LEXINGTON, Ky. —SmartAsset has unveiled their 2018 list of cities with the lowest startup costs, a list which sees Lexington and Louisville place 6th and 10th, respectively.
Famously, Apple started out of a garage with little up-front cash. But your typical startup requires more than just some empty space and a brilliant idea. To create a successful company, you need some money to pay for office space, employees and everyday bills from utilities to legal fees. This can dampen entrepreneurs’ ability to bring their business ideas to life especially if they don’t have much capital in their savings account. Imagine trying to start a new company in San Francisco with its exorbitant cost of living. Below we look at a slew of factors to rank the cities with the lowest and highest startup costs in the country.
To rank the cities with the lowest startup costs SmartAsset looked at data on a variety of metrics that affect businesses including the cost of filing fees, office space rentals, utilities, lawyers, accountants and payroll for five employees. View a more detailed breakdown of their methodology and sources here.