Lavender Farm Startup Cost Comparison
Peoria, IL vs Chicago, IL
Peoria, IL
$11,000 - $57,000
COL Index: 85
VS
Chicago, IL
$23,000 - $115,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Peoria, IL | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$4,500 - $22,600 | $15,700 - $78,300 | -71% |
|
Initial Supplies & Inventory
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Business Insurance (Annual)
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$2,600 - $8,500 | $3,200 - $10,800 | -21% |
| Total Estimated Cost | $11,000 - $57,000 | $23,000 - $115,000 | -51% |
Local Market Factors
| Factor | Peoria | Chicago |
|---|---|---|
| Cost of Living Index | 85 | 107.8 |
| Commercial Rent ($/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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