Moving Forward in Post-COVID Australia
2020 has been the year of COVID, but there are still plenty of good reasons to buy your own business
It has been a rollercoaster of a year with droughts, bushfires and then COVID, with lockdown affecting all sizes of businesses in all sectors.
It would be easy to be despondent about the months ahead and many people may be questioning whether now is the time to buy or sell a business.
Indeed, when the first lockdowns came into force, the number of enquiries received by Coast to Coast Australia and Xcllusive Business Sales did drop off. That was to be expected, given the uncertainties and change at that time.
However, those enquiries gradually resumed as COVID became the new ‘normal’ and people started giving serious consideration to their future. This was a health crisis with very drastic economic consequences but, thankfully, our Government responded with the help needed to give some protection to businesses and employees.
What we do know is that business sales enquiries returned to normal after the GFC, despite entire economic systems collapsing. The Prime Minister and the Treasurer have assured us that COVID is not as serious as the GFC, so recovery is a given.
The Government is forecasting that economic activity will fall 3.75% and then increase 2.5% in 2021. It suggests that unemployment will rise to 8.75% in 2020/21 from 7.4% in June 2020 – peaking at around 9% in December.
Whilst not every business will survive the pandemic, most will rally. Some will return to normal; some will evolve into something new. What we do know is that many people are now looking to buy themselves a job by investing in a business, so demand is there.
There is also good demand for online businesses, especially in the health and wellness sector, home improvement, puzzles and games, men’s skincare and more.
Some businesses have actually thrived during COVID, including delivery services, home office supplies and communications, apps and software, books and puzzles, online medical services, and crafts. Some were able to recommission machinery to produce PPE and hand sanitiser.
So, if you are looking to buy or sell a business in the coming months, we look forward to hearing from you.