By Finance New Mexico
Entrepreneurs traditionally dipped into personal savings or tapped their friends-and-family network to fund a startup, and they used credit cards and home equity lines of credit to buy equipment or make payroll. If the venture stumbled and revenue evaporated, the owner faced years of compounding debt.
Those risks haven’t disappeared, but today’s business owners have more funding options, including a network of New Mexico nonprofit lenders. Continue reading
By Finance New Mexico
Small Business Saturday came and went with the Thanksgiving holiday weekend, but persuading budget-conscious consumers to shop locally is not just a one-day effort. If they hope to compete with national chains and internet-based rivals, small businesses need a year-round strategy that highlights how their products or services are superior to what a national or multinational corporation can deliver. Continue reading
Photo credit: beebright / 123RF Stock Photo
By Finance New Mexico
Barring congressional intervention, the Deferred Action for Childhood Arrivals (DACA) program is ending, and DACA recipients — or “Dreamers” — are subject to deportation when their work permits expire if they didn’t get an extension before the Oct. 5 deadline.
The demise of the program has created uncertainty among employers who are required to fire DACA recipients the day after their permits expire but risk discrimination charges if they act too soon to terminate — or even identify — DACA recipients on their payrolls. Continue reading
By Taura Costidis and Sandy Nelson for Finance New Mexico
Casey Roberts earned an MBA at the same time he was learning the family trade: welding. Today, the Las Cruces man and his wife, Chancie, own Mesilla Valley Metals, a manufacturer of pipes, structural steel, farm implements and custom-ordered metal products.
“My family has always been in the welding business,” Roberts said. “My dad was a rig welder in Farmington, where my uncle on my mom’s side owns a big fabrication shop. I always enjoyed making something and seeing results at the end of the day.” Continue reading
By Sandy Nelson for Finance New Mexico
A common complaint of people who hire specialists or tradespeople to provide a service is that the person didn’t show up as promised or didn’t even return a phone call. Sometimes all it takes to build a client base is to treat prospective customers with the basic decency you would use in personal relationships that matter to you. Continue reading
By Finance New Mexico
The blueprint for starting a home-based enterprise in New Mexico can be a simple sketch or a complicated technical drawing. It all depends on the business type and location.
Common to all businesses is the need to pick a structure, secure a Combined Reporting System number, register with the city or county, obtain required permits or certifications and decide whether to hire employees and interact with customers or to work alone as an independent contractor. Continue reading
By Finance New Mexico
New Mexico’s gross receipts tax is admittedly confusing, but the state still expects businesses to follow the law and pay what they owe from the sale of property or services.
In a nutshell, GRT is a substitute for the traditional sales tax that shoppers in other states pay when they make a purchase. In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesn’t collect it from the buyer — and even if the buyer lives out of state. Continue reading
By Damon Scott for Finance New Mexico
willajunejewelry and Reuseful Candles are two of over 20 participants expected at WESST’s pop-up
The “pop-up retail” trend has helped many artists and entrepreneurs sell products and launch businesses in cities throughout the country. Pop-up shops allow artists and retailers to use temporarily donated commercial space to sell wares and land new customers.
Albuquerque’s WESST Enterprise Center hosted a holiday pop-up shop last year to showcase its artisan and “maker” clients as part of Manufacturing Day activities. The event was so successful that the nonprofit business development and training organization has scheduled the second incarnation for Friday, October 20. Continue reading
By Damon Scott for Finance New Mexico
JTIP recipient Insight Lighting; photo Jane Phillips photography
The Job Training Incentive Program, the economic development tool better known as JTIP, is responsible for creating 10,000 New Mexico jobs since 2011, according to the New Mexico Economic Development Department (EDD).
Since 1972, JTIP has been providing incentives for qualifying employers who are expanding or relocating in the state. Incentives include money for on-the-job training for up to six months and reimbursement of up to 75 percent of an approved employee’s wages and training costs at an approved New Mexico public education institution. Continue reading
By Brinn Pfeiffer, Accion Communications Specialist, and Sandy Nelson, Finance New Mexico
Oscar’s Tree Service in Santa Fe
Before Oscar Apodaca talked to Accion, his Santa Fe tree service business was like many growing entrepreneurial enterprises — operating on the edge of society and extremely vulnerable — a position that could be significantly improved by greater access to capital.
Oscar and his wife, Charito, started their full-service landscape business on Rufina Street in 2008 after Oscar left his job at a local nursery. Their dream was to turn his landscaping gig into a full-time business with a permanent home — rather than running the venture from his trailer. Continue reading