New Mexico is seeing a strong recovery from pandemic slump, driven by higher retail and leisure-related spending. Other sectors that contributed to growth as of 2021 were oil and gas, transportation, accommodation and food services, manufacturing, and construction.
You can take advantage of this economic recovery by starting your own business. Among the business ideas in New Mexico are marketing consulting and social media. You can also start a blog that you can monetize, or sell supplements and open a fitness center. Take your pick from our list below.
1. Waste Management Service
You can make money from garbage and, with the correct technologies and equipment, help preserve the environment at the same time. The global waste management market is seen to reach more than $700 billion by 2030. More than half of the waste produced globally is in North America, especially the US, where many of the world’s large waste management companies are also based. If you want to cash in on trash, you might consider setting up a waste management business in your area.
First, decide on a niche market. You can deal with either municipal solid waste, industrial waste or hazardous waste. You’ll need to adhere to zoning regulations, licensing requirements and insurance needs. It’s also important to establish collection points, transfer stations, material recovery facilities, and other waste management facilities. If you’re prepared for these challenges and have a clear plan of action, starting a waste management business can be a very profitable venture.
2. Business Consulting
Business is revving back up as the pandemic recedes, and one of the industries best positioned to take advantage is consulting, which is worth more than $250 billion in the US and recorded strong growth in 2021. If you have an area of expertise — finance and budgeting, technology, operations, or management — you could start up your own consulting firm and help businesses improve their efficiency and profitability while also making a good living.
Starting a consulting business is difficult, and will require hard work and determination, as well as a decent amount of red tape. Beyond building up a strong network and reliably providing value to your clients, a key element of your success will be understanding what sets you and your firm apart from your competitors and finding ways to promote that message to your target market and deliver on your promise. Accomplish this and you’ll soon build a reputation and, with a bit of luck, seven-figure revenues.
3. Credit Repair
Do you know that more than half of all Americans have less than stellar credit? It’s true, and you could help some of them get back on their financial feet with your own credit repair business. This is a growing, multi-billion-dollar industry with lots of potential for the serious entrepreneur. It will, however, take some work to get started and attract clients.
The first step is becoming an expert on bad credit and how to repair it by boosting people’s credit scores. You’ll need surety bonds, to guarantee your relationships with clients, and you’ll need to get friendly with lenders and creditors, with whom you’ll regularly work. After that, you’ll just have to find some clients in underserved markets, help them improve their credit and watch the money start rolling in.
4. Social Media Management
Social media is among the world’s fastest-growing industries, with its 20% annual expansion in the last five years expected to increase to stunning 25% annual growth through 2026. By then it will be nearly a trillion dollar industry, which means that now is a great time to get in on the action and ride this wave.
Starting a social media business can be as simple as starting a blog about the media industry on LinkedIn or as complex as creating a fully-fledged Instagram business with lots of people using your content and products. With any social media business, the marketing will be absolutely crucial. The primary goal will be to connect with your target audience on the relevant platform. This means that before you even get started, you should do some research and experimentation to decide which platform and its user profile best fits you and your interests. From there, you’ll just need to find your niche to start building a respected brand.
5. Car Rental
As people book long-delayed holidays in the wake of the pandemic, the car rental industry is booming, with global revenues expected to double by 2027. With some hard work and determination, you could start your own car rental business and provide business and leisure travelers with the transport they need while grabbing your share of a growing $50 billion US market and making a good living.
Keep in mind that this is a competitive market, which means you’ll need to find ways to stand out, such as with deep discounts or a unique selection of cars. Speaking of which, you’ll also need to lay out a sizable investment to get your initial fleet of four to five cars. Finally, it’s crucial that you meet all the licensing and insurance requirements or your business could face severe fines, or worse. But if you’re able to clear these hurdles, there’s a good chance your car rental business will soon be cruising down easy street.
6. Recruiting Agency
If you’re an entrepreneur, you know just how tricky hiring can be. You’ll think you’ve found the perfect new staffer, but within a few weeks he’s made every mistake in the book. That’s why recruiting services are so valuable, and why employee and executive recruitment is a growing multi-billion-dollar industry in the US. Few businesses have the time and resources needed to conduct a thorough search, do the proper vetting and narrow down the list of candidates. And that’s where you and your recruiting business come in.
Getting started is relatively simple. You’ll need to be good at understanding what people want and how they’ll respond in certain situations, and it helps if you have significant experience and a sizable rolodex in a certain field. But even without that, you can reach out to your own network and take a wide variety of recruiting classes online. With some serious study and determination, you could soon be recruiting executives for Fortune 500 companies.
7. Marketing Consulting Agency
If you’re ready to take your marketing career to the next level, why not set up your own marketing consulting business? The $475 billion global marketing services industry is projected to grow steadily. A fast growing segment is digital marketing, which has also been contributing the bulk of income.
If you have experience providing professional advice on marketing and sales, you’ll need only a minimal investment to set up your marketing consulting business. Before you launch, it’s a good idea to choose which services to offer, build your team, and scope out the market to determine pricing. Once you’ve decided on a business name, it’s to your advantage to create a logo, set up social media accounts, and develop a website to establish your brand especially in the digital space. These will help you find your first clients. The journey won’t be easy and you might encounter speed bumps along the way, but it’ll be worth it.
8. Fitness Center
Americans have never been more concerned about their health, which is helping drive widespread interest in achieving better fitness. The US gym and fitness industry is worth $36 billion after years of strong growth. As the pandemic recedes and people get back out there, that market expansion is expected to continue. Even if you’re not a fitness junkie, you could start your own fitness business and help people live healthier, happier lives while earning a solid income.
You don’t even need a physical location. If you have some experience in fitness, you could begin by offering online classes, such as in yoga, Zumba or pilates. Then, once you’ve built up a brand, you could open your first location and start building your fitness empire. Just be sure to get all the required licenses and permits as well as a strong insurance plan — you don’t want your new fitness business to be sidetracked by a customer injury.
9. Supplements Store
If you’ve been thinking about starting a supplement business, now is the time to do it! Sales of multivitamins and supplements spiked more than 50% at the start of the pandemic. In 2022, vitamin and supplement manufacturers in the US were estimated to have earned at least $35 billion. The market is expected to grow marginally in the next five years, with e-commerce sales representing a big opportunity for the industry.
A supplement business can be a very lucrative endeavor. However, it’s not without its challenges. To get started, you need to comply with licensing requirements and other regulations relating to vitamins and supplements. You also need to choose your products well, find reliable suppliers, develop your brand, and get creative in promoting your products. Since the latest trend is selling directly to consumers via the internet, you have to develop your e-commerce website and boost your online presence. Expect to devote a lot of time and effort to your supplement business to ensure its success.
In the podcast era, you might have thought that blogs had gone out of style. You would be wrong. The internet is home to more than 600 million blogs, more than 2 million blog posts go online every day, and after years of steady growth, the US is home to about 32 million blogs. Substack, the blog and newsletter platform, recently passed one million subscribers. As a result, there is real opportunity for a bold entrepreneur looking to start a blog business and get in this massive market.
It requires minimal investment. All you really need is a reliable computer and decent wifi. The major hurdle is coming up with a concept, an objective or mission for your blog business. You might choose generating funds to feed hungry children or delivering crucial news to the people of your city or state. Once you’ve found your niche, you’ll need to reach out across your network, LinkedIn, Facebook, Instagram and beyond, looking for all those who write on related subjects and asking them to get on board. You could offer discounts, incentives, or rewards to sweeten the deal.
Once a couple of accomplished bloggers sign on, the paid advertisements will start rolling in and you’ll be on the road to success in the blogging business.