Having one of the most diverse terrains in the country, New Mexico is a beautiful and scenic state located southwest of the U.S. The state is a melting pot of rich cultural heritage, mainly influenced by the Spanish colonial era.
It is home to vibrant art scenes, cultural sites and one-of-a-kind art galleries that can only be found in the state and nowhere else in the world. Dubbed as the “The Land of Enchantment”, New Mexico will definitely charm you with its natural beauty, history, culture and events and its many museums and monuments.
Although ranked by Forbes Magazine in 2015 as 47th (bottom 6 overall for 3rd straight year) in the best states for business, in recent years, New Mexico’s economy showed steady progress and improvement. The state’s economy is mainly driven by oil and gas production, tourism and the federal government drive.
In a survey conducted by Thumbtack on nearly 8,000 businesses in 2015, New Mexico ranked 29th in overall business friendliness. In terms of ease when starting a business, New Mexico is ranked four. You can easily build your new startup here without any glitches. However, businesses in the state are highly regulated, employment, labor and hiring are closely monitored and licensing regulations are strict.
Generally, New Mexico’s business climate is quite challenging and competitive, but once you build and fully establish your startup within the state, it will prove to be a rewarding place for business. If you’re ready to sail the complicated waters of New Mexico’s business industry, here are 75+ resources that can help you!
The Women’s Economic Self Sufficiency Team or WESST is a statewide organization that aims to develop and train businesses within the state to grow New Mexico’s economy through entrepreneurship. The organization works hard to assist professionals and entrepreneurs alike to realize their dreams and bring about economic progress. WESST provides business training, business consulting and business resources and makes available business loans, a business incubator and a digital studio for aspiring entrepreneurs.
In cooperation with the U.S. Small Business Administration, SBDC or the Small Business Development Center, New Mexico provides hundreds of assistance programs for new businesses to enhance New Mexico’s economy. The organization offers online training and workshops and events to develop the entrepreneurial spirit of business owners within the state. Whether you’re a startup or an existing business, you can benefit from SBDC’s resources and partners.
Startup New Mexico together with Startup America is a joint effort to establish New Mexico as an economic force in the region. It encourages entrepreneurs to build and grow their business within the state, determine core business problems and needs and create effective and timely solutions to help entrepreneur thrive in New Mexico. Startup New Mexico focuses on the following areas: leadership, talent, network density and access to capital or financing.
The New Mexico Black Chamber of Commerce is dedicated to serve the state’s business community regardless of race and color. However, the organization focuses its attention on minority owned startups by increasing their chances, providing them with opportunities and ensuring the increase of jobs in New Mexico.
Created by the New Mexico Municipal League in joint venture with Finance Mexico, Business Grow It is an economic development initiative with the main goal to encourage the private sector in the state to make information and business resources available for entrepreneurs and small businesses. The organization aims to create awareness on federal, state and local business assistance programs which are readily available for small business owners.
Startup Santa Fe is both a public and private partnership between the City of Santa Fe and Creative Santa Fe. The main goal of the partnership is to create accessible entrepreneurial resources across New Mexico. Startup Santa Fe will connect you with the right people to make your vision a reality.
Clover Industrial Development Corporation’s mission is to initiate the development of business opportunities and encourage new businesses to strengthen the diverse economy of New Mexico. It also helps entrepreneurs gain access to capital and funding and create new opportunities for business growth.
The Albuquerque Economic Development is a government initiated agency that provides startup assistance to entrepreneurs who are planning to build and relocate their business within the state. The agency also helps you connect with the right talent, the right strategic partners and the right financial assistance program to help you build your dream business.
The Sandoval Economic Alliance is an organization that aims to provide entrepreneurs from Sandoval County the appropriate business resources and assistance to kickstart their business. The organization encourages businesses and entrepreneurs from around the country to start their ventures in the county by promoting their own economy.
The Los Amos Commerce and Development Corporation is a non-profit organization that uses the investments made by the public and private sector inorder to accomplish sustainable economic progress. The agency executes this plan by offering businesses a portfolio consisting of a wide range of programs and initiatives.
The Rio Rancho Regional Chamber of Commerce is a sub-division of the Small Business Development Center that provides various assistance programs and initiatives in the following areas: business expansion, business startup, business plan development, financing, accounting, marketing, tax and legal resources, government contracting and a lot more.
New Mexico State University in partnership with the SBDC is a government initiated program dedicated to providing small businesses with direct assistance, business education and numerous resources and links to strengthen the economy of the state. New Mexico State University provides free business management consulting, mentoring and training courses and procurement assistance.
