SALT LAKE CITY — Utah recently ranked number one in the country as the least expensive state to start a business. That ranking is no surprise for the business owners FOX 13 News spoke to.
According to Simplify LLC, Utah claims the top spot as the least expensive state to start a business thanks to being consistent in a few different areas. Including the second best SBA lending in the nation, a high labor force participation rate, a low LLC filing fee, and a moderate corporate income tax rate.
Enrique Loza, a co-owner of Zallzo Wholesale in Millcreek, agrees that Utah is definitely a business-friendly state. From clothing to luggage, bikes to furniture, Zallzo Wholesale probably has what you’re looking for, all at discount prices. They opened in December 2023, meaning they’re past the critical one-year mark when, typically, 20% of new businesses fail.
For co-owner Gina Gulgulian, the business is so far so good, "It was not easy, that’s for sure! But we did crunch it in a matter of six months, putting it together."
Loza grew up in California but moved to Utah nearly 2 decades ago. He says this would’ve been more difficult and taken more time back home.
“I opened up my first business here and taxes are way cheaper than most states," he explained. "It’s very business-friendly. What we noticed, with the banks, too, they are very helpful, very pro business.”
Loza isn't surprised about Utah's business ranking.
“I think in other states you’re just a number, the bigger the state the harder it is to do what we did.”
Now that they are surviving, Gulgulian says the team at Zallzo hopes word-of-mouth will allow them to thrive.
"When the people do come, they end up coming back and end up telling somebody else about our store,” she said.
But Gulgulian and the team say the grind is made easier when you have fewer licensing obstacles and red tape to deal with.
