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. Spending 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 of several tax breaks on personal and corporate income. Here’s a complete guide on how you can start a successful business in New Mexico.
Best 15 Business Ideas in New Mexico with Little Money
Here are some of the top 15 small businesses you can start in New Mexico on a low scale or from your home.
1. 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.
2. Become an Affiliate Marketer
If you are looking for a home-based online business, an affiliate marketing business is one of the best businesses to start in New Mexico. You can read our article on how to start an affiliate marketing business to learn more.
3. Lip Gloss Line Business
4. Credit Repair Agency
Most Americans are facing financial challenges at present. Bad credit is a huge problem here. The people of New Mexico are no exception. You can start a credit repairing agency in New Mexico and help people in solving matters related to bad credit.
5. 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.
6. 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.
7. 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 business option.
8. 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.
9. 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.
10. 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.
11. Grant Writing Business
Grant writing is a growing business on the internet. You can offer services for foundations, government entities, and funding sources.
12. Business Plan Writing Service
If you are a successful businessman or someone who has a good idea with management, a business plan writing business can be an ideal fit for you. You can offer services to new businesses by helping them with well-detailed business plans.
13. Tour Guide
New Mexico has a massive travel industry. You can work as a part-time tour guide to offer services to visitors to popular destinations.
14. 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.
15. Travel Agency
The state has a huge number of tourists coming to New Mexico every year. You can offer travel services like international ticketing, foreign exchange, and hotel booking through your travel agency.
10 Steps to Start a Business in New Mexico
Follow the given steps to legally start a business in New Mexico.
Step 1. Choose a Business Idea
Depending on your interest and local demand, select a business to start. If you are looking to start a business with a small budget, the above-mentioned business ideas might help you.
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 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
Check with the concerned local authority for the kind of licenses required to start and run your chosen type of business activity. Several municipalities have imposed an Economic Development Gross Receipts Tax (a form of Municipal Infrastructure GRT). It 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 good accounting software for your business that will help you to maintain all your transactions in one place.
Step 9. Buy Business Insurance
To sell services in New Mexico, you will need a professional liability policy. Whereas to hire an employee, you must get worker’s compensation insurance. The insurance 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 the 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:
- Las Cruces
- Santa Fe
- Rio Rancho
We hope this complete hands-on guide on how to start a successful business and the best business ideas in New Mexico will help you to start your own venture from home with a minimal investment.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.