NEW MEXICO ECONOMIC
DEVELOPMENT DEPARTMENT

Start Your Business

A new venture, also called a startup, is typically pursued when you have an idea that can be turned into a business. Many discover a customer base that be served better by analyzing demographic changes, while others may see a new market open up as a result of technological changes. Some decide to start their own business for its many advantages, such as making an idea come to life, growing a company from the ground up, or simply because they want to be their own boss. One attraction of a startup is that you are in control of every aspect of your business including, day-to-day operations, marketing, website, and paying bills and accounting. You will be able to provide your product or service the way you think it should be provided, from start to finish.

Being a founder is not without its headaches. It is a lot of stress, worry, and work to build a customer base, market the new business, hire employees, and establish cash flow. Some people like the challenge. This is why it is important to engage in self-reflection before deciding to start your own company. Some people do not have the disposition to start from scratch and to set everything up from square one. It really depends on your personality and work-type preferences.

A degree in business is not required to be a successful entrepreneur, but it is strongly recommended that you first do research and take advantage of local and federal resources to increase your understanding about how businesses operate in the United States and in New Mexico. It is a good idea to begin familiarizing yourself with basic business concepts and with the vernacular of your industry. The federal government’s Small Business Administration Learning Center is a great resource to get started. Seminars and workshops are offered through the NMSBDC network and WESST offices throughout New Mexico.

Startups in the state may consider involvement with Startup New Mexico (part of the Startup America Partnership) or the New Mexico Technology Council (NMTC). Entrepreneurs can benefit from advice volunteered by mentors with small business experience (SCORE) and various online business magazines available on the Internet (i.e. Entrepreneur, Inc., Fast Company). Startup Weekend is another valuable experience in which entrepreneurs can participate. Santa Fe, Albuquerque, and Las Cruces have all hosted the event. Attending business networking events in your area, such as Taos Entrepreneurial Network (TEN), can help you build supportive relationships and a network that will strengthen your business.

According to national statistics, your business has twice the chance of becoming sustainable if you start it in a business incubator facility.  New Mexico has many excellent incubators in all regions of the state.  Find one closest to you in the Resource Directory.

You may have decided that you don’t want to build a business, but you still have the desire to own one. There are other options for you. You can look into purchasing an existing business or becoming a franchisee. See the BRC’s Buying an Existing Business or Franchising for more information.