Americans turn side hustles into lucrative ventures after layoffs

In 2023, over 305,000 U.S. workers were laid off, particularly in the tech sector. Many turned to side hustles for financial security. Scott Goodfriend, after losing his job at Meta, grew his food tour business from $30,000 to $200,000 in annual revenue. Alaa El Ghatit, laid off from IT, focused on his side hustle, LifeOnRecord, which earned $350,000 in 2023 and is projected to double in 2024. Carlos Ugalde, after losing his job in 2018, launched a print-on-demand apparel brand that reached nearly $3 million in revenue in 2023. While success stories are inspiring, the journey can be challenging. El Ghatit emphasizes the importance of patience and leveraging a day job to reduce financial risk while building a sustainable business.