5 reasons that Atlanta is the next hot spot for entrepreneurs
The difference between success and failure for many start-ups is location. While globalization is at its peak, choosing the proper location can still be the determining factor in many of the areas your business needs to thrive.
Atlanta, deep in the heart of Georgia, has many advantages that its smaller neighbors lack. A robust infrastructure, a skilled workforce and access to a local customer base that companies based in New York or Los Angeles have yet to tap. Atlanta is a wide-open market waiting for entrepreneurs.
Although the Deep South is not usually considered the cutting-edge locale for business startups, Atlanta has several features that make it very attractive for almost any budding commercial business. There are very few startups that could not become successful based in Atlanta.
The top five reasons for basing your startup in Atlanta include:
1. Location, location, location
Atlanta is a world-class city with ready-made access to transportation, finance and corporate support. The city is home to corporations that have already used the city as a base for unexpected expansion and growth. The Home Depot, Veritiv and Coca-Cola are just a few of the Fortune 500 companies based in Atlanta.
2. Capital
In addition to being the corporate headquarters for SunTrust Banks, Atlanta is also host to regional headquarters of Wells Fargo, Bank of America and many smaller financial institutions. The city has a gross domestic product of $270 billion. Finding investors for startups is considerably easier when there is money available.
There is a lot of money in Atlanta and the state of Georgia has been a leader in progressive laws addressing crowdfunding. These laws simplify raising money in state, making Georgia even more attractive for small business owners and startups.
3. Tech Hubs
For its size, Atlanta has an enormous number of technology companies. In 2012, there were over 13,000 tech companies with at least a quarter of a million tech workers. The preponderance of technology companies gives startups an advantage over competition in less tech savvy areas.
Combined with the crowdfunding advantages in Georgia, the focus on technology makes it simpler to create and expand companies with a technological component.
4. Talented Workforce
The substantial number of current workers is supplemented by a steady stream of graduates from the many colleges and universities based in Atlanta. Georgia Tech, Georgia State University and Emory University all have advanced studies in technology or biosciences.
The city has had steady growth over the last decades bringing more talent to Atlanta. Talent that can be utilized by entrepreneurs to create and expand business opportunities.
5. Low Cost of Living
One of the biggest differences between starting a business in cities like New York or San Francisco and starting one in Atlanta is the cost of living. Very few businesses startup with full coffers and the ability to pay workers a premium wage to cover the cost of living in expensive areas. Atlanta, with all its advantages, has not yet fallen prey to inflated lifestyle costs.
According to the management of The Atlantic, an upscale residential skyscraper in downtown Atlanta, “The affordability of living in Atlanta is one of the major reasons that businesses can afford to start and expand in the current economy.”
These factors make Atlanta a prime location for startups and expanding current businesses. Modern technology is making the world a smaller place and new companies need every advantage they can get. Even if the advantage is being surrounded by Southern Hospitality in a location that understands what that means.
