Med Spa Startup Cost Comparison
New Haven, CT vs Chicago, IL
New Haven, CT
$206,000 - $596,000
COL Index: 113.8
VS
Chicago, IL
$220,000 - $643,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | New Haven, CT | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Medical Licensing
|
$2,000 - $10,000 | $5,600 - $10,900 | -27% |
|
Commercial Lease (First + Last + Security)
|
$13,300 - $58,200 | $23,500 - $102,700 | -43% |
|
Medical & Aesthetic Equipment
|
$80,000 - $200,000 | $80,000 - $200,000 | Same |
|
Initial Injectable & Product Inventory
|
$15,000 - $50,000 | $15,000 - $50,000 | Same |
|
Medical Build-Out & Compliance
|
$44,000 - $132,000 | $46,000 - $138,000 | -4% |
|
Business & Medical Malpractice Insurance
|
$8,000 - $25,000 | $8,000 - $25,000 | Same |
|
Marketing & Patient Acquisition
|
$10,000 - $30,000 | $10,000 - $30,000 | Same |
|
Working Capital (3 Months)
|
$34,100 - $91,000 | $32,300 - $86,200 | +6% |
| Total Estimated Cost | $206,000 - $596,000 | $220,000 - $643,000 | -7% |
Local Market Factors
| Factor | New Haven | Chicago |
|---|---|---|
| Cost of Living Index | 113.8 | 107.8 |
| Commercial Rent ($/sqft/yr) | $16 - $35 | $25 - $65 |
| Labor Rate Index | 1.1 | 1.15 |
| Sales Tax | 6.35% | 10.25% |
| Minimum Wage | $16.35/hr | $15.80/hr |
| LLC Filing Fee | $120 | $150 |
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