How To Start A Business In New Mexico
Entrepreneurship in New Mexico
New Mexico natives have invented some impressive objects, including the atomic bomb and the clean room. In fact, Microsoft was founded here. It's no wonder so many great entrepreneurs have come from New Mexico.
With people like Bill Gates (Founder of Microsoft), and Conrad Hilton (Founder of Hilton Hotels) to look up to, the people of New Mexico love to lead entrepreneurial teams that change the world.
Home to the cultural center of Albuquerque and the beautiful Carlsbad Caverns, the land of enchantment is a great place to start your small business.
Registering Your Business
Registering your business is one of the first steps to success.
And with New Mexico’s 50 dollar fee for starting an LLC, it's important you get it right.
Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.
Before you start your business, look around to understand the market in New Mexico.
With an abundance of rich natural resources, New Mexico has a ton of business potential.
According to TaxFoundation.org, New Mexico ranks an awesome 1st for the best property tax.
Another good way to understand New Mexico’s market is to visit your local Chambers of Commerce.
You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.
We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.
New Mexico is full of hard working people that can be amazing assets to your company.
Unemployment rate in New Mexico:
Information from New Mexico.gov
Average annual salary in New Mexico:
25.81 dollars an hour
Information from Zip Recruiter
Education levels for residents of 25 and older:
High school degree or higher:
Bachelor degree or higher:
Information from World Population Review
Price index yearly growth: 15.52%
Medium house price: 171,400 dollars
National average house price: 269,039 dollars
New Mexico is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.
If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.
About the Firm...
Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.
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