Grow your business in the City of Ruidoso Downs
We want to help you succeed in your business, and we have some great resources as part of our Let's Grow It! program with Finance New Mexico.
Read a letter from Mayor Williams here
To see our webpage on the "Grow it" website follow this link
Follow this link to find resources at Finance New Mexico
Registration & Licensing
Whether you’re a startup or a returning business renewing your registration, the City of Ruidoso Downs wants to help you succeed. Your success enriches the entire community. Businesses like yours generate money for their owners and employees and pay taxes that contribute to public services that improve the quality of life and the business environment.
When you register your business with the City, you’re making a commitment to yourself and the City. A business license demonstrates to your customers that your business is legitimate and plays by the rules.
What’s more, a license may be necessary to open a business bank account or sign a lease. If you buy merchandise, a license might be your ticket to wholesale prices. If someone sues your business, a license demonstrates that you obey the laws that require businesses — including home-based ventures — to register with the city.
It’s true that business owners who fail to register risk fines and might be forced to close. More importantly, they miss out on the types of assistance the City can provide, including access to grants and free or low-cost assistance.
Explore the business resources found at FinanceNewMexico.org and learn more about how the City of Ruidoso Downs can help you grow your business.
Congratulations on making the decision to launch your own business. Now it’s time to develop a plan and choose a legal structure, if you haven’t done so, and make sure you comply with state and federal regulations. You can learn more about these requirements on our website, but here’s some of what’s involved:
Make a plan
Studies show that business owners who craft a business plan have a higher rate of success. Just as you wouldn’t travel in unfamiliar territory without a road map, you shouldn’t embark on a business venture without an idea of where you’re going and how to get there. See the Plan for Profitability page in this packet.
Choose a legal structure
How you structure your business is up to you. You can be a sole proprietor or form a partnership. Perhaps a corporation or limited liability company offers more of what you need. The City can’t offer you legal advice, but an attorney can. Effective July 1, 2013, if you incorporate your business, you must file with the New Mexico Secretary of State at sos.state.nm.us.
Obtain a federal tax ID number
Your business must be recognized by the federal government. While your personal Social Security number might suffice for a sole proprietorship, most businesses require an Employer Identification Number, or EIN. Apply for an EIN at the Internal Revenue Service website at IRS.gov.
Obtain a state gross receipts tax (CRS) number
Apply for a state gross receipts tax number online at the New Mexico Tax and Revenue Service website at tax.newmexico.gov.
Register your business with the City of Ruidoso Downs
Visit us in person at City Hall after you’ve received or applied for the state gross receipts tax. Bring proof of the application if you haven’t been issued a number.
Obtain necessary permits or certifications
Permits and certifications are required for specific industries, including construction, financial services, manufactured housing, alcohol and gaming. To see whether your business requires special permits, visit the New Mexico Regulation and Licensing Division website at rld.state.nm.us.
Follow the law when you hire
The U.S. Department of Labor website at dol.gov, lists federal rules governing workplace safety, wages and hours and nondiscrimination. Find rules specific to New Mexico – such as the state minimum wage – at the New Mexico Department of Workforce Solutions, dws.state.nm.us. This is also where you register as an employer. To register for workers’ compensation insurance, visit the Worker’s Compensation Administration at workerscomp.state.nm.us.
Plan for Profitability
Every successful business begins with a plan that helps its owner stay focused on well-defined goals, just as a navigator charts a destination and sets a course to reach it. Whether you’re just starting out or running an established enterprise, a business plan helps you measure your progress. And it helps you secure financing, because a plan proves to banks and other lenders that you’re not just drifting aimlessly from one project or sale to the next.
The plan is critical, but the process of clarifying your vision and committing it to paper is what really makes it work. A business plan is a living document, requiring periodic tweaking as market conditions change. Here’s how to start:
- Write a detailed description of the business and what you’d like it to achieve. Identify the niches you plan to fill and the value you bring to customers. Explain why the business exists, whom it serves, what product or service it offers and what problem the product or service solves.
- Define the demand for your products or services. If local demand isn’t strong enough to sustain your business, explain how you’ll expand your distribution area or your plan to be closer to your customers.
- Identify your competitors. Specify how your product or service is superior to theirs. Explain what your competitors are not doing well and what you can do better.
- Describe how you plan to reach your target market. How will you advertise and market your business to new and potential customers?
- Review the business’s ownership and its legal or tax status. Ask your attorney or accountant to determine which organizational structure works best for you and provides protection from liability.
- Outline how the business will be managed. Consider what types of insurance you need, agreements you need to sign and certifications or permits you need to secure.
- Estimate your monthly operating expenses. Be thorough and realistic, and let an accountant or trusted adviser review your projections.
- Project your monthly revenue and when you expect to receive it. Delayed payments can lead to cash flow shortfalls if bills come due before accounts receivable are paid.
- Use your revenue and expense estimates to determine how much money you need at the end of each month over two years and how much money you need to compensate for losses until you can make a monthly profit.
- Decide how much to charge for your product or service. How much you will you have to sell to reach a break-even point?