Entrepreneurs Navigate Challenges and Opportunities in Asheville
Longtime friends Shelton Steele and Joe Balcken faced a tough decision when they decided to start an urban cabin campground in Asheville, North Carolina. The timing seemed off, especially since their planning period coincided with the COVID-19 pandemic.
"Our business incubation period was during COVID, which was a very unpredictable time," Steele shared. However, they pushed ahead and opened the Wrong Way River Lodge & Cabins in 2022. The timing unexpectedly worked in their favor, as more people sought outdoor activities post-pandemic. Steele noted, "We came out of the gates beating our projections."
Unfortunately, challenges soon arose when Hurricane Helene struck, significantly impacting the Southeast and particularly Asheville. Steele mentioned, "We were closed for the entire month of October. It was absolutely crippling," as fall is typically their busiest season.
Similarly, Matt McDaniel, who owns Cooperative Coffee Roasters, also felt the impact of both the pandemic and Hurricane Helene while managing fluctuating coffee prices. Operating since 2019, he had no choice but to raise wholesale prices by nearly 18% due to rising costs.
"I definitely didn’t expect such volatility in the world," McDaniel said. Remarkably, he not only maintained his operations during these chaotic times but also expanded his roasting facility to add a café in 2024. "I didn’t think it would be smooth sailing, either," he added.
As Steele’s and McDaniel’s experiences demonstrate, the current economic uncertainty shouldn’t stop aspiring entrepreneurs from starting businesses in 2025. Cary Carbonaro, a certified financial planner, emphasized, "It’s always a good time to start a business — many successful companies were founded during tough economic times."
In a recent exploration of decision-making during uncertain times, a key focus was whether now is a wise moment to launch a business.
Businesses Thrive in Tough Times
Morgan Stanley highlighted several companies that originated during economic downturns, such as American Airlines in 1930 and Airbnb in 2008, showing that recessions can still breed success. "Adversity fuels innovation," noted Carbonaro.
Yet, starting a business requires careful planning and financial preparation. Carbonaro suggests having enough funds to sustain operations for a year without making a profit, in addition to a personal emergency fund covering three to six months’ expenses. She also recommends starting a side business while keeping your day job until you can consistently pay yourself.
Kenneth Chavis IV, another certified financial planner, advises entrepreneurs to ensure that starting a business aligns with their financial goals. "Ask yourself what is motivating your decision. Are you ready to face challenges? Many startups don’t survive beyond the first few years, so it’s crucial to have realistic expectations," he stated.
Exploring Resilient Industries
Some industries tend to withstand economic downturns better than others. Grant Sabatier, a financially savvy entrepreneur, points out that sectors like home services often remain steady, regardless of economic shifts. He believes that essential services like plumbing and electrical work are always in demand and can be highly profitable.
Sabateur also mentioned that childcare services remain crucial for working parents, while education and job training opportunities may increase as people seek to upskill during recessions. Mike Gardon, a business coach, encourages new entrepreneurs to focus on industries with robust growth and real-world solutions. "AI, for instance, offers significant opportunities for those who can leverage its potential," he added.
The Passion Behind Business Ventures
Finding something you are passionate about is vital for startup success. "You should be madly passionate about what you’re doing," Carbonaro emphasized. For McDaniel, that passion lies in roasting coffee beans, while Steele thrives on sharing outdoor experiences with visitors.
The notion that starting a business should feel more like play than work is crucial. Steele explains that the most challenging part for many prospective entrepreneurs is taking that initial leap. "If you feel the time is right, go for it," he advised.
Ultimately, both Steele and McDaniel believe there isn’t a perfect time to launch a business. It all comes down to personal readiness and opportunity. As McDaniel aptly put it, "The right time is when you feel you can do it."
