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 51 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.
2. ($360K/year)
Starting a home-based business focused on teaching and sharing niche expertise can be a rewarding venture. One successful example is The Perfect Loaf, which was started by Maurizio Leo in Albuquerque, NM. This business caters to sourdough bread enthusiasts by providing detailed instructions and guidance for home bakers. Leo’s dedication and expertise have helped him gain nearly 100,000 email subscribers with an impressive 72 percent open rate.
By leveraging platforms like Instagram and SEO, The Perfect Loaf has grown to generate an average of $30K per month, amounting to $360K per year in revenue. If you have a unique skill or passion, especially in a market with dedicated enthusiasts, you could follow in Maurizio's footsteps and create your own educational content platform from the comfort of your home. For a deeper dive into Maurizio Leo's journey, click here.
Learn how Maurizio Leo turned a passion for sourdough bread into a successful business, with nearly 100,000 email subscribers and an impressive 72 percent open rate, generating an average of $30K per month and $360K per year in revenue.
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 real estate business ($3.26M/year)
Starting a real estate business in New Mexico could be a lucrative venture due to the state's diverse landscapes and growing population. With its unique blend of urban centers like Albuquerque and Santa Fe, and picturesque rural areas, there are numerous opportunities for buying, selling, and managing properties. You could tap into the growing demand for both residential and commercial real estate, benefiting from New Mexico's thriving tourism and local industries.
If you're a qualified architect or have a deep understanding of the real estate market, your expertise could position you for success in this field. With skills in visual awareness and knowledge of building materials, you could provide clients valuable insights that set you apart from the competition. For more details on this business idea and to read successful case studies from others who have ventured into real estate, explore Starter Story.
This case study is about T. C. Lewis & Co, a real estate investment and management firm that successfully diversified their approach to include sales, development, remodeling, and construction, with property management being the key to investor doors and organic growth.
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 a specialty food business ($597K/year)
If you are an entrepreneurial-minded individual in New Mexico, starting a specialty food business could be a lucrative opportunity. With the state's rich cultural history and diverse culinary influences, you could find a niche market for gourmet and artisanal foods that appeal to both locals and tourists.
Additionally, the global specialty food ingredients market is expanding at an annual growth rate of 6.4% (more details here). Capitalizing on this trend, you could source premium ingredients and create unique, high-quality products that stand out in the marketplace. To inspire your journey, you could explore successful case studies of others who have thrived in this industry.
ChipMonk co-founders built a mail-order bakery selling low carb, gluten-free desserts, making around $25,000 a month with growth through e-commerce, and plans to tighten budgets and conserve cash in challenging times.
9. Start a travel company ($3.31M/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.
10. Start a food startup ($2.32M/year)
New Mexico offers a unique opportunity for food startups due to its rich culinary heritage and diverse local produce. You could leverage the state's renowned chiles, pecans, and other local ingredients to create unique and authentic food products that appeal both locally and nationally. The vibrant food culture and numerous local events can serve as excellent platforms to promote your business.
Additionally, the growing trend of farm-to-table dining can boost the demand for your products, especially if you focus on sustainable and locally-sourced ingredients. Whether you’re interested in starting a food truck, a catering service, or even an online food blog, the possibilities are as expansive as the New Mexican landscape. For more inspiration and insights, check out some successful case studies on our website, or learn more about starting a food startup.
Trini Pepper Sauce co-founder and co-owner, Mustafa Mannan, shares how he successfully imported and manufactured his family's unique pepper sauce recipe and launched it through a Kickstarter campaign, now selling an average of $3,000/month in revenue.
11. Start a tour company ($898K/year)
If you live in New Mexico, starting a tour company could be a lucrative and fulfilling business venture. With its stunning landscapes, rich history, and vibrant culture, the state offers a plethora of opportunities for various types of tours, such as food & drink, adventure, and historical sightseeing. Your unique local knowledge could help you differentiate your business by offering specialized experiences that visitors can't find anywhere else.
In a state known for attractions like the White Sands National Monument and the historic Santa Fe Plaza, you could cater to tourists interested in everything from hiking and outdoor sports to exploring Native American culture. This business idea allows you to share your passion for New Mexico while creating memorable experiences for others. For inspiration, check out successful case studies that showcase how other entrepreneurs have turned this idea into thriving businesses.
How Jessica Baumgart founded a successful food tour business in Denver, which broke even and started making a profit after just three months, generating $20,000/month in revenue from offering different food tour experiences.
