Best Businesses to Buy Right Now in the Triangle Area
The Research Triangle’s economy is robust due to the large number of high-tech businesses centered in Research Triangle Park, which is the world’s largest research park. The unusually high concentration of top universities and medical centers in this area also contribute to its strong economy.
High retail sales are also projected in the Triangle for the next 15 years. Many low-tech businesses are also in the Triangle to provide support for the 2.1 million people who live there. These businesses are bought and sold at a rapid pace, so profitable businesses are in great demand. The five hottest businesses in the Triangle include the following:
- Coin-operated businesses
- Fitness clubs
- Home-based businesses
- Self-storage facilities
- Restaurants
1. Coin-operated Businesses
Coin-operated businesses primarily include car washes and laundromats. Business brokers in the Triangle are giving these businesses more attention than any other for several reasons. They’re all-cash businesses for the most part, which makes revenue reliable and accounting easy. The cash aspect can also be seen as a challenge, since the coins must be regularly collected and transported to the bank.
2. Fitness Clubs
Fitness clubs and gyms in the Triangle are good businesses to buy because they use a hands-off model. Customers typically pay with recurring payments, even though they often don’t use the facilities regularly. Furthermore, fitness centers have little inventory, and the equipment generally lasts a long time before needing replacement. Brokers thus consider fitness centers to be a high furniture, fixture and equipment (FF&E) business.
Some fitness clubs require a large staff with additional revenue opportunities such as training and nutritional products, depending on the specific business model. However, the Rapid Fitness model is more streamlined and therefore more cost efficient to operate.
3. Home-Based Businesses
The greatest appeal of home-based businesses is the lifestyle it affords the owner, especially the fact you can spend the day at home with your family. A home-based business in the Triangle that already has significant cash flow is usually in high demand and frequently sells for more than the Most Probable Sales Price (MPSP). These businesses are typically run online, but they may also employ a significant number of employees.
4. Self-Storage Facilities
Numerous self-storage facilities are located in the Triangle. The high demand for housing in this area often requires people in transition to place many of their belongings in storage for a prolonged period while they look for a house. A self-storage business is generally low maintenance and has low overhead, making them particularly desirable for new business owners. Additional advantages of this type of business include its recurring revenue and high resistance to recession.
5. Restaurants
Restaurants inspire stronger feelings among prospective buyers than any other type of business. Many people won’t consider buying a business other than a restaurant, while others would rather buy anything else. However, restaurants have a very good outlook, as 89 percent of all restaurateurs in the United States are optimistic for their sales in 2018. The prospects for restaurants in the Triangle are particularly favorable, since many workers in this area have an active lifestyle that leaves them little time for cooking.
Restaurants are appealing to many buyers because they don’t require an advanced degree to operate. Furthermore, they have the potential for a high income and provide the opportunity for the owner to become well known in that area.
The Triangle has a high concentration of businesses in the high-tech and educational sectors, resulting in a large population with a mobile lifestyle. The best businesses to buy in this area tend to be those that provide support services for people with little time to spare on daily living activities. The high influx of workers into this area also offers opportunities for businesses that provide transportation and storage services.
If you are looking to buy a business in the Research Triangle area, contact our LINK Raleigh Office today at 919-299-9880, or you can send an email to inforal@linkbusiness.com.