Author Archives: Admin

High School Seniors Cook Up Winning Business Plan

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Pete Smiley, Secretary Fred Mondragon, Araña Schulke

Winners Pete Smiley and Araña Schulke with EDD Cabinet Secretary Fred Mondragon

Two seniors from East Mountain High School in Sandia Park won the high-school division of the fourth annual New Mexico Youth Entrepreneurship Network’s 2010 Youth Business Plan Competition with their plan to run a hot dog stand at their school to make up for its lack of a lunch program. In the summary of their business plan submitted for the competition, seniors Pete Smiley and Araña Schulke proposed to establish a hot dog stand called Pete’s Wieners to provide hot lunches to classmates who hadn’t packed a lunch and didn’t want to eat vending machine fare.

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Match Employees with the Right Job

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Fred Owensby

Fred Owensby, Director, NMSBDC at Dona Ana Community College

When it comes to hiring people, small businesses usually don’t have the resources of large corporations, which have human resources specialists who are trained to recruit employees and to monitor their performance with regular performance appraisals. A small-business owner usually has to rely on gut instincts, observation and pointed questions when hiring a new employee and thereafter has to monitor how the employee is doing to make sure she is a good fit for the job and is performing at the height of her abilities. While large corporations sometimes tolerate the underperformance of mismatched workers, hiring the wrong person can be devastating to a smaller company.
 
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Know Rules Before Using Contests in Advertising

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Shelley Gregory

Shelley Gregory, President of Media Matched, Inc.

Judging by the number of Americans who participate in sweepstakes and other promotional contests, a company owner wanting to generate business might consider hosting some type of giveaway contest as a promotion for its product or service. Advertising the contest can make the promotion even more effective, but a business owner should know the rules before initiating such promotions.

The Federal Trade Commission has federal oversight over contests on behalf of the tens of millions of Americans who participate every year. But the FTC also advocates for the public when the contests seem rigged and offers sponsors advice about how to run a contest without running afoul of the law.

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LLC Format Appeals to Many New Businesses

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Candice Lee

Candice Lee, Attorney at Law

Many businesses new to the game choose to organize as a limited liability company, or LLC — a hybrid of a partnership and corporation that attempts to reap the benefits of both. The owners in an LLC are called members, and each member holds a membership interest — similar to stock or shares — in the company. These membership interests are sometimes broken down into units.

As with a corporation, an LLC can have classes of membership interests, each with varying rights and preferences. Most important to members of an LLC: They usually are not personally liable for the LLC’s obligations.

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Preparing to Ask for a Loan

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Kim T. Blueher

Kim T. Blueher, Director of Lending, WESST

Asking for a loan is a type of negotiation. As with any negotiation, an entrepreneur is more likely to succeed if she understands the needs of the other party: the lender.

It also helps to know the language of lending. A knowledge of terms like assets, liability, net worth, gross or net profit, collateral, receivables, payables, amortize and depreciate tells the lender that a borrower understands the financial aspects of his business.

Would-be borrowers will need to answer personal questions about their credit history, business plan and personal stake in the business. Continue reading →

Multilevel Marketing is One Path to Job Creation

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by Linda Ruckel, Advance Tax Services, on behalf of the Santa Fe SBDC

Multilevel marketing (MLM) is one way an ambitious person can supplement his or her income or even create a full-time job during an economic recovery in which job creation isn’t keeping pace with employment needs. An existing business can even use MLM to expand its product line by leveraging existing business and personal contacts.

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Built by Association: Chambers of Commerce Help Businesses Survive, Grow

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Simon Brackley

Simon Brackley, President & CEO, Santa Fe Chamber of Commerce

The past few years have been difficult for many businesses, with a protracted recession forcing consumers to change their buying habits and postpone nonessential expenditures. Business owners feel the pinch of these conservative spending habits and sometimes feel they have no place to turn for advice. That’s where chambers of commerce can help.

Especially during a recession, business leaders need to stick together, and the chamber of commerce is one way to do that. Larger chambers provide confidential counseling and business assistance at no charge to members.

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Knowing your Customer Critical with Big Ticket Products

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Betsy Gillette

Betsy Gillette, Director of Market Research & Planning, TVC

A business trying to market an industrial product has a smaller customer base than one selling mass-market products, which means the entrepreneur must capitalize on each sales opportunity by investing in market research.

Industrial customers do not buy on whim and generally have a structured buying process. An entrepreneur with a product he believes customers will want needs to know what problems potential customers must solve and how they’re currently solving them. What machinery does the client use? What manual processes are involved? How much does this cost (not just labor and supplies but lower production or revenues, environmental penalties or other costs)? Many industrial customers simply want to do things faster and more efficiently.

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Private-Equity Investors See Promise in Young NM Ventures

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Stephanie Spong

Stephanie Spong, Principal, Epic Ventures

Entrepreneurs looking for additional funding to launch or build a business have numerous options in New Mexico. Those with experience, skills and passion can choose from a number of potential sources of private-equity capital, whether they are “angel” or institutional equity investors. Determining which source to pursue depends largely on industry focus, business stage and the amount of money needed.

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Third Virtual Job Fair Targets Workers for High-Tech, Green Industries

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Michelle Mang of TVC

Michelle Mang, Promotions & Advertising Analyst, TVC

Technology Ventures Corporation and New Mexico WIRED (Workforce Innovation in Regional Economic Development) host their third virtual high tech job fair September 20-24. Because the setting is cyberspace, applicants can participate from anywhere in the world without standing in long lines.

New Mexico-based high tech and green tech companies that want to participate can register for their virtual booth by contacting Metta-Marie Stahl at 505-843-4143. The fair is limited to these industries because job-fair organizers say they offer opportunities for professional growth and better-than-average pay. (And they’re not all technical jobs, either: Many companies seek sales and marketing personnel and administrative staff.)

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