Dance Studio Startup Cost Comparison
Peoria, IL vs Chicago, IL
Peoria, IL
$22,000 - $104,000
COL Index: 85
VS
Chicago, IL
$38,000 - $170,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Peoria, IL | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$700 - $3,300 | $5,600 - $10,900 | -76% |
|
Studio Lease (First + Last + Security)
|
$2,800 - $17,000 | $9,800 - $58,700 | -71% |
|
Studio Build-Out
|
$6,800 - $29,800 | $9,200 - $40,300 | -26% |
|
Sound System & Equipment
|
$2,000 - $8,000 | $2,000 - $8,000 | Same |
|
Dancewear & Merchandise Inventory
|
$1,500 - $6,000 | $1,500 - $6,000 | Same |
|
Business Insurance (Annual)
|
$1,500 - $6,000 | $1,500 - $6,000 | Same |
|
Marketing & Student Recruitment
|
$2,000 - $10,000 | $2,000 - $10,000 | Same |
|
Working Capital (3 Months)
|
$5,100 - $23,800 | $6,500 - $30,200 | -21% |
| Total Estimated Cost | $22,000 - $104,000 | $38,000 - $170,000 | -39% |
Local Market Factors
| Factor | Peoria | Chicago |
|---|---|---|
| Cost of Living Index | 85 | 107.8 |
| Commercial Rent ($/sqft/yr) | $8 - $18 | $25 - $65 |
| Labor Rate Index | 0.85 | 1.15 |
| Sales Tax | 9.5% | 10.25% |
| Minimum Wage | $14.00/hr | $15.80/hr |
| LLC Filing Fee | $150 | $150 |
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