Bar Startup Cost Comparison
Carmel, IN vs Chicago, IL
Carmel, IN
$87,000 - $361,000
COL Index: 106.5
VS
Chicago, IL
$100,000 - $409,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Carmel, IN | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Liquor License
|
$2,000 - $15,000 | $5,600 - $15,000 | -17% |
|
Commercial Lease (First + Last + Security)
|
$11,700 - $68,500 | $17,600 - $102,700 | -33% |
|
Bar Equipment & Fixtures
|
$15,000 - $60,000 | $15,000 - $60,000 | Same |
|
Initial Liquor & Beverage Inventory
|
$8,000 - $25,000 | $8,000 - $25,000 | Same |
|
Interior Build-Out & Renovation
|
$25,500 - $102,000 | $28,800 - $115,000 | -11% |
|
Sound System & Security
|
$5,000 - $25,000 | $5,000 - $25,000 | Same |
|
Business Insurance (Annual)
|
$4,000 - $12,000 | $4,000 - $12,000 | Same |
|
Working Capital (3 Months)
|
$16,000 - $53,300 | $16,200 - $53,900 | -1% |
| Total Estimated Cost | $87,000 - $361,000 | $100,000 - $409,000 | -12% |
Local Market Factors
| Factor | Carmel | Chicago |
|---|---|---|
| Cost of Living Index | 106.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $18 - $42 | $25 - $65 |
| Labor Rate Index | 1.02 | 1.15 |
| Sales Tax | 7% | 10.25% |
| Minimum Wage | $7.25/hr | $15.80/hr |
| LLC Filing Fee | $95 | $150 |
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