Category Archives: Articles

SBA’s Entrepreneur Training Expands in NM

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John C. Woosley

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

Merlin Herbert believes anyone can run a business if they have the right training. Herbert, the owner of a 19 year-old Bloomfield-based welding company, participated in the e200 Emerging Leaders training program in Gallup last year. “The training helped me become a better manager,” he says.

An initiative of the U.S. Small Business Administration, the e200 Emerging Leaders Program is a national curriculum that provides business owners in underserved markets with training, networking, resources and motivation to grow their business and create jobs.  Now in its fourth year in Albuquerque, the program will be offered in Farmington this year for the first time.  The training, which is valued at over $8,000, is free of charge and will be conducted from April through November, 2011, in both locations.

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Loans for Legacy, Equity for Growth

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Tom Stephenson

Tom Stephenson, Managing General Partner, Verge Fund

Anyone looking for a business investor must examine their personal goals before looking for funding – different reasons for starting a business mean different ways of finding money.

Venture capitalists classify entrepreneurial businesses into two groups: growth businesses and lifestyle, or legacy, businesses. Only growth businesses will be attractive to venture-capital firms.

Lifestyle businesses are those started by people who want to have control over what they do and how they spend their time. These businesses tend to be focused on a local market, and entrepreneurs expect to own and run the business indefinitely. Continue reading →

JTIP Helps Businesses Expand

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Cynthia Evans

Cynthia Evans, JTIP Program Administrator, NM EDD

Outsourced labor, layoffs, and consolidation of jobs may have defined the past few years, but as the economy begins to throw off the weight of recession, businesses are turning their attention to adding workers to handle expanding workloads. Investing in staff is a commitment, especially when lack of training can delay employee productivity. The New Mexico Job Training Incentive Program (JTIP) helps businesses defray the cost of hiring and training new employees.

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Workshops Help Innovators Access Federal Funds

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Jim and Gail Greenwood

Jim and Gail Greenwood for Northern New Mexico Connect

The next-best thing to free money is available through two federal programs for small businesses involved in technology and innovation.

The Small Business Innovation Research (SBIR) program – the larger of the two – grants money to small and startup businesses to develop products, technology or services that solve pressing problems in agriculture, defense, education, energy, transportation, the environment, space exploration, health and other areas. The Small Business Technology Transfer (STTR) program requires the business to collaborate with a nonprofit research laboratory or university that can share its technology or expertise with the innovator.

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Tax Considerations for the Self-Employed

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Eloisa Rivera

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.

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Venture Acceleration Fund Now Accepting Proposals

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Monica Abeita

Monica Abeita, Regional Development Corp. for Northern NM Connect

Northern New Mexico technology companies have been using the Venture Acceleration Fund since 2006 to help bring their products to the marketplace. The fund, administered through Los Alamos National Laboratory, awards up to $100,000 to qualifying ventures.

This year, the VAF is changing some of its rules: calls for ideas will be accepted year-round, and companies no longer must have a direct technology-transfer association with the lab — though some preference is given to those ventures.

The fund supports tech ventures in almost every step of the commercial process, including proof of concept, prototyping, product engineering, finding customers and market validation. Continue reading →

Keeping Secrets While Raising Money

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Yasine Armstrong

Yasine Armstrong, Associate, Flywheel Ventures

Entrepreneurs with an idea for a product or startup company are often concerned about revealing information until they are far enough along that others can’t copy them. The concern is reasonable; the economy is globally competitive and entrepreneurs are looking to protect any edge they have.

One tool entrepreneurs often use is the nondisclosure agreement, or NDA. Nondisclosure agreements protect against the release of proprietary information and trade secrets. They are commonly used when outside technical expertise is required, when sensitive work must be outsourced, or when discussing the potential sale of the business.

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Alternative Lender Helps Kids Find Their Castle

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F. Leroy Pacheco

F. Leroy Pacheco, CEO, The Loan Fund

Sandra Monica has a passion for working with children. That’s why after 15 years as an employee, Monica decided it was time to start a day care center of her own.

Starting out was no easy task but with her husband’s support and financing from The Loan Fund, Monica opened Kid’s Castle Child Development Center in Las Cruces. The center has helped alleviate New Mexico’s shortage of daycare providers by offering early education to children six weeks to 12 years of age. Kid’s Castle serves more than 100 children and employs approximately 25 full-time teachers.

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Good Customer Service Can Kick-Start a New Business

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Betsy Gillette

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.

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New Online Tool Helps Small Businesses Tap Into Global Markets

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John C. Woosley

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. 

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