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By Finance New Mexico
Multinational franchises like McDonald’s and KFC started small and worked their way up the food chain over decades. That methodical approach to growth seems too slow for the owners of two Albuquerque businesses.
Before Olo Yogurt Studio opened its first store in 2010 and WisePies served its first pizza in 2014, the owners of both ventures planned to become franchises — and to waste no time doing it.
Olo Yogurt opened a second store — a carbon copy of its colorful original — within three years and was strengthening its brand for further expansion. Continue reading
The Collateral Support Participation program administered by the New Mexico Finance Authority in collaboration with the New Mexico Economic Development Department, helps creditworthy small businesses by lowering a loan’s overall interest rate and improving its terms. Business owners apply through a bank, which initiates the Collateral Support Program.
Jose Ocampo launched his Santa Fe Exclusive Honda and Acura auto repair and parts business 13 years ago in a small building in the New Mexico capital. He outgrew the space within three years and moved to a larger facility nearby.
As his business continued to grow, Ocampo started looking around for “a building with better parking and more room” that would be better to meet his customers’ needs and comfort.
About a year ago he found an ideal spot on Siler Lane with a metal building with 2,000 square feet of warehouse space. The lot was particularly attractive because it could accommodate construction of a 2,000-square-foot workspace addition. Continue reading
Business owners don’t need a degree in accounting, but they do need to know how to read basic financial statements and when to ask the accountants who prepare them to explain what they don’t understand.
No one wants to be like the business owner who believed she was making a profit because her checkbook had a positive balance. But even business owners who diligently record financial transactions using basic accounting software don’t always comprehend the reports their CPA generates based on these records.
That means they’re not using the expertise they pay for, and they’re not using the numbers as tools to build their business.
The three financial reports every business owner should understand are the profit and loss statement, the balance sheet and the cash flow statement. Continue reading
“Crowdfunding” is a way that startups can raise money to get a project or enterprise off the ground without company founders having to surrender ownership, secure a loan or approach foundations for elusive grants.
Earlier incarnations of the practice didn’t have the advantage of instant access to a global fan base that can grow exponentially through social media. The Internet created that access, and crowdfunding sites like Kickstarter.com and IndieGoGo.com created platforms where people could pitch their projects.
Aqua Research, a resident company in the BioScienceCenter incubator in Albuquerque, is using IndieGoGo to raise $50,000 by May 10 to finance production of its H2gO water purifier, which can turn up to five gallons of unsafe water at a time into potable water using a solar-powered rechargeable cell-phone battery. Continue reading
Henry Production Inc. of Farmington puts a premium on training. The 51-year-old company is a one-stop oilfield service company, selling and maintaining compressors and pumps used in the oil and natural gas industry, servicing and overhauling engines and fabricating skids and piping, among other things.
Because machine technology is always changing, the company sponsors a 16-week class once a year to ensure its newer technicians understand the mechanical systems they’re working with. Even seasoned techs take refresher courses to stay on top of technological advances.
Many Americans long to see where their talents as inventors or craftsmen or cooks can take them. But businesses often struggle in their early years, and this makes some lenders wary of financing enterprises that don’t have an established track record. After repeated rejections from potential funders, many entrepreneurs simply give up.
Organizations like Accion are one option for the aspiring entrepreneur who can’t secure a loan through a more traditional financial institution, such as a bank or credit union. But getting a loan requires some groundwork, no matter where she looks.