brand
Goodfriend chose the latter. Drawing from years of experience running his Ultimate Food Tours as a weekend venture, he capitalized on a surge of interest after listing his experiences on Airbnb back in 2021.
From Passion Project to Profit: How Goodfriend’s Side Hustle Skyrocketed
Initially, his food tour was a modest income generator, raking in about $30,000 annually while he maintained his 9-to-5 grind. But here’s the twist: the “sweet, sweet irony,” as Goodfriend puts it, is that he never planned to turn his passion into a full-fledged business. The mere thought of building a website and marketing it was daunting.
However, once he made the leap to focus entirely on his side hustle, Ultimate Food Tours exploded, tripling its revenue year over year and reaching an impressive $200,000 by April 2024.
Related: How a Gift-Wrapping Side Hustle Generated Over $300,000 in a Year
Goodfriend’s story isn’t unique. He’s part of a growing community of individuals who have transformed layoffs into triumphs. Earlier this year, we uncovered other inspiring tales of side hustlers who turned adversity into opportunity.
El Ghatit’s Journey: From IT to Impactful Storytelling
In 2006, Illinois native Alaa El Ghatit was stuck in the IT grind when inspiration struck. He envisioned LifeOnRecord, a heartfelt service allowing people to record memories and well-wishes for life’s milestones.
After he was laid off, El Ghatit poured his energy into his budding venture. Initially, it struggled to generate enough revenue to support his family, prompting him to take on a new job while nurturing LifeOnRecord on the side.
Eventually, the business peaked at $100,000 as a side hustle. But in 2022, he took the plunge into full-time entrepreneurship. By 2023, LifeOnRecord soared to $350,000 in revenue and was on track to double that by early 2024.
Related: From Side Hustle to a Million-Dollar Business in Just One Year
Astonishing Growth: Ugalde’s Side Hustle Phenomenon
Then there’s Carlos Ugalde, whose journey began with a layoff that ignited his entrepreneurial spirit. Based in Las Vegas, Ugalde was let go from his copywriting job in December 2018, which led him to create a print-on-demand apparel brand, House of Chingasos.
He launched a Shopify store, crafted a handful of designs, and connected with Printful for fulfillment. The momentum was electric: he earned $2,500 in his first month, jumped to $11,000 in the second, and skyrocketed to $54,000 by month three. By 2023, House of Chingasos was on the verge of hitting nearly $3 million in revenue—an astounding 70% increase from the previous year.
Related: Friends Turned Side Hustle Into a Million-Dollar Venture
“The stories of individuals making substantial income from side hustles are everywhere, but true success takes time and effort.”
Turning a side hustle into a thriving business isn’t just a dream; it’s a reality for many. However, the road can be filled with challenges. As El Ghatit wisely points out, expectations often exceed reality: “Progress can feel like a dance of ‘two steps forward, one step back.'”
His golden advice? Treat yourself with kindness, build a principles-first business, and leverage your day job to minimize financial risks while you cultivate a business that can stand the test of time.
