The 38 Best Home-Based Businesses To Start In New Mexico [2024]
Interested in starting a business in New Mexico in 2024?
We put together 48 of the best businesses you can start in New Mexico today.
For each business idea, we’ll show you real-world examples of how you can start your profitable, home-based small business in New Mexico.
Here's the full list:
1. Start an event planning business ($420K/year)
Starting an event planning business could be an exciting entrepreneurial venture in New Mexico, given the state's vibrant culture and diverse community. By offering meticulous planning and personalized services, you could successfully cater to various events, from weddings to corporate gatherings. A compelling success story in this field is Simply Decor and Events, started by Akshay Patel in Albuquerque, New Mexico. This business specializes in event decor and rentals, boasting an average ticket price of $2,000 per event with significant growth reflected in their annual revenue, reaching up to $380,000.
Akshay Patel's journey began by leveraging social media and expos for clientele, now drawing 40% of their clients from social media advertising and having reduced their advertising budget substantially. This case exemplifies how a well-thought-out business plan and strategic marketing can create a thriving event planning business in New Mexico. For more details on Akshay Patel's success story and insights, check out this case study.
Akshay Patel's event rental and decor business, Simply Decor, Tents, and Events, saw an average ticket price of $2,000, as their advertising budget decreased from $20k to $5k, leading to 40% of their clients coming through social media advertising, 30% from expos, and 30% online in google, yahoo, and other platforms.
3. Start a food tour company ($120K/year)
Starting a food tour company is an excellent home-based business idea, especially in a state rich in culinary diversity and historical significance like New Mexico. You could curate unique walking food tours that combine local cuisine with cultural experiences, giving tourists and locals alike an intimate glimpse into the area's food scene and history. This kind of venture allows for creativity in route planning and partnerships with local eateries, offering a flexible and low-overhead business model.
A great example of a successful home-based food tour business in New Mexico is Wander New Mexico Food Tours, founded by Joe Griffith in 2016. This company has grown 70% year over year and was named one of the “10 Must-Try Food Tours in North America” by USAToday. Wander New Mexico offers immersive culinary experiences in Santa Fe and Albuquerque, blending local flavors with rich cultural narratives. You can read more about their journey in their case study.
Wander New Mexico Food Tours, founded by Joe Griffith, has grown 70% year over year since launching its first walking food tour in 2016; in peak months this past summer, the company did over $30K/mo in sales, and has gained the #1 tour ranking in Santa Fe on TripAdvisor as well as being named by USAToday as one of the “10 Must-Try Food Tours in North America.”
4. Start a life coaching business ($120K/year)
Starting a life coaching business in New Mexico opens the door to a fulfilling venture that can make a significant impact on individuals seeking personal or professional growth. In Albuquerque, one such initiative is GrowthMentor, founded by Foti Panagiotakopoulos. This platform connects clients with vetted growth mentors for one-on-one mentorship sessions, facilitating over 2,500 mentorship calls to date by leveraging word of mouth, content marketing, and extensive networks.
As an entrepreneur in New Mexico, you could take inspiration from GrowthMentor’s innovative approach to connecting people. By creating a structured platform that ensures quality and effective mentorship, you could help countless individuals across the state achieve their goals and overcome challenges. For more detailed insights into this example, check out the GrowthMentor case study.
GrowthMentor, a platform connecting vetted growth mentors for one-on-one calls, founded by Fotis Panagiotakopoulos, has had over 2,500 mentorship calls booked to date and has seen success in using word of mouth, content marketing, and leveraging other people's networks as the primary drivers of customer acquisition.
5. Start a fashion accessories business ($72K/year)
If you're entrepreneurial and living in New Mexico, you could consider starting a fashion accessories business. An inspiring example is Foxly Handmade, a handmade bag company based in Albuquerque, New Mexico. Founded by Jen Fox, the business collaborates with artists to create unique, practical pouches that are both functional and artistic. By focusing on e-commerce, Foxly Handmade has successfully scaled its operations.
Foxly Handmade shifted its operations online and saw substantial growth, with a notable anticipation of tripling its revenue within a year. This highlights the potential for digital transformation and the opportunities that abound in the e-commerce space for fashion accessories in New Mexico. You can read more about Jen Fox’s journey and how she grew her business by checking out the whole case study here.
Foxly Handmade, a handmade bag company based in Albuquerque, New Mexico, pivoted to focus on e-commerce sales and scaled their business to anticipate tripling last year's revenue, which was made possible by data analysis to focus on their standout product.
