Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/1506964
WWW.UPANDCOMINGWEEKLY.COM SEPTEMBER 6 - 12, 2023 UCW 19 During the last 25 years, the U.S. and the world experienced two major economic upheavals. First, the Great Recession from 2007 to 2009 took about ten years to recover from completely. en there was the financial crisis brought about by the COVID-19 pandemic and the subsequent lockdown. As a result, the term "recession-proof " has become quite common — whether among those in business and finance or even among regular people. According to the Federal Reserve History, the Great Recession began in December 2007 when the economy peaked. e decline in overall economic activity, while modest initially, came to its lowest point in the fall of 2008. In that almost-year span, the U.S. gross domestic product fell by 4.3%, and the unemployment rate more than doubled, from less than 5% to 10%. During the pandemic, job losses peaked at 13%, but by July 2022, the unemployment rate had returned to 3.5%. Transworld's Main Street Market highlighted that many people had opted to leave corporate America and pursue their own entrepreneurial dreams due to the Great Recession. anks to COVID-19, even more individuals are seeking to own their own businesses and focusing on industries with a greater chance of surviving the next economic downturn. So, what are the top industries for those seeking to buy or start a company? Top industries by closed transactions New and existing entrepreneurs want to invest in a company with solid potential now and in the future. While there is no crystal ball that can predict what will happen in tomorrow's economy, Transworld's Main Street Market Report offers insight into which business categories have been trending upward in recent months. e top five industries are: • Restaurants — 34+% increase from 2021 to 2022 • Construction — 38+% increase from 2021 to 2022 • Beauty/Personal — 46+% increase from 2021 to 2022 • Automotive— 38+% increase from 2021 to 2022 • Medical-related — 18+% increase from 2021 to 2022 So why should someone consider selling a business now? More people are looking to start their own businesses, making now a great time to sell. e five industries listed above have proven to be more recession-proof than others, making them more appealing to potential buyers. Industries on the move Looking ahead, which industries offer continued growth? By deal volume, the best-performing industries were: • Restaurants • Construction • Beauty/Personal Care • Automotive • Medical-related Meanwhile, industries that appear to be declining include liquor- related businesses, those connected to real estate, business services and ice cream/yogurt shops. For liquor- related businesses and ice cream/ yogurt shops, people have simply reduced their consumption of these items. Meanwhile, the decline for the other industries may have thrived during the pandemic, but as life has returned to normal, the demand for them has diminished. Additionally, some industries trending down may be related to increased mortgage rates. More people than ever appear to be interested in owning a business and being their own boss. When they select a business from an industry that has proven itself able to weather economic ups and downs, it helps to mitigate some of the risks that come with entrepreneurship. If you think now might be the right time to buy or sell a business contact a professional advisor to make the next step in your future. Equal Credit Opportunity Lender. APPLY TODAY! * APY = Annual Percentage Yield. Rates are subject to change at any time. Fees, penalties imposed for early withdrawal, or other conditions may reduce earnings on the account. Twelve-month share certificates require a minimum deposit of $1,000.00 to open for promotional rate. Active checking account or money market account required; † Members without active checking or money market account will accrue dividends at 5.12% APY. 12-Month Share Cer tificate Rates 5.38 % APY * 5.12 % APY † Earn Up To Earn The Rise of Recession-proof Businesses by ASHLEY KELSEY MONEY ASHLEY KELSEY, Contributing Writer Senior Business Advisor COMMENTS? editor@upandcomingweekly.com. 910-484-6200. SELLING A BUSINESS? BUYING A BUSINESS? Business Sales • Mergers & Acquisitions • Franchises akelsey@tworld.com Ashley Kelsey (910) 302-6447 www.transworldeast.com