Nail Salon Startup Cost Comparison
Memphis, TN vs Chicago, IL
Memphis, TN
$31,000 - $124,000
COL Index: 87.6
VS
Chicago, IL
$43,000 - $165,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Memphis, TN | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Cosmetology License
|
$1,300 - $4,400 | $5,600 - $10,900 | -65% |
|
Commercial Lease (First + Last + Security)
|
$3,100 - $15,700 | $7,000 - $35,200 | -55% |
|
Nail Stations & Equipment
|
$8,000 - $35,000 | $8,000 - $35,000 | Same |
|
Initial Products & Supplies
|
$2,000 - $6,000 | $2,000 - $6,000 | Same |
|
Interior Build-Out & Renovation
|
$6,800 - $29,800 | $9,200 - $40,300 | -26% |
|
Business Insurance (Annual)
|
$1,500 - $5,000 | $1,500 - $5,000 | Same |
|
Marketing & Grand Opening
|
$1,500 - $6,000 | $1,500 - $6,000 | Same |
|
Working Capital (3 Months)
|
$7,000 - $21,900 | $8,600 - $27,000 | -19% |
| Total Estimated Cost | $31,000 - $124,000 | $43,000 - $165,000 | -25% |
Local Market Factors
| Factor | Memphis | Chicago |
|---|---|---|
| Cost of Living Index | 87.6 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $28 | $25 - $65 |
| Labor Rate Index | 0.85 | 1.15 |
| Sales Tax | 9.75% | 10.25% |
| Minimum Wage | $7.25/hr | $15.80/hr |
| LLC Filing Fee | $300 | $150 |
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