New Mexico Business Startup Guides
Starting a Business in Albuquerque, New Mexico
Thinking about starting a business in Albuquerque, New Mexico? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Albuquerque.
Is Becoming a Business Owner Right for You?
Most new companies fail, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
With so much at stake when you start a business, we strongly recommend you do the following before you proceed:
- Grab a meal or cofee with other entrepreneurs in Albuquerque. Get their take on what it's really like to be an entrepreneur.
- Take a look at Starting a Company. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Talk it over with a close friend or partner. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
What Business Are You Starting?
An important decision is what kind of business you want to start. You might get some good ideas about what kind of business to start by reading Business Ideas That Don't Make Sense.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our How to Start an Information Processing & Retrieval Equipment & Systems Business guide or our How to Start a Rock Lawns & Rockscaping Business guide.
Always keep in mind that your new business will be in Albuquerque. Think about what needs are currently being underserved in Albuquerque. Study Albuquerque demographics and do a competitive analysis as part of your startup planning process.
Albuquerque, New Mexico Demographic Information
Albuquerque has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Albuquerque demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Albuquerque.
Businesses
As a new Albuquerque entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Albuquerque for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Selecting a Name For Your Venture
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
For other considerations regarding naming a company, we recommend this article: Branding Advice.
As a final piece of advice, remember that because you are starting a business in Albuquerque, it's imperative that you check now that no other New Mexico company is using the business name you want to use.
Company Formation in Albuquerque, New Mexico
It's essential that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating is a very common way to legally create a business entity. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. Just because you are starting a business in New Mexico, you don't necessarily have to incorporate in New Mexico. In fact, you can incorporate in the state of your choosing. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
There's a lot to know about forming a company. To learn the basics of company formation, browse articles on our site, such as Incorporating Online. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Albuquerque, New Mexico, our information on Incorporating in New Mexico may be a useful resource if you decide to incorporate in New Mexico.
Getting Money to Start a Business
Getting your Albuquerque business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on raising capital, such as 504 Loans.
For Albuquerque entrepreneurs with great ambition but a shortage of investment capital, check out our List of New Mexico Angel Investors and our List of New Mexico Venture Capital Firms.
Learning More About Entrepreneurship
Good business owners know that they need to continually improve.
As an entrepreneur who lives in Albuquerque, New Mexico, you will want to take advantage of the learning programs at local New Mexico educational institutions. It's also wise to see if there are any Albuquerque networking organizations.
Interviews With Albuquerque Entrepreneurs
Enjoy these interviews we've had with Albuquerque entrepreneurs.
- Interview with Omniac Education Founder Mark Truman
- Interview with Sharon Dillard, President of Get A Grip, Inc
Moving Forward
Most new Albuquerque businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Albuquerque and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Albuquerque entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Albuquerque, New Mexico
Here are more links that we believe will help you be successful in starting a business in Albuquerque.
- Resources for Albuquerque, New Mexico Entrepreneurs - Browse a variety of resources we've collected to assist Albuquerque entrepreneurs.
- New Mexico Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in New Mexico.
- New Mexico Small Business Development Center - New Mexico Small Business Development Centers provide quality direct assistance, entrepreneurial education and resource links for potential and existing small businesses to strengthen the economy of New Mexico.
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