Finance technology company SmartAsset has released its list of the cities with the lowest startup costs. For the first time, New Orleans graces the list in the #9 spot.
While most of the cities on the list remained the same from last year, New Orleans and Louisville knocked Orlando and Winston-Salem out of place.
To create the list, SmartAsset gathered data on 80 cities, ranking them on metrics including the cost of labor, office space, energy, legal and accounting fees, utilities and filing fees.
“New Orleans is a transportation hub, utilizing the Mississippi River to transport goods across the country. That means any new businesses which cater to that industry would be well placed here,” shared SmartAsset. “Along with transportation, New Orleans is a great tourist destination as well. Potential new startups may look to capitalize on that.”
SmartAsset estimates the cost of setting up a business with five full-time employees in a 1,000 square foot office space would be roughly $241,800.
Check out the full list here.