Carpentry Business Startup Cost Comparison
Sioux Falls, SD vs Chicago, IL
Sioux Falls, SD
$18,000 - $91,000
COL Index: 92.5
VS
Chicago, IL
$24,000 - $113,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Sioux Falls, SD | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$700 - $3,300 | $5,600 - $10,900 | -76% |
|
Power Tools & Hand Tools
|
$5,000 - $25,000 | $5,000 - $25,000 | Same |
|
Work Vehicle & Trailer
|
$5,000 - $25,000 | $5,000 - $25,000 | Same |
|
Workshop or Shop Space
|
$800 - $7,800 | $2,000 - $19,600 | -60% |
|
Business Insurance (Annual)
|
$2,000 - $8,000 | $2,000 - $8,000 | Same |
|
Initial Materials & Supplies
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Marketing & Portfolio
|
$1,000 - $5,000 | $1,000 - $5,000 | Same |
|
Working Capital (3 Months)
|
$2,800 - $13,900 | $3,200 - $16,200 | -14% |
| Total Estimated Cost | $18,000 - $91,000 | $24,000 - $113,000 | -20% |
Local Market Factors
| Factor | Sioux Falls | Chicago |
|---|---|---|
| Cost of Living Index | 92.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $24 | $25 - $65 |
| Labor Rate Index | 0.9 | 1.15 |
| Sales Tax | 6.5% | 10.25% |
| Minimum Wage | $11.20/hr | $15.80/hr |
| LLC Filing Fee | $150 | $150 |
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