New Mexico Small Business Owners (Albuquerque, Las Cruces: low income, sales, real estate)

[bodiddley]

New Mexico Small Business Owners

I am curious to know how many small business owners from New Mexico are represented on the boards.

I don't know how we rate high on Forbes list when we have right to work & no or low income tax states around us.

[funkymonkey]

I own a business. I don't have any employees though.

I don't know how we rate high on Forbes list when we have right to work & no or low income tax states around us.

Texas has no income tax, but check their property tax rates. Arizona has similar tax rates. Colorado, having a flat tax is overall higher than NM.

The forbes rank for New Mexico is about in the middle. It's Albuquerque and Las Cruces that rank well.

[Six Foot Three]

This state is doing very well but i think it depends on what kind of business you are running. Here's an example in that where i work we contract alot of Painting out to paint Apartments and yet we cannot find any decient co's as their work is Shobby and they are charging around 200 to 300 to paint an apartment. So i seriously think about starting my own company to get into this as i can paint 2 a day by myself and i know my work is good but again i see alot of needs for skilled tradesman who could make a killing if they are good. Carpet Cleaning is another business i deal with alot as they charge about 75 dollars an apartment and average 6 to 7 a week just here where i'm at times how many Apartment complexes, Businesses or Homes etc....$$$

[jsc23]

I currently work as a small business owner/operator in Las Vegas NM. In the past, I owned and operated small businesses in Austin, TX. In my experience, "no income tax" of Texas is beneficial to managers/officers of large corporate facilities in the state.

As a small scale entrepreneur, my fixed fees and expenses (other than real estate) in Las Vegas run about 80% lower than in Austin. No income tax in TX but they tax any and everything else- I paid about $700/yr taxes on $20k worth of business furniture and equipment in Austin.

My NM state income tax liability would have to hit $7,000/year to par the cost of doing business in TX.

For my small scale enterprises, NM is by far better than TX, CO or AZ

[bodiddley]

Originally Posted by jsc23

I currently work as a small business owner/operator in Las Vegas NM. In the past, I owned and operated small businesses in Austin, TX. In my experience, "no income tax" of Texas is beneficial to managers/officers of large corporate facilities in the state.

As a small scale entrepreneur, my fixed fees and expenses (other than real estate) in Las Vegas run about 80% lower than in Austin. No income tax in TX but they tax any and everything else- I paid about $700/yr taxes on $20k worth of business furniture and equipment in Austin.

My NM state income tax liability would have to hit $7,000/year to par the cost of doing business in TX.

For my small scale enterprises, NM is by far better than TX, CO or AZ

Thanks for the infor JSC. I knew that property taxes were higher in Texas, but I didn't know to what extent. I have between 10 & 15 employees & my biggest problem is finding non cdl scale drivers that I can insure ( no dwi within the last 5 years.). But with the housing slow down, I am seeing more walk in people looking for work all the time. The housing slow down also means that I will need less help.

[jsc23]

Originally Posted by bodiddley

Thanks for the infor JSC. I knew that property taxes were higher in Texas, but I didn't know to what extent. I have between 10 & 15 employees & my biggest problem is finding non cdl scale drivers that I can insure ( no dwi within the last 5 years.).

I'd hate to have your insurance bill....

[GregW]

Texas tax structure sounds just as regressive as New Hampshire. No income or sales tax in NH but high rates on nearly everything else. Serves higher income folks very well but tends to rob the rest of us. Property tax on business furniture? What about metal working and machine tools, trucks, trailers etc? I am thinking about an alternate energy business utilizing biodiesel engines in a combined heat and power set up for efficient off the grid (gas and electric) houses and ranches.

New Mexico is sounding better and better. now all I have to do is figure out how to run a business without going broke like the last time.

[jsc23]

Originally Posted by GregW

Texas tax structure sounds just as regressive as New Hampshire. No income or sales tax in NH but high rates on nearly everything else. Serves higher income folks very well but tends to rob the rest of us. Property tax on business furniture? What about metal working and machine tools, trucks, trailers etc? I am thinking about an alternate energy business utilizing biodiesel engines in a combined heat and power set up for efficient off the grid (gas and electric) houses and ranches.

New Mexico is sounding better and better. now all I have to do is figure out how to run a business without going broke like the last time.

Texas calls it "business asset tax"... some counties tax personal property... i.e. household furniture, appliances and tools. Sales tax in TX runs 1.5-2% higher than NM. Motor vehicle registration runs from 3x to 10x more. (I have a mid 70's Dodge pickup that costs me $40/year in NM...cost me $400/yr in TX)

[VisitorNMSU]

Originally Posted by jsc23

I currently work as a small business owner/operator in Las Vegas NM. In the past, I owned and operated small businesses in Austin, TX. In my experience, "no income tax" of Texas is beneficial to managers/officers of large corporate facilities in the state.

As a small scale entrepreneur, my fixed fees and expenses (other than real estate) in Las Vegas run about 80% lower than in Austin. No income tax in TX but they tax any and everything else- I paid about $700/yr taxes on $20k worth of business furniture and equipment in Austin.

My NM state income tax liability would have to hit $7,000/year to par the cost of doing business in TX.

For my small scale enterprises, NM is by far better than TX, CO or AZ

Hello Sir,

I am a student from New Mexico State University, I am taking a course on Entrepreneurs and was given assignment to interview A small business owner. I just need to ask some questions about your Business, not complicated, just simple Questions
1.How you got your business idea?
2. What research and preparations you made prior to opening the business?
3. What were the biggest problems you have encountered?
4. What plans do you have now to expand your business further?
5. What advice would you offer entrepreneurs starting out today?
6. How have sales grown in the last few years?
You can also post any advice or an ending line about your business.

Thank you

[rybert]

This may be the laziest way to go about interviewing anybody. Go outside and talk to A REAL SMALL BUSINESS OWNER.