Starting Your Business
Starting Out: A Guide to Creating Your Own New Mexico Business is a business start-up guide to help you establish a solid foundation for getting started in business.
Visit our page Starting Your Business to download the business start-up guide and for more small business start-up resources.
Business Plan Development
Good planning is a major key to business growth and survival. Our business advisors can help you develop an excellent business plan. Although you'll write the plan, they'll offer detailed advice and research, and review each section. Our advisors have extensive training and experience; they can help you modify a plan to use as a proposal for financing or for an investor prospectus. For more information on getting started, see:
Plan Outline (Adobe Acrobat PDF File, 61 KB)
for Your Business (Adobe Acrobat PDF File, 18 KB)
Business Start Up Guide (Adobe Acrobat PDF File, 390 KB)
Access to Capital
Whether you’re just starting a small business or expanding to take advantage of new opportunities, your business needs the right financing at the right time in order to succeed. The NMSBDC works closely with local lenders, the Small Business Administration, and a variety of government and non-government lending programs serving New Mexico. While it does not provide direct financing, we can help you identify your specific financing needs and develop proposals and loan packages required by various financial institutions. The NMSBDC has helped entrepreneurs like you obtain more than $500 million in capital in the last 20 years.
Loan Proposal checklist (Adobe Acrobat PDF File, 83 KB)
Applying for a Loan Step by Step (Adobe Acrobat PDF File, 22 KB)
Any successful entrepreneur will tell you that good financial records are vital to understanding how your business is performing, identifying problem areas, and planning for the future. Preparing projected financial statements can be challenging to the first-time entrepreneur. Understanding historical financial information for future planning is equally challenging to existing small business owners, who may find they are making a paper profit, but still suffer from cash flow problems. NMSBDC Advisors, who have extensive training and experience in financial analysis, can teach you how to interpret your business and personal financial statements. Whether you need basic or advanced financial records, our Advisors can help.
Internal Financial Controls (Adobe Acrobat PDF File, 20 KB)
Financial Ratios (Adobe Acrobat PDF File, 20 KB)
Human Resources Issues
Sooner or later, every owner of a growing business must deal with the issue of hiring some help. Correctly defining this relationship is important. There are many laws and regulations that will affect the employment relationship. NMSBDC Advisors can direct you through the proper steps and refer you to the appropriate agencies once you have made the determination to hire someone.
Employer Wage Information Resources (Adobe Acrobat PDF File, 22 KB)
If you generate income, own property, buy goods, or hire employees, you will most likely have to pay taxes. Many resources are available when it comes to understanding taxes. Advisors at the NMSBDC can direct you to the proper agencies that will help in determining what taxes you must pay. The SBDC has information on state, federal, local, and employment taxes, as well as how to obtain a federal tax ID number.
Taxes for Legal Entities (Adobe Acrobat PDF File, 22 KB)
Tax Tips (Adobe Acrobat PDF File, 31 KB)
Understanding your competitors and defining your target markets are key elements to success. NMSBDC advisors can help you use the 4 P's -- product, price, position, promotion -- to reach your target market successfully. They can also advise you on the cost-effective use of various marketing and advertising techniques. For more information on marketing, see:
Marketing Plan Outline (Adobe Acrobat PDF File, 23 KB)
Government procurement can be a major source of revenue for small businesses, especially in New Mexico, with its many city, state, and federal government offices, military facilities, and two national laboratories. Administered by the NMSBDC and Department of Defense Logistics Agency, the Procurement Technical Assistance Program (PTAP) provides procurement assistance to small businesses. Our staff of advisors are experienced in government contracting and provide a wide range of services, including individual counseling and training to enable businesses to successfully compete for government contracts.
PTAP Program Flier (Adobe Acrobat PDF File, 376 KB)
Click here to see our Government Contracting page
International trade is not just for big business. New Mexico small businesses offer many products with global market potential. The NMSBDC International Business Accelerator located in Santa Teresa, NM, is a free program for small businesses that want to trade internationally, especially with Mexico. The program offers one-on-one counseling, an online resource guide, an electronic database of trade leads, joint venture opportunities, and tips on exporting & importing. Each SBDC center throughout New Mexico can also guide you through the international maze through direct assistance or referrals to a variety of New Mexico, federal, and out-of-state resources.
Women & minority-owned business programs
Veterans Information Programs
Women- and minority-owned businesses comprise an expanding segment of our state's entrepreneurial economy. Understanding the additional challenges they face, the NMSBDC provides training tailored to the specific needs of these entrepreneurs. Entrepreneurship training can be provided in Spanish within the network of NMSBDC offices across the state.
Many veterans retire here as a result of the significant military presence in New Mexico. NMSBDC provides direct assistance to many existing veteran-owned small businesses, as well as to veterans and soon-to-be veterans interested in starting a business. NMSBDC offices located near military installations often provide on-site entrepreneurship training in cooperation with the military's Transition Assistance Program (TAP).