November 30, 2024, is New Mexico’s Small Business Saturday Tax Holiday, when the state allows non-franchise, small businesses to deduct their sales of qualifying items from their gross receipts. The annual tax holiday, which coincides with Small Business Saturday nationwide, begins at 12:01 a.m. and ends at midnight the same day, giving shoppers an extra incentive to shop locally this holiday season.
Continue readingTag Archives: small business
An Investment of Operatic Proportions
Tony Zancanella has a lot of ideas and big plans when it comes to transforming old industrial buildings into places where art can flourish. As the director of Opera Southwest (OSW) in Albuquerque, he has been working for the past ten years to bring one vision in particular to fruition. That vision became a reality in September of 2022 with the purchase of the 11,500 s.f. former Spitzer Automotive warehouse on 3rd and Mountain, just north of the downtown area. The building will now function as the Opera’s technical production facility where a staff of skilled technicians and artists can work their magic creating the sets, props and costumes that are integral to the opera experience.
Tony’s energy, enthusiasm and focus are evident from the moment he starts speaking of OSW’s latest investment. “This space allows us to build our own sets right here in Albuquerque, whereas formerly we’ve had to contract with companies in Texas, New England, and California.” OSW, he emphasizes, is now poised to provide critical jobs for the production side of theater. “These are good jobs, interesting jobs that will bring economic diversity and opportunity for skilled workers to one of Albuquerque’s core historic neighborhoods.”
Continue readingValue Proposition is First Step Toward Market Success
To stand out in a market saturated with consumer products and get the attention of consumers deluged with advertising appeals, an entrepreneur needs to offer a product or service with obvious benefits and unquestionable superiority over the competition.
That isn’t as easy as it sounds. The history of U.S. commerce is littered with countless products whose inventors misjudged the market’s appetite or need.
Getting a product or service to market begins with a value proposition: a sober evaluation of who the product is for, what need it will fulfill, what dissatisfies consumers about the products currently being used to fulfill that need and how the new product is a marked improvement. Continue reading
New Perspective Can Jump-Start a Business
Business leaders are a hardy breed, loath to admit trouble and express anything but optimism and confidence. This tough façade is handy when applying for loans, seeking investment capital and competing in the rough and tumble marketplace.
But it’s hard to maintain when customers are drifting away, employees are quitting, cash flow is falling short and a new product is taking too long to reach market. It’s hard to stay externally cool when internal fears wear down nerves and mental stability.
As tempting as it might be to turn inward and work even harder at such times, experts suggest a healthier approach is for the business owner to create some distance between her personal and professional lives. Continue reading
Distributors Expand Market for New Mexico Companies
Owners of The Bitter End found that distributors could increase revenue. Article by Sandy Nelson.
Bill York started making his own bitters nine years ago while bartending at a Santa Fe cigar bar, where he learned the alchemy of sophisticated cocktails. His small company, The Bitter End, now manufactures its distinctive handcrafted bitters at a Santa Fe facility and reaches consumers through distributors in New York, California, Chicago and Europe.
“This wasn’t the beginning of the craft cocktail movement,” York said, “but there weren’t that many bitters makers on the market, and when I got the idea for spicy, concentrated bitters, it seemed like a good idea to give it a go.”
York developed his initial five recipes while learning how to navigate the bureaucracy of marketing a food product. New Mexico requires alcoholic beverages to be marketed through a distributor, but mixers — classified as alcohol flavorings — are treated as food products.
“I set up a website to accept sales and started sending out samples to prominent bartenders and influencers,” he said. “We visited a lot of bars and gave out a lot of samples; we tweeted like crazy. We went to Tales of the Cocktail [the world’s largest cocktail trade show, which happens every July in New Orleans] and set up a booth to meet people and sell bottles.” Continue reading
Market Data Available to Small Businesses
Article by Sandy Nelson.
A business plan is incomplete without a financial section that forecasts how the owner expects the company to grow and how much revenue he believes the company will generate based on his reading of the market for its products or services.
But unless that projection is grounded in reality, it won’t make the desired impression on a lender or investor — or even on a landlord who wants some assurance the business will last as long as the commercial lease.
Lenders, venture capitalists and other investors who finance startups deal in concrete numbers, because they’re betting real money on a concept or enterprise that’s typically untested. If they’re presented with an educated guess about the market that exists for a given product or service, they expect it to be a well-educated one. Continue reading
Predictive Analytics Isn’t Just for the Big Guys
Image courtesy of Carlos Muza. Article by Sandy Nelson.
Predicting consumer behavior can be an obsession for businesses, no matter what their size. Big corporations dedicate entire departments to divining what people will want next so they can be first to offer it, and they invest massive amounts of money into predictive analytics—the mining of massive sets of data for patterns and trends in hopes of giving businesses a competitive edge by helping them predict the future.
Smaller businesses typically don’t have the means or need to invest in the sophisticated types of data crunching that their larger cousins do, but smaller-scale data analysis tools can help them track past and real-time trends and behaviors so they can make fact-based decisions about how to allocate resources. Continue reading
Delegation Equals Liberation for Small Business Owners
Product shipment preparation is one task that could be delegated. Article by Sandy Nelson.
Sooner or later, an entrepreneur has to know his limits and acknowledge that some tasks can and should be done by others to allow him to focus on the bigger picture. That requires delegation — trusting others, whether subordinates, partners or independent contractors, to complete an assignment as directed.
As obvious as that sounds, an entrepreneur can have a hard time trusting others with his “baby,” ultimately defeating many business objectives and stunting the company’s natural growth.
Many businesses in New Mexico start small, with the owner doing all the work that’s required to get off the ground. Success only increases the workload, and the owner who doesn’t delegate eventually will find her attention pulled away from mission-critical decisions into fussing with day-to-day minutia — answering phones or emails from clients or vendors, filing, blogging — or running in place trying to accomplish tasks outside her expertise. Continue reading
Even a Small Management Team is Essential to Startup Success
Article by Sandy Nelson
While it’s normal for the owner of a new business to go the do-it-yourself route, either for lack of money or sparse human resources, no one individual can perform every task associated with nurturing a startup and do all of them well.
The person who sets the idea in motion might not have a clue how to keep books and end up avoiding this essential skill in pursuit of more interesting or gratifying activities, such as networking and prototype creation. Continue reading
SEC rules allow everyone to invest in small businesses
By Karl Dakin, Owner, Dakin Capital Guild LLC
Owners of startups and early-stage businesses can now look beyond traditional financing and equity sources when searching for growth capital. Changes in federal and state laws make it possible for everyone — not just the top three percent of income earners known as accredited investors — to invest in small businesses.
Crowdfunding is the activity of raising money from everyone. Organizations have used it since the late 1990s to obtain a large number of small donations for art and philanthropic projects. Rules adopted by the U.S. Securities and Exchange Commission (SEC) in 2015 allow the general public to participate in securities-based crowdfunding. Instead of receiving a tee shirt or other gift of appreciation for a donation, crowdfunding investors get equity in the company they help fund. Continue reading