The New Mexico Economic Development Department is a direct initiative of Governor Susana Martinez, governor of New Mexico and Secretary Jon Barela of Economic Development. The primary goal of the program is to improve, expand and maintain existing businesses within the state. Entrepreneurs can ask assistance anytime by filling out a customized assistance request form.
The Greater Albuquerque Chamber of Commerce is government agency that provides assistance to new businesses in the Greater Albuquerque Area. It has outlined effective steps to help entrepreneurs planning to start their enterprise within the county. The process starts with planning, research and actual building. The chamber also has other significant business resources available.
The Albuquerque Business First is an online business magazine that features local business news throughout the day. Apart from informing entrepreneurs and business owners of the latest news and events, Albuquerque First is also a business directory and a resource center where you can find plenty of useful tools and assistance.
If you’re planning to build a startup in New Mexico, but have no idea how, this straightforward 6-step guide will show you how simply it is to start a business in the state. It also introduces you to 6 practical and useful resources to make the entire process easier. Save yourself from all the headaches with this information-filled guide!
A Limited Liability Company is a form of business entity that will protect you and your business from future problems. If you want to incorporate your Indiana small business as an LLC, this simple 5-step guide will be able to assist you all throughout the process. The guide also has incredible resources which are not only affordable but will surely make things a lot easier for you.
A New Mexico DBA will enable you to use an alternative trade name other than your existing business name. You can also officially use a business name even if you’re not incorporated as long as you have a DBA in place. Filing a DBA is quite a challenge, however, with this 3-step guide, you’ll be able to obtain your DBA in no time.
Looking for financing is one of the most challenging tasks of starting a business. To be able to start your New Mexico startup right, you need to prepare enough financial resources. This guide will discuss 5 excellent funding resources that are available for you. It also provides links to the resources so you can immediately get started.
A New Mexico Registered Agent plays an important role in your business and it’s also a mandatory requirement to designate and maintain one for your business. This guide will inform you of the basic and additional requirements to look for when hiring a professional. You will also learn the functions of a registered agent from this guide.
Like an LLC, a corporation is a legal entity by which you can form your business during incorporation. As an owner of a corporation, you’ll be able to take advantage of numerous benefits and perks. If you’re a new entrepreneur, starting a corporation can be a little difficult, which is why you need to get all the help that you can. Follow this 6-step guide which will assist you in forming your corporation from start to finish.
The first step to secure your business as well as protect yourself is to incorporate it before the state of New Mexico. This easy-to-understand 4-step guide will guide you as you incorporate your business. It also has free to affordable resources that you can use to incorporate your startup faster.
The Service Corps of Retired Executives (SCORE) is an organization that aims to provide business owners and entrepreneurs with guidance through one-on-one business consultations, mentoring, coaching and business assistance. The organization has many professional volunteers who are highly qualified and experienced to give you the assistance that you need. With the main goal to educate new entrepreneurs, SCORE executes these programs efficiently to aid in economic development.
The U.S. Small Business Administration is a government agency and one of the largest providers of small business resources and assistance in the entire county. The goal of the department is to fully support small businesses across the country by making available local assistance programs, loans and business grants, business management trainings and seminars and a lot more.
Startup Savant is a free small business online magazine that features some of the best resources in the industry. With the aim to simplify entrepreneurship, the online magazine has hundreds of how-to guides, inspirational stories, tools and small business resources that can fast track your pathway to business success. It also features helpful articles on topics like incorporation, accounting and bookkeeping, business planning and a lot more!
Emtrepreneur.com is a complete business website that has everything that you need to know about business. From the latest business news, practices and trends in the small business industry, inspiring and motivational stories that will encourage you and numerous business tools and resources, Entrepreneur.com covers all aspects of entrepreneurship for you.
AllBusiness is a free online business magazine that aims to guide entrepreneurs like you who are trying to build a new business. If you need help during the initial stages or with sales and marketing, to finance, staffing, human resource and operations, AllBusiness has got you covered. The site also features a number of useful resources so you can jumpstart your small business.
Wealthy Gorilla is a business magazine that will truly inspire you to work harder in reaching your business or life goals. It features the most heart-warming true-life stories of people who were able to overcome their struggles as they venture into their respective passions. If you need real world guides and tips, Wealthy Gorilla has everything available for you.
Finance New Mexico is a public initiated program that enables entrepreneurs to connect to the right resources for their business to grow and thrive. Backed by both the public and private sector, Finance New Mexico gives entrepreneurs access to the best business building tools and connections. Through its business assistance program, you’ll be able to find low cost consultants, business mentors and the appropriate information to build your business.
The New Mexico Finance Authority is a financial firm that provides a variety of options to entrepreneurs who are looking for funding. The firm has loan participation programs, tax credits, private lending programs and commercial loan programs.