6. Start a cannabis business ($3.26M/year)
Starting a cannabis business in New Mexico could be a lucrative venture due to the state's evolving marijuana laws and increasing acceptance. As of 2024, recreational cannabis use is legal in New Mexico, opening up a wealth of opportunities for entrepreneurs to tap into a growing market projected to reach $22 billion nationwide by 2022. You could explore various aspects of the cannabis industry, from cultivation to retail dispensaries, and benefit from the relatively new and expanding market.
Beyond the economic potential, the cannabis industry in New Mexico also offers the chance to join a community of forward-thinking, pioneering entrepreneurs. Inspiring success stories demonstrate that no matter your level of experience, there is significant potential to thrive in this sector. For more details on how to get started, explore our comprehensive guide to building a successful cannabis business.
Plain Jane, an online CBD company founded by two college roommates, offers unique products and has generated over $20K a month in sales within five months, attracting and retaining customers through social media, authentic stories, and content.
7. Start a cbd business ($1.02M/year)
If you're based in New Mexico, starting a CBD business in 2024 could be a thriving venture for several reasons. The state's progressive stance toward cannabis, coupled with the growing public awareness of CBD's health benefits, creates a fertile ground for entrepreneurial opportunities in the CBD sector.
You could explore becoming a CBD distributor, forming cooperatives, or even launching a CBD subscription box service. The CBD market is projected to grow at a CAGR of 21.7%, offering expanding opportunities in areas such as CBD marketing, blogging, and product creation. For more details on kicking off your own CBD venture, check out our in-depth guide and learn from successful case studies on Starter Story.
Plain Jane, an online CBD company founded by two college roommates, offers unique products and has generated over $20K a month in sales within five months, attracting and retaining customers through social media, authentic stories, and content.
8. Start an etsy shop ($570K/year)
Starting an Etsy shop in New Mexico could be a fantastic business venture for individuals with a creative flair. With its rich cultural heritage and stunning landscapes, you could leverage local influences to create unique handmade goods, vintage items, and art that resonate with both local and global customers. New Mexico's vibrant arts scene provides ample inspiration and could help your products stand out in a crowded marketplace.
Moreover, selling on Etsy allows you to take advantage of the state's relaxed pace and relatively low cost of living, which can be crucial for a home-based business. By focusing on niche markets or traditional Southwestern crafts, you could differentiate yourself and build a loyal customer base. For more insights and successful case studies, check out this link and see how other entrepreneurs have thrived with their Etsy businesses here.
Chasing Planner Peace is a planner company that has expanded from selling planner inserts on Etsy, to offering a one-stop shop customizable planner experience with over 300 inserts, a planner line, and various other related products, gaining a monthly revenue of around $25,000 at its busiest time of year.
9. Start a beverages business ($21.5M/year)
Starting a beverages business in New Mexico presents a promising opportunity due to the state's growing interest in locally produced and unique drink options. With New Mexico's vibrant culture and diverse population, you could tap into the demand for specialty drinks, such as locally sourced juices or artisanal coffees, catering to both local tastes and tourists.
Additionally, New Mexico's favorable business climate and supportive community infrastructure can help you establish and grow your business effectively. Whether you decide to operate as a manufacturer crafting unique beverages or as a distributor offering popular brands, the potential for success is significant. For more details on how to get started, you could visit our beverages business guide or explore successful case studies of beverage businesses.
BruMate is a successful insulated drinkware brand focused on the adult beverage community, with a flagship product that generated $2.1M in sales in 2017 and is now doing over $1.1M per month in sales, with plans to do $20M this year.
10. Start a niche fashion business ($392K/year)
Starting a niche fashion business in New Mexico offers exciting possibilities given the state's unique cultural heritage and vibrant arts scene. The diverse demographic and appreciation for individuality in fashion make it fertile ground for a specialized fashion brand that can address specific tastes and preferences. With the fashion industry projected to hit $1.002 trillion by 2025, tapping into niche markets could be your gateway to success.
Additionally, the growing trend towards well-crafted and trend-conscious products means your specialized offerings could stand out and thrive. You could explore more detailed opportunities in niche fashion here and even get inspired by successful case studies from entrepreneurs who've made their mark in this industry. New Mexico’s distinct flair could provide a solid foundation for a flourishing niche fashion brand.
This case study showcases the journey of Tradlands, a women's clothing brand generating $134k in monthly revenue, which was started with just $15k, and grew through email marketing, Instagram, and influencer collaborations.
