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Columbia Ranked Fourth in Lowest Startup Costs in the Nation

Columbia, S.C. was recently ranked fourth in the nation in a review of 80 cities with regards to lowest startup costs, according to a study from online financial analysis group SmartAsset.

The study found that in its first year of business, a company in Columbia with at least five employees and a 1,000 square foot office space can expect to spend a total of $232,541. This number includes filling fees, office space, utilities, legal services, accounting and payroll. That’s 5.3% lower than what it would cost to start that same company in Charleston, and 17.8% percent lower than the national average.  The study also mentions the fact that local universities and colleges provide a great workforce pool as factors that can contribute to a company’s success.

“We’re proud to be featured in SmartAsset’s Top 10 Cities with the Lowest Startup Cost” said Ryan Coleman, Economic Development Director for the City of Columbia.  “Our city offers a great value proposition in both startup costs and cost of living below the national average.  As we continue to focus on entrepreneurship and small business development, I hope to see our ranking improve in years to come.”

Details on the study, including full methodology and rankings, can be found here: https://smartasset.com/mortgage/the-cities-with-the-lowest-startup-costs-2016-edition.

 

 

About the City of Columbia Office of Economic Development

As the leading economic development agency for the City of Columbia, the office focuses on recruitment of new business, retention and expansion of existing industry, and support of job growth through entrepreneurship and innovation.  Columbia, South Carolina is one of the fastest growing cities in the Southeast and an ideal place for commercial development.  With a world class workforce, high quality of life, low cost corporate environment, and an extensive transportation infrastructure, Columbia is positioned to assist companies in gaining the competitive edge in the global marketplace. For more information about the Office of Economic Development, click here.

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