Cash is Shuffling into the Pockets of Entrepreneurs in Buffalo
Buffalo’s renaissance is in full swing. Now is the ideal time to explore the possibilities and see what the area can do for your new or existing organization. Here are five reasons why business is booming in Buffalo.
1. Resources
If you’re a budding entrepreneur or an experienced business owner, there are ample resources to help you start a business. There are research grants, low-interest loans, tax exemptions and all kinds of programs that can help you build a business plan, find the right location and apply for local licenses. Buffalo Niagara Enterprise maintains a database of resources provided by Start-Up NY, The Erie County Industrial Development Agency, Empire State Development and the Buffalo Small Business Development Center.
2. Location, Location
Buffalo has a great location for all kinds of trade. Organizations that export products and services have direct access to Toronto, which is Canada’s fastest growing economic area. Today, trade between New York and Canada is valued at $29 billion. Small businesses in many sectors can benefit from this strong relationship that has helped Buffalo grow for more than a century.
3. Community Bonds
Supporting local businesses is a priority for today’s Buffalonians. The community is known for its loyalty to the area’s 26,000 small businesses. Restaurants, breweries, pubs and gourmet sandwich shops have all found success by listening to their customers. Buffalo natives and new arrivals take a personal interest in the city’s growth and support this mission by patronizing local businesses in every sector.
4. The Ideal Millennial Audience
Millennials and businesses that cater to this demographic are at the forefront of Buffalo’s transformation. Between 2000 and 2012, the number of professionals between the ages of 24 and 34 increased by 34 percent. That places Buffalo’s growth over Los Angeles, Chicago and New York City. These hard-working residents are putting sweat equity into neighborhoods and revitalizing communities. Thanks to the city’s newest residents, formerly stodgy homes are getting a makeover, too.
5. Being Among Friends and Peers
In Buffalo, the community is focused on working together to make Erie County a better place to live and work. Entrepreneurs and consumers want local businesses to thrive. The Lexington Co-Op, which has over 10,000 fractional members, is one example of how residents help local businesses to succeed. Small businesses have a unique opportunity to capitalize on the city’s community spirit. Some entrepreneurs have turned to friends and family members to fund smaller business projects and to get things done in an unconventional way.
In Buffalo, the future is bright, and the possibilities are endless. If you’re looking for a place to live or start a business, Ellicott Development can help. To learn more, visit our home page, or contact us directly.
