Tech Startup Startup Cost Comparison
Peoria, IL vs Miami, FL
Peoria, IL
$18,000 - $137,000
COL Index: 85
VS
Miami, FL
$24,000 - $201,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Peoria, IL | Miami, FL | Difference |
|---|---|---|---|
|
Incorporation & Legal Formation
|
$700 - $5,000 | $2,600 - $9,500 | -53% |
|
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 - $13,600 | $0 - $47,000 | -71% |
|
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)
|
$8,500 - $51,000 | $12,800 - $77,000 | -34% |
| Total Estimated Cost | $18,000 - $137,000 | $24,000 - $201,000 | -31% |
Local Market Factors
| Factor | Peoria | Miami |
|---|---|---|
| Cost of Living Index | 85 | 128.3 |
| Commercial Rent ($/sqft/yr) | $8 - $18 | $25 - $65 |
| Labor Rate Index | 0.85 | 1.08 |
| Sales Tax | 9.5% | 7% |
| Minimum Wage | $14.00/hr | $13.00/hr |
| LLC Filing Fee | $150 | $125 |
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