The costs of running a business can really add up, but where you run your business can make a big difference too. SmartAsset did a study of 80 cities to determine which had the highest and lowest startup costs, and its finding revealed some trends.
Cities with the Lowest (and Highest) Startup Costs
Tennessee Can Keep the Costs Down
Of the top 10 cities with the lowest startup costs, three of them are located in the state of Tennessee.
Big Cities Cost Big Bucks
While living and working in a big city can be rewarding for networking and certain market opportunities, it comes at a price.
10 Cities With the Lowest Startup Costs*
Chattanooga, TN $225,442
Wichita, KS $232,057
Greensboro, NC $232,326
Columbia, SC $232,541
Knoxville, TN $232, 620
Little Rock, AR $233,877
Memphis, TN $234,524
Lexington, KY $234,945
Orlando, FL $236,513
Winston-Salem, NC $237,983
10 Cities With the Highest Startup Costs*
San Jose, CA $439,831
San Francisco, CA $422,455
Washington, DC $395,017
New York, NY $384,389
Boston, MA $378,436
Bridgeport, CT $356,853
Oakland, CA $346,241
Seattle, WA $345,615
Trenton, NJ $336,611
Newark, NJ $328,396
*Costs account for filing fees, office space, utilities, legal & accounting, and payroll.
References
Dixon, A. (August 10, 2016). The Cities with the Lowest Startup Costs — 2016 Edition. Retrieved March 8,
2017 from https://smartasset.com/mortgage/the-cities-with-the-lowest-startup-costs-2016-edition
Eddie Rybarski
Eddie Rybarski is a Senior Copywriter for Enova International. Formerly a multimedia journalist, his work has been featured in various local news outlets. Eddie received his certification for financial education instruction from the National Financial Educators Council.
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