STARTING A BUSINESS IN NEW MEXICO

Doing Business In New Mexico

Business facts:

New Mexico has a competitive advantage when it comes to energy, landscape, sheer space, geographic location, logistics, R&D and manufacturing. These factors are encouraging businesses to relocate to New Mexico, and activity is increasing in key areas such as energy, aerospace defense, tourism and food, advanced manufacturing, digital media and film production.

Small business and Startup environment

New Mexico has 143,909 small businesses, according to the most current federal data available. Of those 143,909 small businesses in New Mexico, 40,611 have employees. The remaining 103,298 are New Mexico small businesses that have no employees.

Dozens of new, homegrown businesses are emerging in Albuquerque and other hot spots across the state. Existing startups are growing, many infused with fresh capital from local and out-of-state investors. And some companies are hitting the fast track with expansions that could, over time, turn them into powerhouses in key, high-tech industries.

Many factors are contributing to the state’s startup momentum, including government assistance through Local Economic Development Act funding and the Job Training Incentive Program, along with more public and private venture investment boosted by the State Investment Council’s new Catalyst Fund. Other programs are also contributing, such as state “innovation voucher” grants for startups and more funding opportunities through the state-backed Technology Research Collaborative.

Major companies

State is home to large companies such as: Sandia National Laboratories, Los Alamos National Laboratory, The University of New Mexico, New Mexico State University, Presbyterian, Ernest Health, New Mexico Department of Health, Lovelace Health System, GCC, ST VINCENT HOSPITAL

STEPS TO STARTING A BUSINESS IN NEW MEXICO

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Step 1: Choose A Business Structure

The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).

The most common business structures are:

► Sole Proprietorship in New Mexico:

► New Mexico Partnership:

► New Mexico Corporation:

► New Mexico LLC:

Step 2: Choose The Right Business Name

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

Avoid hard-to-spell names.
Don’t pick a name that could be limiting as your business grows.
Conduct a thorough Internet search.
Search and purchase a domain name.
Use a name that conveys some meaning.
Conduct a trademark search.

Step 3: Register Your Business

Depending on the business structure you chose you will need to register your business.

New Mexico Resale license

New Mexico Business Entity Search

Step 4: Obtain an EIN Tax Number

With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.

Click Here to Apply for EIN number online

Get Inspired by these New Mexico Startups

Step 5: Open A Bank Account

– Open a business bank account:

Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
Makes accounting and tax filing easier.

– Get a business credit card:

Helps you separate personal and business expenses.
Builds your company’s credit history, which can be useful to raise capital later on.

Step 6: Licenses & Permits

Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).

Here are some links for New Mexico Businesses:

Selling products? Check New Mexico Resale Permit

Business Licensing for the State of New Mexico

Step 7: Branding & Marketing

Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.

Step 8: Establish a Web Presence

Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.

In addition to a website, you should also consider other avenues for promoting your business online: