How Much Does It Cost to Start a Business in New Mexico?
Last updated: May 2026
New Mexico Business Overview
LLC Filing Fee
$50
Sales Tax Rate
4.9%
Minimum Wage
$12/hr
Cost of Living Index
94.8
Workers Comp
Required
Annual Report Fee
$0
Starting a Business in New Mexico
New Mexico businesses register with the Secretary of State and obtain a CRS number from the Taxation and Revenue Department for tax purposes.
New Mexico imposes a Gross Receipts Tax (GRT) instead of a traditional sales tax at 4.875% statewide, with local add-ons. Individual income tax rates range from 1.7% to 5.9%.
New Mexico's growing cannabis industry and arts economy in Santa Fe create unique business opportunities. The state's lower cost of living attracts remote workers who need local services.
For official formation documents, visit the New Mexico Secretary of State.
Startup Costs for 100 Business Types in New Mexico
The table below shows estimated startup costs for every major business type, adjusted for New Mexico’s cost of living index of 94.8. Click any column header to sort. Click a business name to see full cost breakdowns, calculator, and licensing requirements.
| Accounting Firm | Professional Services | $6,300 | $18,000 | $41,400 |
| Airbnb & Vacation Rental Business | Real Estate | $9,900 | $27,000 | $81,000 |
| Ambulance Service | Transportation & Logistics | $72,000 | $180,000 | $450,000 |
| App Development Company | Tech & Online | $9,000 | $27,000 | $72,000 |
| Architecture Firm | Professional Services | $18,000 | $49,500 | $117,000 |
| Auto Detailing Business | Automotive | $4,500 | $27,000 | $90,000 |
| Auto Repair Shop | Automotive | $67,500 | $180,000 | $450,000 |
| Bakery | Food & Beverage | $18,000 | $85,500 | $270,000 |
| Bar & Nightclub | Food & Beverage | $90,000 | $315,000 | $765,000 |
| Barbershop | Beauty & Personal Care | $13,500 | $58,500 | $157,500 |
| Beauty Supply Store | Beauty & Personal Care | $27,000 | $90,000 | $270,000 |
| Bookstore | Retail | $22,500 | $90,000 | $270,000 |
| Brewery / Microbrewery | Food & Beverage | $225,000 | $360,000 | $1,350,000 |
| Cannabis Dispensary | Specialty & Regulated | $112,050 | $298,800 | $1,120,500 |
| Car Wash | Automotive | $112,050 | $489,600 | $1,398,600 |
| Carpentry & Woodworking Shop | Construction & Trades | $9,450 | $25,200 | $63,000 |
| Catering Business | Food & Beverage | $10,800 | $47,700 | $117,000 |
| Chiropractic Office | Health & Wellness | $90,000 | $108,000 | $270,000 |
| Cleaning Business | Home Services | $1,350 | $9,900 | $33,300 |
| Clothing Boutique | Retail | $27,000 | $90,000 | $270,000 |
| Coffee Shop | Food & Beverage | $54,000 | $108,000 | $315,000 |
| Concrete Business | Construction & Trades | $22,500 | $58,500 | $135,000 |
| Consulting Business | Professional Services | $1,800 | $8,100 | $23,400 |
| Convenience Store | Retail | $45,000 | $252,000 | $675,000 |
| Courier & Delivery Service | Transportation & Logistics | $7,200 | $19,800 | $49,500 |
| Cybersecurity Firm | Tech & Online | $18,000 | $49,500 | $135,000 |
| Dance Studio | Childcare & Education | $18,000 | $72,000 | $225,000 |
| Daycare Center | Childcare & Education | $54,000 | $162,000 | $450,000 |
| Demolition Company | Construction & Trades | $27,000 | $72,000 | $180,000 |
| Dental Practice | Health & Wellness | $315,000 | $450,000 | $900,000 |
| Digital Marketing Agency | Tech & Online | $3,600 | $10,800 | $28,800 |
| E-Commerce Store | Tech & Online | $4,500 | $13,500 | $45,000 |
| Electrical Business | Home Services | $13,500 | $49,500 | $144,000 |
| Esthetics & Skincare Business | Beauty & Personal Care | $7,200 | $36,000 | $108,000 |
| Excavation Company | Construction & Trades | $45,000 | $117,000 | $315,000 |
| Financial Planning Practice | Professional Services | $18,000 | $49,500 | $117,000 |
| Flower Shop | Retail | $18,000 | $67,500 | $180,000 |
| Food Delivery Service | Food & Beverage | $9,000 | $46,800 | $117,000 |
| Food Processing Business | Food & Beverage | $180,000 | $225,000 | $675,000 |
| Food Truck | Food & Beverage | $40,500 | $108,000 | $180,000 |
| Freight Brokerage | Transportation & Logistics | $14,400 | $32,400 | $72,000 |
| Furniture Store | Retail | $45,000 | $180,000 | $540,000 |
| General Contracting Business | Construction & Trades | $18,000 | $49,500 | $117,000 |
| Ghost Kitchen | Food & Beverage | $18,000 | $54,000 | $135,000 |
| Gift Shop | Retail | $18,000 | $63,000 | $180,000 |
| Gym & Fitness Center | Health & Wellness | $45,000 | $225,000 | $900,000 |
| Hair Salon | Beauty & Personal Care | $13,500 | $67,500 | $225,000 |
| Handyman Business | Home Services | $1,800 | $9,000 | $29,700 |
| Home Health Care Agency | Health & Wellness | $36,000 | $117,000 | $270,000 |
| HVAC Business | Home Services | $18,000 | $63,000 | $180,000 |
| Ice Cream Shop | Food & Beverage | $18,000 | $67,500 | $180,000 |
| Insurance Agency | Professional Services | $13,500 | $36,000 | $81,000 |
| IT Services Business | Tech & Online | $13,500 | $36,000 | $90,000 |
| Juice Bar & Smoothie Shop | Food & Beverage | $22,500 | $81,000 | $225,000 |
| Landscaping Business | Home Services | $9,000 | $36,000 | $108,000 |
| Laundromat | Real Estate | $90,000 | $225,000 | $540,000 |
| Law Firm | Professional Services | $10,800 | $30,600 | $72,900 |
| Limousine & Car Service | Transportation & Logistics | $36,000 | $81,000 | $198,000 |
| Liquor Store | Retail | $45,000 | $162,000 | $450,000 |
| Marketing Agency | Professional Services | $4,500 | $16,200 | $45,000 |
| Martial Arts Studio | Childcare & Education | $18,000 | $63,000 | $180,000 |
| Meal Prep Business | Food & Beverage | $18,000 | $58,500 | $180,000 |
| Med Spa | Health & Wellness | $90,000 | $315,000 | $900,000 |
| Medical Practice | Health & Wellness | $135,000 | $360,000 | $900,000 |
| Mental Health Practice | Health & Wellness | $13,500 | $45,000 | $135,000 |
| Moving Company | Home Services | $27,000 | $90,000 | $270,000 |
| Music School | Childcare & Education | $9,000 | $45,000 | $135,000 |
| Nail Salon | Beauty & Personal Care | $18,000 | $81,000 | $225,000 |
| Painting Business | Home Services | $4,500 | $22,500 | $72,000 |
| Personal Training Business | Health & Wellness | $4,500 | $22,500 | $90,000 |
| Pest Control Business | Home Services | $9,000 | $36,000 | $108,000 |
| Pet Store | Retail | $27,000 | $90,000 | $270,000 |
| Pharmacy | Health & Wellness | $225,000 | $360,000 | $900,000 |
| Physical Therapy Clinic | Health & Wellness | $54,000 | $162,000 | $405,000 |
| Pizza Shop | Food & Beverage | $67,500 | $157,500 | $360,000 |
| Plumbing Business | Home Services | $13,500 | $45,000 | $135,000 |
| Podcast Production Company | Tech & Online | $1,800 | $5,400 | $16,200 |
| Preschool | Childcare & Education | $45,000 | $135,000 | $360,000 |
| Property Management Company | Real Estate | $9,450 | $21,600 | $49,500 |
| Real Estate Agency | Professional Services | $9,000 | $25,200 | $63,000 |
| Real Estate Investing & Rental Business | Real Estate | $22,500 | $67,500 | $225,000 |
| Restaurant | Food & Beverage | $157,500 | $337,500 | $675,000 |
| Roofing Company | Home Services | $13,500 | $54,000 | $162,000 |
| SaaS Company | Tech & Online | $18,000 | $54,000 | $180,000 |
| Spa & Massage Therapy | Health & Wellness | $9,000 | $63,000 | $225,000 |
| Staffing Agency | Professional Services | $18,000 | $49,500 | $135,000 |
| Storage Unit Facility | Real Estate | $180,000 | $540,000 | $1,800,000 |