The Loan Fund is a non-profit organization that offers loans as well as other business assistance such as business consultations and training services for entrepreneurs and small businesses across New Mexico. The organization specifically caters to those who cannot obtain funding through traditional means such as banks and credit unions.
BizDoc Capital Group is a one-stop shop for everything related to business. The financial institution provides working capital to help small businesses and entrepreneurs thrive and grow in New Mexico. They offer you a customized financial package or a funding program fit for your working or financial needs.
Accion is an award winning non-profit organization fully committed to assist small businesses and new entrepreneurs by providing them with the tools and resources so they can start, operate and grow their business in New Mexico. The organization has available business credits, loan programs and other funding programs. They even offer training programs for aspiring entrepreneurs.
WomensNet is a financial organization that grants small business owners, specifically women, loans and other funding programs to help them build their dream business. The Amber Grant for Women is a highly recommended funding method that has provided working capital for many women in New Mexico.
GrantStar offers major grants in New Mexico where you can choose from a variety of financing options coming from private and government agencies. These grants however have different rules of compliance, patents and methods. GrantStar will assist you on decision making and choosing the best grants specific to your business needs.
The City of Albuquerque small business support department provides information and helps small business owners find the right loans and investors for their new startup. Its website introduces entrepreneurs to local funding resources which they can use to connect with the right agency or financial firm to provide them with the working capital and funding that they need.
Technology Ventures Corporation is a non-profit, charitable foundation that aims to create jobs, assist in business formation and provide equity funding to aspiring entrepreneurs in New Mexico. The organization helps in transforming ideas into a tangible business, hone entrepreneurial talents and skills, but most of all, they will secure the right investment specific to the kind of business an entrepreneur wants to build.
The Richard P. Feynman Center for Innovation is a government program that facilitates commercialization in New Mexico by accelerating and enhancing federal and state research investments. The program provides small gap financing, business assistance, grants and loans and other forms of funding support.
Century Bank is a private financial firm that provides funding resources for businesses of all size. The goal of the bank is to help entrepreneurs grow and expand their business to success. They have local commercial lenders who are willing to finance viable business ventures in New Mexico. Some of the available financing options at Century Bank include working capital, lines of credit, SBA and government enhanced loans and many others.
1st New Mexico Bank has a variety of commercial loan products and services which is offered to small business owners and entrepreneurs who want to start a new enterprise in New Mexico. 1st New Mexico has loans for purchasing a building, new equipment; it also offers line of credit, SBA loans, construction loans and a lot more. The bank has qualified and experienced commercial lending officers who will match entrepreneurs with the right financing option tailored to their business needs.
The Santa Fe Business Incubator is a non-profit economic development organization that helps local business owners and entrepreneurs start and build successful businesses. It aims to fully assist entrepreneurs by providing services such as short-term leases, an office building and a wide range of entrepreneurial support services such as networking events, access to numerous federal and state resources, seminars, trainings and workshops and free business and technical assistance.
The NMSBA program enables New Mexico small business owners who are experiencing difficulties while starting their ventures to gain access to the assistance and expertise of the Los Amos and Sandia National Laboratory. Business assistance is provided for free and entrepreneurs can ask for help from lab scientists and engineers for ventures that need testing and design as well as the use of special facilities and technology.
FatPipe ABQ is a collaborative and coworking space that brings startups and existing businesses together to create a unique and dynamic environment where new ideas are nurtured to thrive. With its state-of-the-art and modern facilities, like-minded professionals are able to develop their ideas and turn them into innovative businesses and ventures.
New Mexico Start-up Factory is one of the few business accelerators that aims to fill the gap between labs and startups. It has an innovative and effective model used to accelerate businesses and companies to commercialize existing technologies. These technologies are directly taken from research institutions where scientists validate the technology as well as its market and find the right team to build a viable technology company in New Mexico.
NM Partnership is a program of the New Mexico Economic Development Department. It is a one stop shop for locating the right resources as well as business incubators in New Mexico. The program has provided numerous options for entrepreneurs who are looking for the perfect business incubator for their new venture. NM Partnership also has available support for incentives, workforce training programs and real estate sites and buildings.
The South Valley Economic Development Center is a business incubator that provides state-of-the-art facilities, up-to-date resources and numerous training and mentorship programs that will enable entrepreneurs to grow and expand their small businesses in South Valley as well as New Mexico as a whole.
WESST Enterprise Center is a business incubator that provides operational support and business resources to emerging businesses inorder to accelerate their growth and ensure that they will be able to overcome the critical startup phase, fostering long-term success. The center is fully equipped to accommodate manufacturing, information technology and digital media. WESST is home to small business owners, technology, healthcare and biotechnology industries.
