Laid Off

**eddyf** · 12-06-2007, 02:07 AM

I got laid off in 2004 by a Fortune 500 company after working there 26 years.

I had started an e-commerce site in 2001 to sell custom-made jewelry I design and make out of my home. I remember my initial goal - I just wanted to make an extra $500 a month to buy a new Corvette! ( Lesson #1 - never set your goals this low!)

When the layoff came I was making OK side money on this venture, but not enough to live on. Luckily I got a severance package and unemployment to carry me for a year.

My motivation came from a direct competitor who brags in various forums how much money he makes. I verified his claims by looking up the value of his house, and I entered incomplete orders on his web site to get the assigned order numbers. A little math on order volume and I was able to verify his claims. I figure he makes between $300 - $400K a year. (Lesson #2 - never brag about your success in such great detail on the web - someone like me is always standing by, ready to compete).

He has a big jump start on me, but I now make 20% more than I did at the corporation. And I have a lot less stress. I'm not rich, but I make a nice living and my online business continues to grow.

Still don't have the new Corvette, although I could pay cash for one. Instead I reinvest in the business and always put some away for a rainy day.

Ed

**GeorgeB** · 12-06-2007, 09:51 AM

Good story and an excellent motivator if I ever heard one!

**TurboTek** · 12-06-2007, 10:02 AM

Hey Ed,

Cool story.

You should buy the Vette when you get a chance. You can get a used C6 Z06 for just under 60K now. I love my Z06.

**eddyf** · 12-06-2007, 12:35 PM

Yeah - someday I'll buy myself a mid-life crises car. Right now it just feels nice to have some reserve money in the bank so I can grow the business.

Another lesson I learned from others - don't celebrate your success to early. Building a business takes time and if you don't have money set aside, then you have to borrow to take advantage of any new opportunities.

I want to start an additional on-line business every couple of years and build up a portfolio of businesses. The basic know-how of e-commerce is certainly transferable, and I can always hire help as needed.

BTW - I love working from home. It's 8:30 AM, I'm having a cup of coffee while others are fighting traffic, and I have some pesky orders in my cart to acknowledge.

Ed

**cait** · 12-06-2007, 04:07 PM

Wow, very inspirational story! Good luck in the future!

**Hnmitch** · 01-21-2008, 04:05 AM

I recently got laid off from my job. I wish you the best of luck and hope some of it rubs off on me too :thumbup:

**sr654** · 01-21-2008, 08:14 PM

thanks for the story!

**higihigihigi** · 03-31-2008, 08:02 AM

Good Job

**lajocar** · 04-20-2008, 04:46 AM

Congrats, Keep up the good work

**wisdomtool** · 04-20-2008, 07:13 AM

At least you are your own boss now and no worries about your company laying you off.

**julieh70** · 06:13 PM

Wow amazing. What a great story. I am just getting started and I hope to have that kind of success eventually.

**tefund** · 05-10-2008, 03:54 PM

Quote:

Originally Posted by eddyf

I got laid off in 2004 by a Fortune 500 company after working there 26 years.

I had started an e-commerce site in 2001 to sell custom-made jewelry I design and make out of my home. I remember my initial goal - I just wanted to make an extra $500 a month to buy a new Corvette! ( Lesson #1 - never set your goals this low!)

When the layoff came I was making OK side money on this venture, but not enough to live on. Luckily I got a severance package and unemployment to carry me for a year.

My motivation came from a direct competitor who brags in various forums how much money he makes. I verified his claims by looking up the value of his house, and I entered incomplete orders on his web site to get the assigned order numbers. A little math on order volume and I was able to verify his claims. I figure he makes between $300 - $400K a year. (Lesson #2 - never brag about your success in such great detail on the web - someone like me is always standing by, ready to compete).

He has a big jump start on me, but I now make 20% more than I did at the corporation. And I have a lot less stress. I'm not rich, but I make a nice living and my online business continues to grow.

Still don't have the new Corvette, although I could pay cash for one. Instead I reinvest in the business and always put some away for a rainy day.

Ed

cool story

**NaughtyGirl** · 05-12-2008, 12:36 PM

Great story, really inspirational. I've checked out some braggers and found that they really don't know much more than I do.

I figure, if they brag.. they aren't that successful.. because the smart ones are cashing their checks and shutting up. hehe ;p

**CyrusDalal** · 05-13-2008, 03:40 PM

haha.. nice story... Those that brag aren't usually making it... its the quiet ones that make the dough and enjoy it... just like you put it 'NaughtyGirl'

**mg1313** · 06-02-2008, 04:01 AM

The best job is to work for yourself...bravo!

**hightower-it** · 06-11-2008, 09:29 AM

thats sneeky genius. Braggers tend to brag because they're not happy with what they have , for what ever reason.

**Mr Diamond** · 07-16-2008, 10:51 AM

Nice story!

Any chance of a link to your site?

**jv17** · 07-18-2008, 10:04 AM

your story is so impressive nice!!

**Rhiannon188** · 11-09-2008, 02:04 PM

Being your own boss sure has it's advantages doesn't it? You don't have to worry about someone else determining if you get a check or not, it's all up to you. The harder you work the more you get for it, I think that is great. Congratulations!

**mobibu** · 02-02-2009, 10:06 PM

I believe that behind every dark cloud, there is a silver lining. I hope that more people which has been layoff recently due to the economy crisis will take your story as a motivation to succeed in their online money making venture. Probably now you earn much more than while working in a Fortune 500 company, rite?