10 Simple Steps
Professional business planning has a ton of perks, you know, like helping you get what you want from your business; to get the most out of it! Better cash flow, clearer objectives, and improved management aren’t too shabby either. For these reasons, among others, this is your first logical step to building a successful platform.
Take Action: Seize upon our free and easy email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide tons of other great tools along the way.
Once your foundational plan is built and ready to evolve, it’s time to choose your business structure in the eyes of the law so you can incorporate and in the process secure your brand name by filing it with the state. Take your time investigating different biz-entities so you can leverage the best one for your ambitions. Without legal help, modern incorporation providers REALLY come in handy here.
Take Action: As this part of starting a business can be rather sensitive, we’ve developed quick-guides for the most popular entities if you want to skip over to those.
From planning and incorporation to establishing your company’s tax identity, now we’re moving like a tourist who chomped down on the wrong pepper. New Mexico has its incentives and credits but through this process you’ll get specific to industry and location, be it physical or exclusively online.
Take Action: The New Mexico Taxation and Revenue Department has all the goodies on their Business Taxpayer’s pages.
Unlike Carlsbad Caverns, New Mexico’s regulatory landscape isn’t too hard to navigate, especially if you have expert help in your enchilada. One of the primary reasons why is because there’s heavy presence of government and private research facilities in the state. Now that’s tough. For your new small business, you’ve got two options:
Okay, so you’ve built your plan, secured your brand name, incorporated, and established your brand’s tax identity. Now it’s time to set up your financials. The first step is finding a base of operations with the best bennies and then creating a business account completely separate from your personal accounts. Don’t make the mistake is mixing the two because that Pueblo won’t stand the test of time.
Weather-wise, we’re talking about a state with a range of -50 degrees all the way up to 122! So what’s it going to be, huh, the mystical mesas of Los Alamos or the bustle of Farmington? Or maybe you’re headed straight for Rio Rancho, New Mexico’s economic hub of Sandoval County. Do keep in mind that according to most, Santa Fe has the highest quality of life scores because of median household income and a snappy commute.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
Did you know that from where we’re sitting after working with countless entrepreneurs, the hardest part about securing funds seems to be generating the nerve to go for it! Most often folks just aren’t sure where or how to look. Thing is, New Mexico is overflowing with funding and financing and that doesn’t include digital options like Social Lending or CrowdFunding.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like hot air and balloons (FYI: Albuquerque is the hot air balloon capital of the US). You can also browse our guide on How to Finance a Business to start generating ideas.
If you don’t already have this in the bag, then our hat’s off! For most though it’s a challenging part of modern business. Just simplify and optimize. At the end of the day all biz-sites are for, aside from ecommerce, is to primarily give people a place to investigate your brand.
Take Action: If you could use some help in this department the first step is finding the right platform, which thankfully there aren’t too many yet. Head on over to this easy Business Website Builder Guide to get a head start.
There really is no right or wrong way to market. There are only methods that either a) increase your cost-per-acquisition (of clients/customers/users) or decrease them. Furthermore, there are methods that either bring you closer to your ideal niche or pull you further apart. Half of success is recognizing the differences and acting on them.
Take Action: Before investing in anything involved with marketing, take your biz-owner hat off! Completely off! Instead, look at it through your ideal client or customer’s eyes. Look at it from the perspective of someone who HATES conventional/mainstream advertising (aka most modern consumers and professionals).
Steps 1 through 9 are pretty much the bread and butter of running a business in New Mexico. But please do consider Startup Savant as one of your reliable resources for tools and motivating info to keep you chugging along with a savvy touch.
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories directly from ambitious professionals like you.
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