Wichita has the third-lowest business start-up cost average in the nation, according to a recent report from a personal finance advice website.
After compiling data from more than 80 U.S. cities, New York-based SmartAsset reported that it would cost about $228,700 during the first year to start a business with five full-time employees in a 1,000-square-foot space in Wichita, showing the city as slightly less affordable than Chattanooga, Tenn., and Columbia, S.C. The website took into account expenses like filing fees, office space, utilities, legal and accounting expenses and payroll, according to the report.
Wichita was the only city west of the Mississippi River to be ranked as one of the top 10 most affordable start-up markets. In its findings, SmartAsset noted the low cost of office space – about $14,550 annually for 1,000 square feet – in the city.
Most of the affordable cities listed are found in the Southern U.S., while the top 10 expensive start-up cities – including San Jose, Calif., which was listed as the most expensive – were all located on the east or west coast. In San Jose, the first-year cost of business for a start-up with five employees would be about $423,000, or nearly twice as much as in Wichita, according to SmartAsset.
SmartAsset is based in New York City. To view the full report, visit www.smartasset.com.