The land of enchantment, New Mexico, is a great place to start a business. Its expansive landscape has made the oil, gas, and tourism industries boom. New Mexico was ranked the 18th best state to start a new business in part due to its low labor costs. With such diversity of land and access to low-cost labor, it can be difficult to decide on the best business to start in New Mexico.

If you are wondering what is the best business to start in New Mexico, you should assess your passions and skills. If you are indecisive or would like a sense of New Mexico’s market trends, we’ve created the following list of the best business ideas in New Mexico to help you decide. Once you have selected the best business idea for you, we are here to help you with our small business start-up resources.  

The Best Business Ideas in New Mexico

Starting a new business is an exciting adventure, but it may be scary if you do not know where to start. The following are some good businesses to start in New Mexico.

Idea #1: Medical Waste Disposal

Sanitation may not be glamorous, but it is a highly profitable industry. Medical waste disposal made the list for the best business to start in New Mexico because hospitals and medical clinics are always in need of help disposing of waste in a proper manner. Some medical waste is recyclable, which can help your bottom line.   

Idea #2: Nutritionist/Weight Loss Consultant

New Mexico’s beautiful landscape appeals to outdoors people and those who would like to improve their health. Additionally, like many other states, New Mexico has a high rate of obesity. If you have a desire to help people reach their physical goals, this may be the best business for you. You can become a nutritionist, health coach, or dietician through in-person and online certification programs.

Idea #3: Credit Repair Specialist

Many people have large amounts of debt and low credit scores. They may need help in getting on track with their financial goals. You can help them as a credit repair specialist by checking their credit reports, fixing errors, communicating with credit reporting agencies, and helping them create budgets to get out of debt. Becoming a credit repair specialist is one of the best business ideas in New Mexico and throughout the U.S.

Idea #4: Freelance Writer

You can transform your love of writing into a lucrative career. Small and large businesses alike need help creating content for their websites to draw more customers. This may be the best small business to start in New Mexico because of its low operating costs. You can easily write from your home, shared workspace, or coffee shop as a freelance writer.

Idea #5: Bed and Breakfast Operator

Tourists and visitors need a place to stay when they come to see the beautiful sites that New Mexico has to offer. This is why opening a bed and breakfast may also be the best small business to start in New Mexico. If you have a hospitable personality and want to open your home to others, you can make some money doing so. Plus, since you will be working in your home, you will no longer have to face a rush-hour commute.  

Idea #6: Tourist Services

Given the many sights that draw tourists to the state each year, a tourist service could also be the best business in New Mexico to start. If you are passionate about New Mexico’s history and local lore, you can share that with visitors. You can also help them arrange hotel stays and other tourist activities as a trip planner.  

Idea #7: Event Planner

The lovely weather and beautiful scenery in New Mexico draw a variety of events—anything from reunions to weddings. You can plan these memorable events by scouting locations, coordinating catering, and arranging other needs for enjoyable events.

Why These Are the Best Small Businesses to Start in New Mexico

The above list represents some of the best business ideas in New Mexico because many of them:

• Have low overhead costs
• Can be run out of your home
• Cater to tourism, which is a booming industry in New Mexico

Whatever your passion, you can build your business in New Mexico. Its cities are home to a diverse array of businesses. With the right mindset, you can build a successful business here.

The Best Cities in New Mexico for Starting a Business

Now that you have decided on your industry, you may wonder what is the best place to start a business in New Mexico. Some great options include:

• Sante Fe
• Albuquerque
• Rio Rancho
• Alamogordo
• Carlsbad
• Las Cruces

Albuquerque is particularly welcoming of creative entrepreneurs and artists. It ranked 51st on WalletHub’s list of the 100 best cities to start a business in the U.S. 

Form Your Business with Us

After you’ve decided you want to start a business in New Mexico, running your business should be your focus, not figuring out the ins and outs of business regulations. We are here to help you start a business and keep it running. You can use our resources to compare business structures. Once you have decided, we can help you set up your business as a New Mexico LLC or a New Mexico Corporation. Additionally, we offer our Worry-Free Compliance Service and a team of customer support specialists to help your business keep up-to-date with ongoing requirements.

Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.