The Enterprise Center at San Juan College is a certified business incubator providing office and production spaces and business resources that helps entrepreneurs transform their ideas into successful businesses. The center guides small business owners as they start and grow their business. Some of the major services they offer include the following: business coaching and counselling, financing and loan funds, shared office equipment, facilities and other business support services.
The Arrowhead Center situated at New Mexico State University brings together professionals, entrepreneurs and researchers to formulate solutions to market problems and take advantage of the use of market opportunities. Arrowhead Center supports the commercialization of technology unveiled by researchers as well as assisting entrepreneurs explore the business market and monetize new solutions.
The Arrowhead Technology Incubator (ATI) helps small businesses establish a competent team which will enable them to build their business successfully. The business incubator also has available equipment and resources that are highly useful in turning business ideas into real ventures. It also provides entrepreneurs with workshops, trainings, seminars, networking programs, mentorship, assistance programs, capital distribution and office spaces.
The BioScience Center located in Albuquerque is a bioscience and life-science startup business incubator. It is a 19,500 square foot modern facility that has wet and dry laboratories, office and conference spaces. Entrepreneurs can select whether they want to become a resident or non-resident company. The BioScience Center has the following services: 24/7 access to lab spaces, unlimited use of conference spaces and a special place in the center’s website. Entrepreneurs are also given access to free mentorship, coaching, business consulting, shared reception and other business support programs.
ABQid is a short-term business accelerator program that spans 12 weeks. The program was made based on the Techstars accelerator curriculum. Small businesses and startups that are admitted to the program are given $20,000 for an equity of 6%. Financing is also given by the City of Albuquerque.
Creative Startups is a virtual accelerator program that targets the creative economy in New Mexico. It has a curriculum which is design based on thinking concepts and the lean startup technique. Startups are aligned with mentors and everything is done virtually. These startups meet for an intensive 5-day boot camp and more.
Ignite Community Accelerator is a business accelerator program that lasts for 12 weeks and equips entrepreneurs with necessary business skills to hasten the pathway of success quicker. The program provides training and mentorship to small business owners who are at the initial stages of building their startups.
Sage Accounting and business resources is a consultancy firm for financial management. Apart from monthly, quarterly and annual accounting services, Sage Accounting also offers tax planning and preparation. They also provide the following services: financial consultancy, tax strategy, business planning and human resources consulting.
David E. Webber, LLC is a small business accounting firm that provides bank reconciliation services, income statement preparation, balance sheet maintenance, general ledger maintenance and unlimited consultations to small business owners in New Mexico.
RPC, CPAs+Consultants, LLP is an innovative, responsive and client-focused accounting and business management firm that provides services in the following areas: tax compliance and planning, audit and financial reviews, accounting and bookkeeping services and business consultations.
ActionCoach is a business coaching company that shares the vision of small business owners and new entrepreneurs. Its main goal is to assist startups and grow them into giant enterprises which can generate jobs and enhance the economy of New Mexico. The company has business coaching and mentorship programs which are tailored and suited for your specific business needs.
Nick Leitch & Company is a full service business management and accounting company that helps entrepreneurs in tax preparation and planning, financial services, accounting and bookkeeping, payroll, campaign finance consulting, business consulting and specialized industries.
Briones Business Law Consulting is a new legal firm that provides services to businesses regardless of size. They offer some of the most unique services in New Mexico, this includes the following: in-house counsel services, general business and corporate matters, contract review and creation, collections, business mitigation, compliance issues, workers compensation and intellectual property.
Integrity Accounting and Consulting is a full service accounting firm that provides small business financial management to small businesses in New Mexico. Some of the services it offers include business process outsourcing services, tax preparation and management, virtual CFO services, financial internal controls, financial audit services and other industries.
Barraclough & Associates is a business consulting company that identifies opportunities to improve business efficiency and profitability for the New Mexico small business owner. To help entrepreneurs start and manage their business well, the consultancy firm offers services such as business valuation, litigation support and expert witness and exit and succession planning. They also have other business related services being offered.
Dianne Goodman, CPA is a business accounting firm that aims to help small businesses place their business finances in order. The firm has services which include business income tax preparation, payroll management, entity selection, business succession and planning, corporate retirement plan, accounting, sales tax reporting, business management issues, IRS and state tax solutions and many others.
James A. Dinkel, P.C. is reliable and credible accounting service company for small businesses and nonprofit organizations. It provides tax planning and preparation, financial statement preparation, accounting and bookkeeping, payroll processing and payroll tax reporting.