12. Start a skills training business ($1.07M/year)
Starting a skills training business in New Mexico presents a myriad of opportunities, especially in a state known for its diverse population and economic potential. You could tap into the growing need for skill development in areas such as technology, healthcare, and renewable energy, sectors where New Mexico is seeing significant growth. Leveraging an online platform could allow you to reach a wider audience, making it convenient for residents in urban areas like Albuquerque as well as those in rural parts of the state.
Moreover, with the global skills training market expected to reach $47.2B by 2027, you have a lucrative opportunity to create a sustainable income stream. Starting your business with relatively low initial investment but focusing on building an impressive portfolio can help you command higher rates and achieve financial freedom. For more details on starting a skills training business, check out this guide and read through successful case studies that could inspire your journey.
A one-man business teaching people how to use Microsoft Excel effectively has gone from getting ~15k pageviews a month in 2014, to more than one million pageviews every month as of today, generating an average monthly revenue of ~$10,000, with the majority of the money coming from online course sales and a newsletter, which has 40k+ active subscribers.
13. Start a life coaching business ($223K/year)
Starting a life coaching business in New Mexico could be a lucrative and fulfilling venture, especially given the state's unique demographic and cultural diversity. You could tap into a rapidly growing industry worth over $2.85 billion, and the increasing number of life coaches signifies a robust demand for these services.
Leveraging local networks and communities, you could offer niche life coaching tailored to specific needs, such as career transitions, wellness, or personal growth. With minimal startup costs, you could launch your business with just a computer, internet connection, and a LinkedIn account, allowing you to start part-time and expand as your clientele grows. For inspiration, check out success stories of life coaches who have built thriving businesses in diverse markets.
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.
14. Become a business coach ($527K/year)
Starting a business as a business coach in New Mexico offers numerous possibilities to help aspiring entrepreneurs while enjoying a rewarding and financially sustainable career. The state is home to a growing community of small business owners who often seek guidance in areas like marketing, e-commerce, stress management, and leadership.
You could help these business owners navigate challenges and seize new opportunities, ensuring their ventures thrive. If you're skilled in specialized business fields, becoming a business coach allows you to share your expertise and make a meaningful impact on the local economy. For more inspiration, check out some successful case studies from others who have excelled in this rewarding profession.
Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.
15. Start a furniture flipping business
Starting a furniture flipping business in New Mexico could be a lucrative venture due to the state's eclectic mix of historical and modern homes. You could capitalize on the demand for unique and stylish furniture by turning old pieces into masterpieces that appeal to homeowners looking for distinctive decor.
With a few hours a week dedicated to this endeavor, you could unlock significant profits, as some furniture flippers earn 6-figure incomes annually. If you're passionate about refurbishing and repurposing, this business idea offers an excellent opportunity to combine creativity with profitability. To see how others have succeeded, check out these successful case studies.
16. Become a copywriter ($449K/year)
Starting a home-based copywriting business in New Mexico presents a fantastic opportunity for entrepreneurial-minded individuals. Given the low overhead costs and the flexibility to work from anywhere, you could enjoy the diverse landscapes, cultural richness, and lower cost of living that New Mexico offers while building a profitable business. Platforms like Upwork and Fiverr make it easier than ever to find work and build a client base, which means you could quickly gain momentum and start seeing substantial income.
New Mexico's growing tech scene and diverse local businesses provide a fertile ground for establishing valuable connections and expanding your clientele. By leveraging your skills and growing experience, you could eventually explore the possibility of launching your own successful copywriting firm. For more details on taking this path, check out the copywriter business idea page and explore successful case studies of entrepreneurs who have thrived in this field.
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
17. Become a lecturer
Ever considered liberating knowledge from the confines of a hardcover book or a stuffy classroom? In New Mexico, becoming a lecturer offers a unique opportunity to tap into the state's rich cultural heritage and vibrant educational community. You could share your expertise in universities, workshops, seminars, or even online platforms, reaching eager learners across the state and beyond. For more details, check out our guide to starting a lecturer business.
With today's technology, you could reach a global audience from the comfort of your New Mexico home. By leveraging online platforms, you could touch lives and impact future generations with your wisdom. If you have a passion for a particular field, an unquenchable thirst for knowledge, and the gift of eloquence, then lecturing could be an ideal entrepreneurial venture. Learn from successful lecturers who have paved the way by reading this case study.
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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.
