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.
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.
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.
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.
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.)
Candice Lee, Attorney at Law
Partnerships and corporations are two common forms a startup business can take. Forming a corporation requires the business to register its articles or certificate of organization with the governing state agency. Partnerships aren’t usually required to register – though it’s recommended they do – and can exist by default.
A partnership consists of two or more owners operating a business. It can be a general or a limited partnership. Most state laws consider two or more people who own a business partners by default, but many new owners don’t realize the implications of this. Because each partner is jointly and severally, or individually, liable for the partnership’s obligations, the action of any partner binds the partnership, even if agreements are made without the other partners’ knowledge or consent. Continue reading
Monica Abeita, Regional Development Corp. for Northern NM Connect
In 2009, Scott Laidlaw and Jennifer Harris founded Imagine Education as a New Mexico-based startup company to develop and market educational games. Since then they’ve been assisted by numerous business and community resources, including a Las Vegas, N.M., charter school and other New Mexico educators, Los Alamos National Laboratory summer interns and LANL’s Northern New Mexico Connect.
John E. Barraclough, Jr., CPA and Managing Principal, Barraclough & Associates, P.C.
Recessions tend to stress-test many businesses. When financing is tight and customers are pinching pennies, a business that was treading water despite poor management, chaotic cash flow or short-term planning might find itself going under. In some cases, the problems are insurmountable, and the owner is forced to sell or close a business.
As long as the failure wasn’t due to industry-wide crises, such as depletion of raw materials or a massive turn away from a product or service, one businessman’s failure can be another’s success. In fact, an entrepreneur with a sharp head for business can find many opportunities in a sluggish economy to turn a poorly run company into a profitable venture.
Marie C. Johns, Deputy Administrator, U.S. Small Business Administration
In July 2010, the Census Bureau reported that the number of minority-owned businesses increased by 46 percent from 2002 to 2007. This is good news. These new businesses are creating jobs and driving local economic growth all across the country.
However, this is no time to lessen the commitment or resources available to help minority small businesses grow and create jobs.
J. Roy Miller, State Director, NMSBDC Network
A business doesn’t have to be big to benefit from the advice and expertise of other professionals. A savvy entrepreneur will assemble a board of trusted advisers to provide feedback and suggestions for leading the organization.
Unlike a board of directors, an advisory board comprises people with no legal authority, fiduciary responsibilities or other obligations to the business.