11. Start a travel company ($3.11M/year)
Starting a travel company in New Mexico presents a unique opportunity to tap into the state's rich cultural heritage and stunning natural landscapes. Given New Mexico's diverse attractions like Carlsbad Caverns, White Sands National Park, and Albuquerque's Balloon Fiesta, you could carve a niche focusing on eco-tourism, adventure travel, or cultural tours that highlight the state's Native American and Hispanic history.
By launching a travel company, you could also capitalize on the growing trend of experiential travel. With the ability to organize unique, customized trips that provide authentic New Mexico experiences, you'll stand out in the competitive travel market. To see how others have succeeded, check out successful case studies about travel companies on our website. For more information on starting this type of business, visit our detailed guide.
Under30Experiences is a travel company for people aged 21-35 that runs small group trips around the world, with over 800 five-star reviews on Facebook, Google, and Yelp combined, and nearly hitting $5M in revenue before the COVID-19 pandemic.
12. Start a supplements company ($4.71M/year)
Given New Mexico's vibrant fitness community and the increasing number of health-conscious residents, starting a supplements company could be a lucrative venture. The state's favorable climate for active outdoor lifestyles provides a steady market of fitness enthusiasts and wellness influencers who are ready to invest in their nutrition.
Additionally, the relatively low startup costs and the ability to manage the business from home make it an attractive option for local entrepreneurs. For more inspiration, check out some successful supplements company case studies on Starter Story.
A military officer turned entrepreneur built sports nutrition brand Bare Performance Nutrition from $15,000 in year one to on track to generate $6m in revenue this year, leveraging social media platforms and creating interactive, relatable and valuable content to create a community and a brand voice.
13. Start a natural beauty product business ($802K/year)
Starting a natural beauty product business in New Mexico could be a fruitful endeavor. The state’s unique natural resources like aloe vera and honey provide an excellent foundation for creating products that resonate with consumers seeking chemical-free alternatives. Local sourcing could also highlight the state's commitment to sustainability and high-quality ingredients, appealing to a broad market both within and outside New Mexico.
Moreover, the global market for natural skincare products was valued at $6.7 billion in 2021, indicating strong demand and growth potential. You could leverage the success stories of others who have taken this path by exploring how they started and succeeded in the natural beauty product space.
Bey Moss, an e-commerce platform selling sea moss-infused health and wellness products, made over $800,000 to-date with less than $10,000 overall in ads after validating the product idea through reviews and feedback and leveraging their social media following to build a Bey Moss community.
14. Start a table tennis manufacturing business
If you’re based in New Mexico, starting a table tennis manufacturing business could be a lucrative venture given the growing popularity of sports and recreational activities in the state. With your entrepreneurial mindset, you could cater to the increasing demand for quality, locally-made table tennis equipment, especially in areas with active communities looking for new forms of entertainment and fitness.
Considering New Mexico's supportive business climate and resources for entrepreneurs, this business idea presents a great opportunity to tap into a niche market. For more insights, explore successful case studies of table tennis manufacturing businesses on Starter Story.
15. Start a robotic girlfriend business
With New Mexico’s burgeoning tech sector and a population increasingly open to innovative solutions, starting a robotic girlfriend business could be a compelling opportunity. You could tap into the state’s unique blend of high-tech interests and cultural openness, positioning your business at the forefront of a futuristic trend.
Moreover, with the relatively low cost of living and the presence of research institutions in cities like Albuquerque and Santa Fe, you could leverage local talent and resources to develop a cutting-edge product. For inspiration and proven strategies, you could explore successful case studies of robotic girlfriend businesses already making waves in the industry.
16. Start a technology consulting business ($1.64M/year)
Starting a technology consulting business in New Mexico could be a highly lucrative endeavor, given the state's growing tech scene and diverse economic sectors. As many local businesses look to innovate and leverage technology to expand their operations, your expertise in IT can provide valuable guidance and solutions, making a significant impact in the community.
With New Mexico's unique blend of burgeoning startups and established enterprises in fields like aerospace and renewable energy, the demand for technology consulting is on the rise. By helping these businesses navigate the ever-evolving tech landscape, you could establish a reputable and thriving consulting firm. For more insights and inspiration, explore our detailed guide and check out success stories of others who have excelled in this field.
How a Ph.D. in computer engineering created a patented agile framework and turned it into a profitable training and consulting business, after realizing that his accumulated technology knowledge was losing value over time.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