Butler and Company,CPA is small business accounting firm that provides tax planning and preparation services, financial statement preparation, client accounting, payroll processing, entity selection, profitability and growth strategy consultation and other business planning services.
Terry J. Zelin, CPA is a dedicated accounting firm located in Albuquerque New Mexico. It offers numerous services to small businesses in the city which includes accounting, auditing, construction accounting, financial planning, small business accounting, tax planning and preparation and a lot of other services.
Secular and Associates is a small business accounting service that caters to commercial startups and firms in New Mexico. They specifically specialize in accounting and bookkeeping, payroll management and maintenance, Quickbooks accounting services, tax preparation, IRS help services and legal representation for business issues.
IQ Business Management is a business accounting company which is dedicated in rendering accounting services to startups and small businesses in New Mexico. The company understand the struggles of new businesses when it comes to business planning, capital needs, entity selection, cash flow management and budget and a lot of other processes involved in building a business. To help entrepreneurs get started, IQ Business Management has services to address all these needs.
Sterling Business Services, LLC is a tax and small business accounting service that provides entrepreneurs with services such as income tax preparation and filing, personal and small business accounting, gross receipts filing, 940 and 941 filing, profit and loss reports and financial reconciliations.
Law 4 Small Business is a law firm based in Albuquerque New Mexico, however, they can also service other jurisdictions. The firm offers a wide range of services which include Contracts preparation,contract reviews, buying/selling a business, business formation, trademarking, filing a copyright, dispute resolution, demand letters and more.
The Jones Firm is a law office with over 16 years of experience servicing small businesses across New Mexico. The firm has expert lawyers which can assist you in any of the following areas: business contract formation, business contract negotiation, business disputes, business formation, business dissolutions, contract agreements and disputes, buy/sell agreements and operating and ownership agreements.
Business planning is an essential part of starting a business; however, many entrepreneurs think otherwise because they feel like a business plan is an outdated way to build a startup. Contrary to this belief, a business plan is actually a powerful tool that will enable you to start your business in the most organized and efficient way possible. It will also help you determine if your startup is financially feasible or generally viable or not.
If you want to write your own business plan but you don’t have the tools and resources to do so, LivePlan is one of the best business plan softwares in the market. The business plan software will assist you while writing every section of your plan so you don’t have to worry about anything.
Incorporation is legal process that allows you to structure your business as an entity to that it can become a separate and independent entity, one with its own rights and transactions. Once incorporated, you will no longer be liable or accountable for anything related to your company, for instance debts and lawsuits.
However, the process of incorporation is not an easy task, most especially for the first-time business owner or new entrepreneur. To be able to complete the process without lifting a finger, you can use the assistance of online incorporation services such as Incfile, MyCorporation and CorpNet, they’re three of the best in the industry!
A business website is imperative in today’s highly competitive business market. Almost every business, whether a startup or a fully established enterprise has one or more business websites that represent their message and branding. A website is actually an excellent and affordable marketing strategy that will enable a company to reach even the most geographically dispersed clientele.
With the advancement in technology, owning a professional business website is no longer that difficult. All you have to do is pay a few dollars, wait for a few days or less and you’ll get the business website that you want. This is made possible by web building tools like Bluehost and Rainmaker, they’re two of the best so if you need some assistance.
Accounting and bookkeeping are two of your most important responsibilities as a business owner. To make sure that you survive in the business industry, you need to avoid bankruptcy at all cost and the only way to do this is if you have an efficient accounting routine or system in place. However, not all business owners or entrepreneurs are bound for accounting. If you belong to this category yet you want to stay hands-on as much as possible, using Xero, QuickBooks and FreshBooks is your best option. Check out these three now!
New Mexico is slowly climbing the rankings of Western business locations and new studies have named it as one of the states with the lowest effective tax rates.
To boost its business industry and overall its economy, the state of Mexico has lowered its taxes, improving exports and establishing relationships with government leaders across the borders of Mexico.
Apart from this, NM is continuously improving its infrastructures and preparing its workforce for the needs of the business sector. In the 2016 State Business Climate Index reported by the Tax Foundation, NM ranked 35th.
New Mexico’s corporate tax component, improved to eight places from 35th to 27th place, attracting many entrepreneurs to build, grow and relocate their businesses within the state. It further showed that this margin will slim down to 5.9% by 2018, boosting New Mexico’s standing even more.
Having said all these, it’s safe to say that New Mexico’s progress is creating a positive impact in the state’s small business industry. To add to this, public and private sectors as well as its state government has prepared plenty of useful business resources to help entrepreneurs like you start your business in the state with ease. Take advantage of these resources now and jumpstart your New Mexico small business!