Eloisa Rivera, EA, BSA, President of Eagle Storm Corp.

Self-employment has its appeal, especially when businesses aren’t creating jobs fast enough for the nation’s unemployed.

A person who chooses this route might be a sole proprietor in a trade or business — for example, a plumber or cabinetmaker — or she might be an independent contractor, an insurance agent, limited liability corporation member or a partner in a business. These taxpayers are treated as independent contractors by the Internal Revenue Service and must be aware of the responsibilities and benefits of being self-employed. They will quickly become familiar with Schedule C – the IRS’ self-employment form.

Continue reading →

Betsy Gillette, Director of Market Research & Planning, TVC

Mistakes happen, but good customer service is one way to set a business apart. Owners need to build and maintain a stellar perception of their companies so that conversation about it is always positive. This is especially important for startup companies, which are more likely to experience stiff competition from entrenched organizations already in the marketplace.

A savvy owner of a startup business will do research to make sure there is a market for any product before launching it; what customers want from it; and how to price it. Similarly, industry customer-service practices should be researched to determine the extent or types of support typically provided, whether it’s in the form of after-hours help or replacing a component. Considering customer service during product development will ensure the extra cost of providing it won’t take the company down. It may also illuminate new markets that aren’t being served.

Continue reading →

John C. Woosley, District Director, SBA NM District Office

Technology and energy products, chili peppers, nuts, dairy goods and other farm products have topped the list of New Mexico’s exports for the past few years, but the state has a vast untapped potential to sell more of its goods and services well beyond our nation’s boundaries.

Nearly 96 percent of the world’s customers live outside the U.S., and two-thirds of the world’s disposable income is also found abroad, according to the U.S. Department of Commerce. That makes exporting a wise choice for New Mexico-based small businesses that want to reach beyond the limited domestic market.  That’s especially true because New Mexico shares a border with old Mexico, which is itself a portal to the southern end of our hemisphere. 

Continue reading →

Mike Mykris, Director, NMSBDC at Santa Fe Community College

Writing a business plan is a daunting process to many entrepreneurs, but one that will help find financing and keep a new or existing business on budget and on schedule for growth and development. And it’s worth it — studies show that business owners without a formal plan are three times more likely to close their doors.

A plan can clarify how much money is needed to open a business and help the owner determine where to find capital — whether from a bank or relative — to keep it running. Established businesses are in equal need of a plan in order to stay on track or to make crucial changes, particularly with the state of the economy in mind.

Business plans are from 15 to 150 pages long. Any business plan should contain the following: Continue reading →

Julianna Barbee, Director, NMSBDC at NNM College

Marketing is essential to the growth and success of any business, yet it seems to be the first part of the operating budget that managers slash when revenues dwindle and the economy gets unpredictable. Understanding and appreciating the role of marketing can prevent business owners from making the mistake of viewing this type of outreach as a dispensable luxury.

Whether you conduct business in a small, rural area or the global market, some principles are universal:
 
Continue reading →