What is considered a small business in New Mexico?
There are around 160,000 small businesses in New Mexico employing about 340,000 workers. The businesses range from breweries to retail shops and vendors serving the state’s oil and gas industry.
To register a business in New Mexico costs $50. You will get a business tax ID number after registering. If your business applies for tax, you will receive state tax ID numbers. Most business licenses in New Mexico cost $35 per year from the Regulation and Licensing Department.
Business Demographics
- Total small businesses: 143,909
- With employees: 40,611
- No employees: 103,298
- Self-employed individuals: 111,370
Starting a Business
Research your business idea and conduct market research to see if there is demand for your product or service. New Mexico’s business environment and low cost of living make it good for startups. The hospitality industry and natural beauty offer opportunities.
Funding and Growth
Many grant providers in New Mexico offer funding tailored to local businesses or industries, increasing the chance of finding an aligned grant. Grants can help launch innovative products/services and expand operations or enter new markets.