| Tattoo Shop | Beauty & Personal Care | $18,000 | $53,100 | $180,000 |
| Tax Preparation Business | Professional Services | $3,150 | $9,000 | $24,300 |
| Thrift Store | Retail | $18,000 | $67,500 | $180,000 |
| Tire Shop | Automotive | $45,000 | $135,000 | $360,000 |
| Towing Company | Automotive | $45,000 | $135,000 | $360,000 |
| Trucking Company | Transportation & Logistics | $27,000 | $72,000 | $180,000 |
| Tutoring Business | Childcare & Education | $1,800 | $21,600 | $90,000 |
| Used Car Dealership | Automotive | $45,000 | $180,000 | $540,000 |
| Vape Shop | Retail | $22,500 | $67,500 | $180,000 |
| Web Development Agency | Tech & Online | $3,150 | $10,800 | $29,700 |
| Welding Business | Construction & Trades | $13,500 | $36,000 | $90,000 |
| Winery | Food & Beverage | $450,000 | $685,800 | $2,700,000 |
| Yoga Studio | Health & Wellness | $13,500 | $72,000 | $180,000 |
Most Popular Business Types in New Mexico
Licenses & Permits in New Mexico
General Business License
New Mexico requires most businesses to obtain a Combined Reporting System (CRS) identification number from the New Mexico Taxation and Revenue Department, which serves as the primary business registration for gross receipts tax (New Mexico's version of sales tax). Businesses must also register their entity with the New Mexico Secretary of State. Some municipalities, including Albuquerque and Santa Fe, require additional local business registration.
Industry-Specific Licenses
- Food Service Permit — New Mexico Environment Department — Drinking Water and Environmental BureauCost: Varies — contact agency • Renewal: Annual
- General Building Contractor License — New Mexico Regulation and Licensing Department — Construction Industries DivisionCost: Varies — contact agency • Renewal: Annual
- Cosmetology Shop License — New Mexico Board of Barbers and CosmetologistsCost: Varies — contact agency • Renewal: Annual
- Real Estate Broker License — New Mexico Real Estate CommissionCost: Varies — contact agency • Renewal: Annual
- Child Care Facility License — New Mexico Children, Youth and Families DepartmentCost: Varies — contact agency • Renewal: Annual
- Dispenser License — New Mexico Alcohol and Gaming DivisionCost: Varies — contact agency • Renewal: Annual
- Oil and Gas Operator Permit — New Mexico Oil Conservation DivisionCost: Varies — contact agency • Renewal: Annual
- Outfitter and Guide License — New Mexico Department of Game and FishCost: Varies — contact agency • Renewal: Annual
Home-Based Business Rules
Home-based businesses in New Mexico are regulated by local municipal and county ordinances. Albuquerque allows home occupations in residential zones with standard restrictions on customer visits, signage, and commercial storage. New Mexico's rural areas are generally very permissive of home-based businesses. The state's cottage food law supports home-based food production and direct consumer sales. New Mexico's creative economy in Santa Fe has historically been accommodating of art studio and craft production home businesses.
New Mexico Business Resources
SBA District Office
New Mexico SBA District Office — Albuquerque
Secretary of State
https://www.sos.nm.gov/business-servicesZoning Information
New Mexico municipalities manage zoning. Albuquerque and Santa Fe have detailed commercial zoning codes; rural areas have limited zoning.
Health Department Notes
Food businesses require an Environment Department permit and local health department clearance. New Mexico has active food safety inspection programs.
Workers Compensation
Required for all employers with 3 or more employees. Workers comp insurance is required from approved carriers.