Greensboro rises to No. 3 from No. 8 and Winston-Salem cracks the top 10 in a new survey ranking cities for lowest startup costs.

The survey is the second annual report compiled by website SmartAsset.

“To find the cities with the lowest startup costs, SmartAsset looked at 80 of the largest U.S. cities. We ranked each city after adding up the costs that a new company would cover in its first year of operation, including filing fees, legal and accounting fees, payroll costs and the cost of utilities,” the website reports.

“The expenses that we considered in our analysis were the same ones that we used in our 2015 study.

“Our calculations are based on the cost of running a business with five employees and leasing out a 1,000 square foot office space. Note that the total startup costs are not averages, but rather a comparison of what it would cost to operate a generic business in each of the cities in our study (based on assumptions that do not necessarily apply to every startup).

“Also, note that the number of cities that we could use in our study was limited by the availability of data on legal fees and office lease rates.”

Chattanooga topped the list followed by Wichita.

Check chart with this blog for the entire top 10.

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