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Small Business Overview
- There are around 160,000 small businesses in New Mexico employing about 340,000 workers.
- To register a business in New Mexico costs $50.
- You will get a business tax ID number after registering.
Business Operations and Strategy
- A small business owner creates, organizes, and manages an enterprise.
- Entrepreneurship involves risk-taking and creation of new businesses.
- Small business owners focus on running existing businesses with a more conservative approach.
Funding Opportunities and Market Research
- Many grant providers offer funding tailored to industries in New Mexico.
- Grants can help launch innovative products/services and expand operations or enter new markets.
- Research your business idea and conduct market research to see if there is demand for your product or service.
Benefits of New Mexico for Startups
- New Mexico’s business environment and low cost of living make it favorable for startups.
- The hospitality industry and natural beauty offer opportunities for small businesses.
- The businesses range from breweries to retail shops and vendors serving the state’s oil and gas industry.
Additional Information
- "How To Eliminate Biggest Money Mistakes in Small Businesses" article provides details on financial management.
- Brian Tracy’s book, "The 100 absolutely unbreakable laws of business success," discusses the importance of key activities.
- Beyond Blue offers mental health coaching for small business owners through the New Access program.
