Starting A New Business?
New Orleans ranked in the top 10 for lowest startup costs in the USA
NEW ORLEANS – New Orleans has been named as one of the top cities with the lowest startup cost in the country for 2017.
In a recent analysis released by the online financial hub SmartAsset, New Orleans ranked No. 9 in the top 10 among Memphis, Tennessee; Little Rock, Arkansas; and Columbia, South Carolina.
To create the list, SmartAsset gathered information on 80 cities throughout the US with metrics including cost of labor, office space, legal and accounting fees, utilities and filing fees.
"New Orleans is a transportation hub, utilizing the Mississippi River to transport goods across the country," says the report. "That means any new businesses which cater to that industry would be well placed here. Along with transportation, New Orleans is a great tourist destination as well. Potential new startups may look to capitalize on that.
"Overall, we estimate that the cost of setting up and running a startup with five full-time employees with 1,000 square feet of office space would cost about $241,800 in the Big Easy."
– by Biz staff writer