How getting Fired Made Him $100K/ year...

Today, I read this inspiring article which i hope to share with you…

It is about a man who got fired and is now making more than $100k per year…

From Layoff to $100k per year…

Have you ever lost your job and wondered what to do next? Have you thought about turning your hobby into a business? What if losing your job was actually the best thing that could happen to you?

This is the story of Alaa El Ghatit, a man who turned a tough break into a thriving business called LifeOnRecord, helping people save their best memories.

The Beginning

In 2006, Alaa El Ghatit was employed in the IT department of a large employee benefits consulting firm, where he was responsible for managing a team of 60 people. Despite the significant responsibility, he found little fulfillment in his job. The constant meetings and the lack of hands-on work left him yearning for something more meaningful. He struggled to find a way to pursue this desire within the confines of his current position.

During his spare time, El Ghatit began experimenting with a telephone system, which sparked an idea. He envisioned creating a business that would allow people to call in and record their favorite stories and memories about a loved one. This service would offer a unique way to celebrate special occasions such as birthdays, retirements, weddings, and more. Intrigued by the potential of this idea, he saw it as a pathway to work on something that truly mattered to him.

The Big Change

With his mother-in-law's 65th birthday approaching, Alaa El Ghatit believed she would appreciate hearing messages from her children, grandchildren, friends, and husband. To test this idea, he set up a phone number where everyone could leave their messages, which he then compiled onto a CD as a gift (a notable choice, given it was the year 2006). The family gathered in her living room to listen to the recordings on her birthday, an event that was met with love, tears, and prompted numerous stories. Even 18 years later, she treasures this heartfelt gift.

Encouraged by the positive reaction, El Ghatit decided to refine and expand this idea into a service during his spare time. However, a few months into this venture, he faced an unexpected turn of events when he was laid off from his job. This layoff, though challenging, provided him with the opportunity to devote more time to developing his business. Despite an initial interest in his service, the volume of orders was not sufficient to support his family, which included his wife and four young children. Consequently, after nine months of dedication to his entrepreneurial endeavor, he returned to the workforce as a director of IT at a mid-sized company. This new position allowed him to be more hands-on and manage a smaller team, balancing his need for a stable income with his passion for his burgeoning business.

Overcoming Challenges

Navigating the side hustle of LifeOnRecord, Alaa El Ghatit faced three significant challenges. Initially, he became accustomed to the security that a corporate salary provided alongside the entrepreneurial venture of LifeOnRecord. This dual satisfaction prevented him from dedicating himself fully to LifeOnRecord. Despite the minimal time requirement and the automation processes integrated within LifeOnRecord, the sense of camaraderie experienced in his corporate role made him reluctant to make a complete transition until 2022.

Moreover, El Ghatit's decision to keep LifeOnRecord a secret from his colleagues created an emotional barrier. This secrecy made him more reserved, inhibiting his ability to share insights that could have been beneficial across both his professional and entrepreneurial endeavors. This situation persisted until he reached a critical decision point and chose to leave his corporate job. To his surprise, upon sharing the existence of LifeOnRecord with the CEO, he encountered support rather than opposition. The company even facilitated a smooth transition, allowing him to shift his focus more towards LifeOnRecord gradually, with the CEO offering guidance throughout the process.

A further challenge arose early in the journey when he had to defend LifeOnRecord's intellectual property against a claim from a multinational corporation. Through perseverance and direct negotiation that lasted over a year, El Ghatit managed to reach an agreement without resorting to legal action. He successfully licensed his intellectual property to the corporation, securing a fair and significant licensing fee. This experience not only protected his business but also underscored the importance of resilience and direct engagement in resolving potential threats to his entrepreneurial efforts.

Success!

The growth of LifeOnRecord was a gradual process, with users not only sharing their positive experiences but also becoming repeat customers. Before Alaa El Ghatit dedicated himself to the venture full-time, it generated slightly over $100,000 annually as a side hustle. This income, combined with his corporate salary, afforded his family a comfortable lifestyle, including funding his children's college education and enjoying vacations.

In 2023 last year, with LifeOnRecord becoming his full-time endeavor, it earned about $350,000.

This year, he anticipates the revenue will more than double. El Ghatit is committed to maintaining excellent customer service, ensuring the business doesn't grow to a point where this becomes unmanageable.

Thinking Back

Alaa El Ghatit occasionally reflects on whether he should have left the corporate world earlier to devote himself entirely to LifeOnRecord. The appeal of financial stability and consistent income often deterred him, keeping him tied to a corporate position that was secure but might have restricted the growth of his entrepreneurial venture. However, he acknowledges that every choice brings its own set of advantages.

Remaining in his corporate role longer than perhaps necessary provided him with invaluable lessons and experiences. Within this professional environment, he developed skills that would prove essential in his entrepreneurial journey, such as project management, negotiation, and leadership.

This period also acted as a crucial incubation time for LifeOnRecord. It gave him the opportunity to gradually build the business's foundation, allowing for the testing and refining of ideas without the pressure of relying on it as his sole income source. This approach afforded him the liberty to explore and innovate with reduced risk, establishing the basis for what LifeOnRecord would ultimately become.

Should we start a side hustle ~ YES!

Alaa's story shows that even when things look bad, there's always a chance to turn things around. If you have a passion or a hobby, think about how you can share it with others. It might not be easy, and it might take time, but don't give up. Be patient and work hard. Remember, it's okay to start small. What matters is that you're doing something you love and that means something to you.

So, what's your passion? What small step can you take today to turn it into something more? Remember, every big dream starts with a simple idea and the courage to take the first step. Let Alaa's journey inspire you to find your own path to success.

Together, Next Level!

Sean