Gift Shop Startup Cost Comparison
Chicago, IL vs Miami, FL
Chicago, IL
$39,000 - $179,000
COL Index: 107.8
VS
Miami, FL
$36,000 - $180,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Chicago, IL | Miami, FL | Difference |
|---|---|---|---|
|
Business Registration & Permits
|
$5,600 - $10,900 | $2,600 - $9,500 | +36% |
|
Commercial Lease (First + Last + Security)
|
$7,000 - $52,800 | $7,000 - $52,800 | Same |
|
Initial Inventory
|
$10,000 - $40,000 | $10,000 - $40,000 | Same |
|
Store Build-Out & Display
|
$5,800 - $34,500 | $5,400 - $32,400 | +7% |
|
POS System & E-Commerce
|
$1,000 - $5,000 | $1,000 - $5,000 | Same |
|
Business Insurance (Annual)
|
$1,200 - $4,000 | $1,200 - $4,000 | Same |
|
Marketing & Seasonal Promotion
|
$1,500 - $8,000 | $1,500 - $8,000 | Same |
|
Working Capital (3 Months)
|
$6,500 - $23,700 | $7,700 - $28,200 | -16% |
| Total Estimated Cost | $39,000 - $179,000 | $36,000 - $180,000 | +1% |
Local Market Factors
| Factor | Chicago | Miami |
|---|---|---|
| Cost of Living Index | 107.8 | 128.3 |
| Commercial Rent ($/sqft/yr) | $25 - $65 | $25 - $65 |
| Labor Rate Index | 1.15 | 1.08 |
| Sales Tax | 10.25% | 7% |
| Minimum Wage | $15.80/hr | $13.00/hr |
| LLC Filing Fee | $150 | $125 |
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