Music School Startup Cost Comparison

Boca Raton, FL vs Chicago, IL

Boca Raton, FL

$30,000 - $145,000

COL Index: 118.5

VS

Chicago, IL

$34,000 - $153,000

COL Index: 107.8

Detailed Cost Comparison

Expense Boca Raton, FL Chicago, IL Difference
Business Registration & Licenses
$2,500 - $9,000 $5,600 - $10,900 -30%
Studio Lease (First + Last + Security)
$6,400 - $35,400 $7,800 - $43,000 -18%
Soundproofing & Studio Build-Out
$5,600 - $28,000 $5,800 - $28,800 -3%
Musical Instruments & Equipment
$5,000 - $25,000 $5,000 - $25,000 Same
Technology & Software
$1,000 - $5,000 $1,000 - $5,000 Same
Business Insurance (Annual)
$1,500 - $5,000 $1,500 - $5,000 Same
Marketing & Student Recruitment
$2,000 - $8,000 $2,000 - $8,000 Same
Working Capital (3 Months)
$5,900 - $29,600 $5,400 - $27,000 +10%
Total Estimated Cost $30,000 - $145,000 $34,000 - $153,000 -6%

Local Market Factors

Factor Boca Raton Chicago
Cost of Living Index 118.5 107.8
Commercial Rent ($/sqft/yr) $24 - $50 $25 - $65
Labor Rate Index 1.12 1.15
Sales Tax 7% 10.25%
Minimum Wage $13.00/hr $15.80/hr
LLC Filing Fee $125 $150

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