Pawn Shop Startup Cost Comparison
Norfolk, VA vs Chicago, IL
Norfolk, VA
$33,000 - $128,000
COL Index: 97.6
VS
Chicago, IL
$56,000 - $220,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Norfolk, VA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$16,500 - $66,100 | $39,100 - $156,500 | -58% |
|
Initial Supplies & Inventory
|
$7,500 - $30,000 | $7,500 - $30,000 | Same |
|
Business Insurance (Annual)
|
$500 - $4,000 | $500 - $4,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$7,300 - $19,500 | $8,100 - $21,600 | -10% |
| Total Estimated Cost | $33,000 - $128,000 | $56,000 - $220,000 | -42% |
Local Market Factors
| Factor | Norfolk | Chicago |
|---|---|---|
| Cost of Living Index | 97.6 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $26 | $25 - $65 |
| Labor Rate Index | 0.96 | 1.15 |
| Sales Tax | 6% | 10.25% |
| Minimum Wage | $12.41/hr | $15.80/hr |
| LLC Filing Fee | $100 | $150 |
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