New Mexico’s Gross Receipts Tax system has always been somewhat confusing. Unlike many states that require businesses to collect a tax on product sales (referred to as a sales tax), New Mexico’s tax applies to the sale of products and services.
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Black Business Summit Kicks Off Black History Month
The City of Albuquerque, in collaboration with a multitude of partners, is kicking off Black History Month with a summit that aims to equip Black entrepreneurs and business owners with the resources to help their businesses grow. February is Black History Month, and the summit will take place February 7 and 8 at the Albuquerque Convention Center.
Continue readingExpansion Has Pet Accessory Company Ready for Holiday Sales
For nearly 15 years, Amanda and Dan Jackson-Miller created custom-made designer dog collars, leashes, and other pet accessories from a 5,000-square-foot building in downtown Albuquerque. With demand outpacing their building’s storage capacity, the couple moved in early 2022 into a 9,000-square-foot building near the Albuquerque Sunport.
They did so with the help of experts from New Mexico Manufacturing Extension Partnership (New Mexico MEP), a nonprofit that helps manufacturers streamline workflow and improve competitiveness.
The Jackson-Millers met New Mexico MEP adviser Scott Bryant several years ago, when Bryant stopped by Mimi Green, which was named for a pug Amanda adopted in 2007 just as the business was launching. Bryant introduced himself and asked if the couple could use MEP’s assistance.
The entrepreneurs did some training with Bryant about five years ago, and that relationship continued through the move.
Continue readingSTEP Grants Help Businesses Begin Exporting
The New Mexico State Trade Expansion Program (STEP) helps businesses expand into new markets or begin exporting by reimbursing eligible costs such as securing foreign trade show booth space, hiring interpreters, and attending export training programs. The program also offers the U.S. Department of Commerce’s Gold Key matchmaking services in major markets abroad.
Continue readingBusiness Leaders Connect
Business leaders can connect with entrepreneurs at one of the many Mfg Day events taking place in New Mexico during October.
Continue readingSmall Biz Builder Program for Eddy and Lea County Businesses
Nonprofit lender LiftFund has partnered with ConocoPhillips to provide a three-week program to help Permian Basin entrepreneurs develop and grow their businesses.
Continue readingUNM Rainforest Innovations Offers Business Mentoring
The University of New Mexico offers training and technical assistance to entrepreneurs and small-business owners at all of its UNM locations, including downtown Albuquerque (Rainforest Innovations building), Taos, Los Lunas, Gallup, and Los Alamos. Business mentoring is one facet of its services.
Continue readingBusiness Incubator Opens in Valencia County
Valencia County small businesses and startups have another resource to help them grow their businesses. The Valencia County Business Incubator (VCBI), located at 360 Rio Communities Blvd. in the City of Rio Communities, opened in August 2022 to provide consulting, mentoring, and seminars, in addition to office space and workstations.
Continue readingNew Mexico Startup Gets Help with Pitch to Potential Clients
Working with New Mexico Manufacturing Extension Partnership (New Mexico MEP) shaved at least a year off the time RingIR president Dr. Charles Harb expected to spend getting his company’s portable gas-detecting product ready for market.
And given the disruption and delay caused by the state’s protracted coronavirus-related shutdown, the value of that time is hard to calculate.
“We were working with (New Mexico MEP) on a business plan just before COVID hit, and everything got shut down,” said Harb, who runs the company with his wife and co-founder, Anna.
The couple launched the business in California in 2013 to commercialize the wideband optical spectrometer Harb had developed at the University of New South Wales in Australia to detect airborne chemicals.
Continue readingWESST Helps Hobbyists Become Business Owners
According to Brad Crowson, a former regional program coordinator at WESST, more than 70 percent of business registrations in Rio Rancho are for home-based businesses. Crowson, who worked one-on-one with new and aspiring small-business owners as a consultant for the nonprofit business development organization, believes the home-based business trend is supported by the widespread availability of high-speed internet, among other factors.
“It’s also, in most cases, fairly low-risk financially and offers significant upside potential for both personal fulfillment and income generation — not to mention terrific tax benefits if structured properly,” Crowson said in a recent WESST blog post.
Many people engage in home-based hobby activities that turn into a source of income; however, to claim tax benefits referred to by Crowson, individuals must demonstrate to the Internal Revenue Service that their activities are intended to make a profit.
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