By Sandy Nelson, Finance New Mexico
The Santa Fe Business Incubator (SFBI) has plenty to show for its 20 years of existence: More than 145 companies have taken flight from the ever-expanding facility at 3900 Paseo del Sol in Santa Fe, and 1,000 new jobs have been created, 49 of them in the last fiscal year.
Paying attention to the business climate and adapting to opportunities explain SFBI’s longevity, according to president and CEO Marie Longserre. Continue reading
F-35A Lightning II aircraft receive fuel from a KC-10 Extender from Travis Air Force Base, Calif., July 13, 2015, during a flight from England to the U.S. Courtesy U.S. Air Force /Staff Sgt. Madelyn Brown
By Finance New Mexico
The federal government is the world’s biggest customer and a major driver in New Mexico’s economy.
While only a fraction of the $8.2 billion that Uncle Sam spent in New Mexico in fiscal year 2017 benefitted local companies, advisers at the state’s four Procurement Technical Assistance Centers (PTACs) work to increase the flow of federal dollars to small businesses that offer products or services the government wants. Continue reading
By Finance New Mexico in collaboration with the New Mexico Small Business Development Center 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. Continue reading
By Finance New Mexico
Aspiring entrepreneurs won’t be shushed at the Loma Colorado Library in Rio Rancho on Watercooler Wednesdays. The City of Rio Rancho aims to create dialogue at its main library and bridge the gap between entrepreneurs and the resources that can help them.
Watercooler Wednesdays are part of the GrowIt!@RRPL initiative launched in January by the city as part of its economic development efforts to create a robust entrepreneurial ecosystem. Continue reading
Mike and Debbie Pogue
By Sandy Nelson and Taura Costidis for Finance New Mexico
Mike Pogue couldn’t stand the idea of strangers buying the family business, which had been in operation since 1959. His father, Bill, who flew B-17G bombers during World War II, met his mother, Elaine, at Otto Intermediate Landing Field 73A, a little airway space a few miles north of Moriarty, where she worked as a weatherperson and air traffic controller. The family spent a decade building the 18-unit Moriarty motel by hand, brick by brick.
When Bill died and Elaine put the Sunset Motel on the market in 1974, Pogue approached the realtor with an offer. “Mom came back to the family and she said ‘We’ve got an offer, and I want to take it,’” said Pogue. “And then the realtor said ‘By the way, it’s your son.’ So everybody was thrilled.” Continue reading
By Finance New Mexico
The new tax law passed by Congress in December 2017 aims to lower taxes for everyone, but proponents cite its overwhelming benefits to businesses. Under the new law, companies — including sole proprietors and workers in the gig economy — can deduct 20 percent of their revenue from taxable income.
This provision alone could disrupt formal relationships between employers and workers, increasing the number of people who define themselves as independent contractors. Continue reading
By Finance New Mexico
For evidence of the Local Economic Development Act (LEDA)’s power to stimulate the state’s entrepreneurial ecosystem, New Mexico residents need look no further than the massive industrial building at 2600 Camino Entrada in Santa Fe.
The former home of CleanAIR Systems and Caterpillar Inc. is now the world headquarters for Meow Wolf Inc., a leader in the vibrant “experience economy” that expects to employ as many as 360 highly skilled workers over the next five years. Continue reading
By Denise Williams, Innovation Director, Northwest Region, New Mexico Manufacturing Extension Partnership
New Mexico companies seeking higher-margin work often seek ISO certification, and the New Mexico Manufacturing Extension Partnership (NM MEP) can help them prepare to get it.
Certification with the most recent iteration of the best-known ISO quality management standard, ISO 9001:2015, is increasingly required by top-tier companies and government agencies that hire private contractors for supplies or services. Continue reading
By Finance New Mexico
One advantage of running a small business with family or friends is that the principals know and are committed to one another and the success of their enterprise. But intimate partnerships also have potential relationship-based perils, some of which could cause work-force demoralization, legal problems and even failure.
The trick to making a small venture succeed is to acknowledge these risks from the start and institute processes to contain or minimize them. Continue reading
By Damon Scott for Finance New Mexico
Early-stage businesses, or even those that are more established, often find it hard to land the right cash infusion, especially when traditional bank financing can be elusive. Under this common scenario, funding through the Venture Acceleration Fund (VAF) could be the needed boost.
Information sessions to help businesses apply for VAF are taking place in Northern New Mexico until Feb. 9, when the application process officially opens. Applications for funding will be accepted until March 12. Continue reading