Want to Start a Business in New Mexico?
Last Updated: By TRUiC Team
This page is dedicated to the best resources for starting a business in New Mexico.
Learn more about how to start a business in New Mexico.
Or simply use a professional service and start your business today:
Business Resources in New Mexico
Find the best resources to help create your informal business structure (sole proprietorship or partnership), corporation (S corp or C corp), limited liability company (single-member LLC or multi-member LLC), or how to file a DBA in New Mexico.
Use the following business resources in New Mexico to learn how to choose the best LLC services, file the Articles of Incorporation, obtain an Employer Identification Number (EIN), and decide whether you should be your own registered agent or if you should hire a third-party registered agent service.
Becoming an Entrepreneur in New Mexico
Just Starting Out
Every New Mexico business starts out with a great idea. To get inspiration, you can try our business idea generator that can suggest businesses for you based on your interests and lifestyle.
Once you've found the perfect idea, it's time to create a game plan for your business. This step helps lay a solid foundation for the future of your company. You can move on to planning out your business with our business plan generator or simply browse our selection of startup ideas. We also have several helpful guides for planning out your business:
Coming Up With a Name
One of the most important decisions you will make for your business is coming up with a name and then seeing if it is available in New Mexico. We have several naming tools and guides to help you get started with finding the perfect name for your New Mexico startup, small business, nonprofit or corporation.
Different Types of Business Formation
A business structure refers to how a business is legally organized. The type of business structure you choose to form your business with can affect how your company is regulated, taxed, and more. Because of this, choosing the best structure for your business is an important decision to make. Below are guides on the different business structures you can choose to form your company so you can learn how to form a business that works best for you.
Forming Your New Mexico Business
Now that you’ve created a business plan, found a name and chose your New Mexico business structure, it's time to form your business. This process might seem complicated, but it doesn't have to be. And if you want to save time and have someone else handle the paperwork, you can use one of our recommended services, like ZenBusiness, which will help to form your company for you or you can form it yourself using our helpful guides and tools.
This New Mexico Checklist for Starting an LLC covers the necessary steps you need to take when you create your LLC.
Here are the required documents and forms you may need to help you get your business up and running in New Mexico.
Highly Recommended Services for Your Business
Depending on the type of business structure your choose and how large your business is, you may also want to consider using the following services for your New Mexico startup:
A New Mexico registered agent is a person or business that sends and receives legal papers on behalf of your company. These documents include official correspondence like legal summons and state filing notices.
New Mexico requires every business to nominate a registered agent when forming a small business. Your registered agent must be a New Mexico resident or a corporation authorized to conduct business in that New Mexico.
We also recommend hiring a professional registered agent service to provide you with peace of mind and help you stay compliant with the law.
You can probably think of a dozen different companies in New Mexico whose brands play an important role in your daily or professional life. Maybe you only buy certain brands or prefer to buy your groceries at one supermarket chain over another. Your dedication to these companies is primarily a result of one thing: their branding. Our branding guides and tools will go over the importance of branding your small business and provide some tips for getting started.
Financing Your New Mexico Business
Small business finance is the raising and managing of funds to finance and operate a new small business. This includes banking, small business accounting, building business credit, and raising funds for your business.
When planning your New Mexico business, you should determine what types of business funding options your company will need and when. Whether you are starting a low-cost business or starting a high-growth startup, knowing when to get funding and what kind of funding you need is important.
Setting Up a Bank Account
Opening a business checking account is one of the first things you will need to do as a new business. Business banking is a fundamental asset protection requirement for every business and, depending on your needs, may include checking accounts, savings accounts, credit cards, and merchant accounts.
Every new and small business needs a business bank account to pay their business insurance, take care of payroll, collect money, and enroll with a merchant account to accept credit card payments.
Check out our guide on the Best Banks for Small Business for help finding a banking account for your business.
Getting a Business Credit Card
Small business credit cards are designed for professional use and provide a line of credit to small businesses while helping to maintain personal asset protection. It is crucial for small businesses to have a small business credit card.
Our guides will help you understand the importance of having a small business credit card and provide the steps for finding and applying for the best credit card for your business.
Finding Small Business Loans
Getting a small business loan is done by applying with a business lender, typically your bank or another lending institution, with the right documentation and your business plan.
A business loan can help to resolve cash flow problems, leverage growth opportunities, and even increase the value of a business. Making sure to plan for a loan ahead of time is extremely important, as is knowing the documentation needed by your lender when you do apply.
Small Business Financing for Female Entrepreneurs
Grants, loans, government contracts, investors, scholarships, advisors, tutorials — there are plenty of financial resources for female entrepreneurs and women leaders, and we’ll help you discover the best ones for you and your business.
Maintaining Your Small Business
Congratulations! Fewer than 14% of Americans have realized the dream of business ownership. To keep your New Mexico business running, make sure you keep up with required government filings and maintain a clear record of all earnings and expenses.
Make Sure Your Business is Compliant
When you start a small business, you’ll need to determine if your business needs any licenses or permits to stay compliant.
Set Up Accounting and Bookkeeping
Having a business accountant will help you take advantage of tax benefits and potentially save you and your New Mexico business a lot of money in taxes each year.
Finding a business accountant as soon as you start your business will ensure that you have the best advice from the very beginning.
Recommended: Hiring an accountant can save your company thousands of dollars in taxes each year. Get a free tax consultation with 1-800Accountant.
Set Up a Business Phone
Getting a business phone number is important for many businesses. Having a phone number for your customers to contact you with can go a long way in ensuring that your business is viewed as professional, trustworthy, and legitimate.
There are also different business phone services and answering services that can ensure that you are able to answer more than one call simultaneously and that all of your customers feel heard. Check out our different phone tools and guides to help your New Mexico business set up phone services.
Build a Business Website
With growing technology, more and more businesses are going online. We believe all companies need a website regardless of their industry or size to keep up with the times.
So, how do you build a website? Luckily, technology has recently caught up with the massive demand for tools to simplify website creation. It’s never been easier to build your own website without the need for any web designer experience.
Our tools and guides provide an overview of the steps to build a website for your New Mexico business as well as suggestions for which tools to use based on your business type and knowledge level.
Business Resources for Women
Starting your own business is no small feat; thankfully, there are many valuable resources dedicated to helping women entrepreneurs start and succeed. From woman-owned business certification to grants for female entrepreneurs, we’ll help you discover the women's business resources that will help you get the most out of your entrepreneurial journey.
New Mexico Business Resources
Women’s Economic Self Sufficiency Team (WESST)
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.
SBDC - New Mexico
In cooperation with the U.S. Small Business Administration, the Small Business Development Center 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 Santa Fe
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.
Albuquerque Economic Development
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.
Los Amos Commerce and Development Corporation
The Los Amos Commerce and Development Corporation is a non-profit organization that uses the investments made by the public and private sector in order to accomplish sustainable economic progress. The agency executes this plan by offering businesses a portfolio consisting of a wide range of programs and initiatives.
New Mexico Economic Development Department
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 for assistance anytime by filling out a customized assistance request form.
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 training and seminars and a lot more.
Finance New Mexico
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 Loan Fund
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.
Technology Ventures Corporation
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 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.
Century Bank is a private financial firm that provides funding resources for businesses of all sizes. 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.
Santa Fe Business Incubator
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, training, workshops, and free business and technical assistance.
NMSBA - Los Alamos National Laboratory
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.
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.
South Valley Economic Development Center
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.
Arrowhead Center at New Mexico State University
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 to explore the business market and monetize new solutions.
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 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 designed 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.