How to Start a Home Business in New Mexico
Starting a new business can be frustrating, especially when you don't have the information you need. However, if you plan your business, and contact the right government offices for licensing requirements, you shouldn't have any problems in creating a successful home-based business in New Mexico. Use the help of one of the many Small Business Development Centers in New Mexico for additional resources and guides in starting your business.
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Instructions
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Decide on the type of home-based business you want. Consider service-oriented business options, as these are easier to start and require little investment. The most common types of service businesses are cleaning, landscaping, childcare, or Internet-based businesses.
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Make a business plan. This will help you avoid failure. Just because you don't have a business plan does not mean your business will automatically fail. However, according to the New Mexico Small Business Development Center, more home businesses fail because of little to no business planning. Develop your business direction by following your business plan. Specify your business description, product or service description, and your executive summary (who holds what position) in your plan. Conduct a market analysis, and determine who your competition is in your plan. Perform a financial analysis and determine who key personnel will be. These are all factors that will guide you, not only in opening your business, but also in managing it. Focus all of your activities on what is set forth in the business plan.
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Decide on the legal structure of your New Mexico business. Determine who the owner or owners are. Base your decision on tax issues, nature of the business, capital needed, and the participation of others. Legal structures include sole proprietorship, limited partnership, general partnerships, and corporations. Discuss these options with an accountant or a tax attorney.
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Determine a name for your business. Your business name should reflect your service or product but be something easy to remember.
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Get your New Mexico documentation and licenses in order. In most cases, you will only need to obtain a gross receipt tax registration from the state and from the city. Depending on your business you may also need other permits or special licenses. Write or call the secretary of state for licensing requirements.
Office of the Secretary of State
Operations Division
325 Don Gaspar, Suite 300
Santa Fe, NM 87501
(505) 827-3600
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References
- Photo Credit business colleagues preparing for business meeting image by Vladimir Melnik from Fotolia.com
