Five Reasons Why Atlanta is a Great Place for Startups and Small Businesses

Image result for atlanta beltline mural

Atlanta Beltline, Brandon Sadler

 

Many leading companies and corporations already call Atlanta home. Fortune Magazine came out with its updated Fortune 500 list for 2017 last year. The list generated about two-thirds of the United States’ 2017 GDP with $12 trillion in revenue, and seventeen of them headquarters in Georgia. The list includes Home Depot, Delta, Coca-Cola, and UPS.

Atlanta is also one of the prime film and production locations in the country. With its rise of popularity from The Walking Dead, Baby Driver, Atlanta, Black Panther, and Stranger Things, the city is sure to see a surge of both revenue and recognition.

Find out why startup companies and small business should consider calling Atlanta home.

High in Minority Entrepreneurs

United States has  been referred to as the “salad bowl” or a “melting pot.” And Atlanta really is the epitome of a “salad bowl.” In 2014, Pew Research analyzed the minorities and majorities of major cities in the United States and concluded that a good portion of areas minorities are the majority since 1980.  According to Expert Market and Metro Atlanta Chamber of Commerce, Atlanta is ranked 3rd for the top 20 cities for minority entrepreneurs and ranked 1st in entrepreneurial spirit, respectively.

Atlanta Statistic
Expert Market

Minority Statistics in the United States

Around the metro Atlanta, not one single race or ethnicity is the majority, while black is the majority within the perimeter.

 

Low Startup Costs

Georgia has a relatively low sales tax, approximately at 7%, and low operational costs compared to the adjacent states. This is deemed attractive for many companies when you take into account building infrastructure, energy, and electricity.

Sales Taxes in the United States
Tax Foundation, 2017

 

Growing Fast

The quality of life and cost of living have contributed an influx of people settling down in Atlanta. In 2016, Atlanta receive an additional 90,650 people calling Atlanta their home, contributing to nearly 6 million people living in the metro Atlanta in 2017.

 

Atlanta's Population Growth from 2011-2016
AJC, 2017

 

Generous Tax Credits

In every state in the country, there are some areas that thrive and some areas that need improvement. With Georgia’s generous tax credits for businesses, businesses can not only scout for talented individuals residing minutes away from their headquarters and offices, but also reduce their tax liability to the State of Georgia. Most business owners are unaware or unfamiliar with the idea. All zip codes listed are within either the Georgia’s Opportunity Zone (OZ) or Less Developed Census Tract (LDCT). Companies in qualified areas may earn up to $3,500 in tax deduction per qualified employee!

Bank Foreclosure Sales

 

Ranked #1 for Doing Business

The Great Recession gave us a blow, but we are back. Economic development is competitive more than ever, evident from the growing amount of construction occurring. Georgia leads in the workforce training, global access, and infrastructure. Georgia’s talented workforce includes more than 6 million people, with 90,000 graduates from over 80 colleges, including Georgia Institute of Technology, University of Georgia, and Emory University.

“This makes Georgia the state to beat for the fifth consecutive year, and it signals to our readers and to the broader capital investment community that Georgia competes to win,” said Mike Arend, the editor-in-chief of Site Selection.

Georgia.org, 2018

 

 

What do you think are some of the reasons of moving to Georgia for business? Let us know!

 

 

 

 

For more information on Georgia Tax Credits, TRACS Group is a tax rebate and credit company that helps your CPA and your company reduce your tax liability. We are proud members of the Athens, Clayton, German-American, and Korea Southeast Business of Commerce. Please feel free to contact us at (855) 668-7227.