Popular for oil and gas and tourism, New Mexico has a very classified business investment environment. Tourism is an important part of the state’s economy. The New Mexico government offers incentives and tax benefits to help new businesses establish jobs. Spendings from the federal government is a major driver of the economy.
New Mexico is known for its huge tax havens in the country. The state offers a host of economic benefits for the new businesses. If you plan to start a new business in New Mexico, you can avail several tax breaks on personal and corporate income. Here’s a complete guide on how you can start a successful business in New Mexico.
Here is a Stepwise Guide on Starting a Small Business In New Mexico
Follow the given steps to legally start a business in New Mexico.
Step 1. Choose an idea from the following top small business ideas specific to New Mexico.
Here are some of the top businesses you can start in New Mexico from your home.
Online Website Designing Services
Technology has taken over the business. Every small business now needs a website to succeed. You can offer web designing services from home with platforms like Upwork or Envato.
New Mexico has a massive travel industry. You can work as a part-time tour guide to offer services to visitors to popular destinations.
Graphic Design Business
Small businesses often seek graphic designing services online. You can learn graphic designing online and offer designs for letterheads, ads, websites, digital content and more.
The state has a huge number of tourists coming to New Mexico every year. You can offer travel services like international ticketing, foreign exchange, hotel booking through your travel agency.
Freelance Writing Services
Start working as a freelance content writer from home. Start taking up online assignments. You can even start your own blog. Generally, websites, newspapers, journals, and magazines require freelance writers.
Event Planning Services
You can start to work as a freelance event planner. You can learn a few things online and can start to present events, design, logistics, and promotions.
Bed & Breakfast Business
The huge tourism industry in New Mexico offers a potential market for lodges. You can offer your extra rooms as a full-time bed and breakfast option.
Data Entry Business
A popular home business idea, data entry is a well-paid job in the United States. You will help small companies with data entry, information organization, and analysis.
Online E-commerce Store
Instead of starting a physical store, you can opt to sell products via an e-commerce store. You can choose a product, complete registration and can sell them via online stores like eBay, Shopify, and Amazon.
Customized Tour Services
The travel industry in New Mexico generates huge expenditures in the state. You can offer services to visitors who need customized packages for particular destinations.
Grant Writing Business
A growing business on the internet, grant writing has to be precise. You can offer services for foundations, government entities, and funding sources.
Business Plan Writing Service
If you are a successful businessman or someone who has a good idea with management, this business is for you. You can offer services to new businesses by helping them with well-detailed business plans.
Step 2. Business Plan
A well-detailed business plan is essential for any business. You have to create a comprehensive business plan with all the important elements. Write the goals, targets and how you wish to proceed with your new business.
Step 3. Financing Your Business
New Mexico has a stable economic environment. The state also offers a number of economic incentives to new businesses. If you choose to fund your own business, go through all the business loans properly.
Step 4. Naming Business
You need to have a name for the business to register your business. Choose a name and register it with the US trademark department. Immediately register a domain for your business with the same name.
Step 5. Choosing A Business Structure
You need to choose a business structure to legally register a business in New Mexico. You can choose between a sole proprietorship, partnership, corporation, and an LLC. Forming an LLC in New Mexico will offer you added legal benefits and tax deductions.
Step 6. Federal EIN & Tax Filing
Apply for a Federal EIN to the Internal Revenue Service (IRS) to be to eligible for taxes. The EIN is a social security number for a business. You can legally hire an employee with a FEIN.
Step 7. Business Licenses & Permits
New Mexico has different incentives available on land, buildings, and infrastructure to promote job creation. Several municipalities have imposed an Economic Development Gross Receipts Tax (a form of Municipal Infrastructure GRT) that is used to pay for these infrastructure improvements and for marketing their areas.
Step 8. Business Bank Account & Bookkeeping
With EIN, you can apply for a business bank account. A separate business account will help you to keep all your financials separately. Get a good accounting software for your business that will help you to maintain all your transactions at one place.
Step 9. Business Insurance
To sell services in New Mexico, you will need a professional liability policy. Whereas to hire an employee, you must get a worker’s compensation insurance. The insurances may differ from city to city.
Step 10. Promoting Your Business
You need to reach out to your potential customers. Social media will help you to promote your business initially, but you will soon have to take help of other methods to promote your new business.
Best Places To Start A Business In New Mexico
Choosing the right location is going to determine how your business runs. Here are some of the best places in New Mexico to start your business:
Hope this complete hands-on guide on how to start a successful business in New Mexico will help uou to start your own venture from home with a minimal investment.