Lowest startup cost cities
1. Chattanooga 2. Wichita, Kan. 3. Greensboro, N.C. 4. Columbia, S.C. 5. Knoxville 6. Little Rock, Ark. 7. Memphis 8. Lexington, Ky. 9. Orlando, Fla. 10. Winston-Salem, N.C. Source: SmartAssets study of 80 U.S. cities for costs of starting a business Read the study: https://smartasset.com/mortgage/the-cities-with-the-lowest-startup-costs-2016-edition
Chattanooga has the lowest cost of any city to start a new business, according to a new study by SmartAssets.
In its second annual study, the online financial news service ranked Chattanooga as the lowest cost city among 80 U.S. communities studied for the first-year costs of starting a business with five employees in a 1,000 square-foot commercial office. The results matched Chattanooga’s lowest cost ranking in a similar study a year ago by SmartAssets.
Chattanooga had the lowest labor costs of any city and below average costs for office space, legal costs, filing fees and utilities of any U.S. city.
“We found that it would cost just $225,442 for a business owner with five employees and a 1,000 square foot office to run a first-year startup there,” SmartAssets spokesperson Kara Gibson said. “If you decide to start a business in the Gig City, you’ll be in good company. Many startups and accelerators operate there, including the Lamp Post Group and Gigtank 365.”