Carpentry Business Startup Cost Comparison
Wilmington, NC vs Chicago, IL
Wilmington, NC
$19,000 - $96,000
COL Index: 99.8
VS
Chicago, IL
$24,000 - $113,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Wilmington, NC | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$1,400 - $6,100 | $5,600 - $10,900 | -55% |
|
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
|
$900 - $9,100 | $2,000 - $19,600 | -54% |
|
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)
|
$3,000 - $15,000 | $3,200 - $16,200 | -7% |
| Total Estimated Cost | $19,000 - $96,000 | $24,000 - $113,000 | -16% |
Local Market Factors
| Factor | Wilmington | Chicago |
|---|---|---|
| Cost of Living Index | 99.8 | 107.8 |
| Commercial Rent ($/sqft/yr) | $14 - $28 | $25 - $65 |
| Labor Rate Index | 0.95 | 1.15 |
| Sales Tax | 7% | 10.25% |
| Minimum Wage | $7.25/hr | $15.80/hr |
| LLC Filing Fee | $125 | $150 |
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