Personal Finance

From Tech Job to Thriving Business: How One Entrepreneur Built a $20,000/Month Income

Kristin Hitchcock

Published: November 29, 2024 10:27 am

24/7 Wall St. Key Points

• Layoffs can be a catalyst for change if you use them to your advantage. 
• It’s important to consider your potential income when starting a business. For entrepreneurs in lower-cost areas, you may need lower income levels. 
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

Starting a side hustle isn’t just about making extra cash—it can lead to life-changing opportunities. Take Jean Kang, for example, who turned her side project into a $20,000-a-month business after leaving her corporate tech job. 

Her journey can teach us a lot, like how to scale a business efficiently and leveraging unique skills. Let’s take a look at her story and what we can learn from it:

The Journey to Entrepreneurship

Jean Kang began her career in tech with big ambitions but faced challenges. For instance, she had to come to terms with layoffs and frequent job changes. In 2020, she discovered that she had a knack for program management, which led to opportunities to coach others looking to enter the field.

In late 2022, she announced her coaching services on Linked In. Within a year, she’d earned over $30,000 from her side hustle while also maintaining her demanding full-time job. However, she was beginning to experience burnout, which led to her leap of faith. In 2024, she left her corporate job, and within eight months, she generated $160,000 in revenue from her business, Path to PM.

While her success may seem like a bunch of lucky coincidences, it was anything but! She utilized several strategies to help her make the most of her new business. 

Breaking Down the Numbers

Let’s put Kang’s achievements into perspective:

• $20,000 per month: That’s $240,000 annually—well above the $80,610 median U.S. household income (2023 figures).
• Hourly breakdown: Working 40-hour weeks on her business, her effective hourly rate is approximately $115/hour, compared to the $29.61/hour U.S. average.
• Freedom gained: While she works hours like before, her evenings and weekends are free, offering a better work-life balance.

What We Can Learn

Here are four key lessons we can learn from Kang’s journey:

1. Solve Real Problems

Kang identified a growing demand for program management mentorship and tailored her services to meet this need. In the same way, you can look for market gaps where your skills interact with unmet needs. For example, in Kang’s hometown of San Francisco, tech professionals are often searching for career development resources. Where you live, other gaps may exist. 

2. Start Simple and Scale Later

Kang’s business began with basic coaching sessions. However, over time, she scaled her offerings and added passive income streams like LinkedIn learning courses. This mirrors what other entrepreneurs we’ve covered have done. 

Don’t overcomplicate your business in the beginning phases. Instead, focus on offering some simple things and gather feedback on what else you could offer. 

3. Be Strategic with Your Finances

Before quitting, Kang evaluated her savings and weighed the financial risks of entrepreneurship. She didn’t quit until she was confident that she could replace her income. In the same way, you need to account for your living expenses, health insurance, and startup costs before diving full-time into your side hustle. 

4. Consistency and Execution 

Kang emphasizes execution over perfection. By staying focused and delivering value, she continually iterated on her offerings and built a following of 100,000 LinkedIn users.

You shouldn’t let fear of imperfection slow you down. Progress often beats perfection, especially when you’re trying to build a business.