Tech Startup Startup Cost Comparison
Duluth, MN vs Chicago, IL
Duluth, MN
$19,000 - $145,000
COL Index: 93
VS
Chicago, IL
$25,000 - $190,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Duluth, MN | Chicago, IL | Difference |
|---|---|---|---|
|
Incorporation & Legal Formation
|
$800 - $5,000 | $5,600 - $10,900 | -65% |
|
Legal & Intellectual Property
|
$2,000 - $15,000 | $2,000 - $15,000 | Same |
|
Computers & Hardware
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Software & Cloud Services
|
$1,000 - $12,000 | $1,000 - $12,000 | Same |
|
Office or Coworking Space (Optional)
|
$0 - $16,700 | $0 - $47,000 | -64% |
|
Marketing & Product Launch
|
$2,000 - $20,000 | $2,000 - $20,000 | Same |
|
Business Insurance
|
$1,000 - $5,000 | $1,000 - $5,000 | Same |
|
Working Capital & Runway (3-6 months)
|
$9,300 - $55,800 | $10,800 - $64,700 | -14% |
| Total Estimated Cost | $19,000 - $145,000 | $25,000 - $190,000 | -24% |
Local Market Factors
| Factor | Duluth | Chicago |
|---|---|---|
| Cost of Living Index | 93 | 107.8 |
| Commercial Rent ($/sqft/yr) | $10 - $22 | $25 - $65 |
| Labor Rate Index | 0.9 | 1.15 |
| Sales Tax | 8.875% | 10.25% |
| Minimum Wage | $10.85/hr | $15.80/hr |
| LLC Filing Fee | $155 | $150 |
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