Launching a startup doesn’t have to cost a fortune.
In a recent study by SmartAssets, 80 cities across the U.S. were surveyed to uncover the least expensive places to start a business — taking into account first-year costs, legal and accounting fees, payroll and overhead expenses. The numbers were estimated based on a company of five employees in a 1,000 square-foot office space. The study also looks at the most expensive cities for a new business, which no surprise include San Francisco, Washington D.C. and New York.
Forget Silicon Valley, your best bet is to start small. Cities such as Chattanooga, Tenn., Wichita, Kan., and Knoxville, Tenn., are featured in the five least expensive places to launch. With lower rental prices, taxes and corporation costs, these tight-knit communities are a safe bet to jumpstart your new business’ success. And as ideal as those big cities sound, they’ll be sure to put a dent in your bottom line.
So if you’re in search for the perfect location to launch your next venture, here’s a list of the least and most expensive cities to start a business.