5 Surprising Businesses That Flourished During a Recession

Amid the speculation and uncertainty surrounding Covid-19, check out some thought-provoking ideas that you probably had not considered.

History of Financial Downturns

• The Great Depression and market crash of 1929 was the worst economic downturn in the history of the industrialized world with 25% of the US workforce unemployed in 1933.

• The severity of the Great Depression becomes especially clear when it is compared with the next most severe recession, the Great Recession of 2007-2009, when unemployment peaked at less than 10%.

Recessions Create New Breed of Entrepreneur

Many experts believe the current Covid-19 scare will be temporary, which points to a myriad of opportunities. Here are five of the richest business fortunes ever, each of which was either created or really took off during a financial downturn:

1. George Jenkins quit his driving job at Piggly Wiggly grocery in 1930 and started his own, Publix Super Markets, when many an abandoned urban storefront was taken over for a neighborhood grocery. With $29 billion in sales and over 1,000 stores in the southeast, his family fortune is now $5.2 billion.
2. Brothers Ernesto and Julio Gallo started crushing grapes and selling wine at 50 cents a gallon, half the market rate at the time in 1933. The Gallo family now owns the world’s largest wine-maker, E&J Gallo, worth $9.7 billion.
3. William Procter and James Gamble started in 1837 selling soap and candles and diversified with many other products. When inventories started piling up in 1930, instead of throttling down advertising to save costs, they decided to appeal to the homemaker by making radio serials with charm. Thus was born the “soap opera.” The company’s assets are now over $115 billion.
4. John Marriott started with a root beer stand just two years before the crash of 1929. He stuck with it in the food industry and shifted into hotels in 1957. The conglomerate has amassed the Marriott family an estimated $5.7 billion.
5. Andrew Mason started Groupon in 2008, rounding up people to buy the same product in order to receive a group discount (“group” plus “coupon”) on his e-commerce platform, becoming one of the fastest growing shopping platforms ever, bringing in $1.2 billion last year.

The Key Lies in Having the Right Mindset

In times of uncertainty and economic downturns, people panic. The panic is fueled by almost everything one sees online and on the news. In this state of alarm, most entrepreneurs and businesspeople are prevented from focusing on identifying business opportunities. Clear thinkers are choosing to plan ahead, rather than panic, at this time. We have experience handling business planning during sharp economic downturns!

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The information provided in this blog is intended solely for informational purposes. While we strive to offer accurate and up-to-date content, it should not be considered legal advice. Immigration laws and regulations are subject to change, and individual circumstances can vary widely. For personalized guidance and legal advice regarding your specific immigration situation, we strongly recommend consulting with a qualified immigration attorney who can provide you with tailored assistance and ensure compliance with current laws and regulations.

Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in four different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.

Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.

At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.

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