14 Ways to Save Money When Starting or Growing a Business

1. Mentors and Advisors

Instead of paying for advice on legal, accounting, funding or other key business issues, use your brain trust of mentors and advisors as much as you can for advice, feedback, and meeting other important contacts.

2. Free Consulting Services

Organizations like SCORE and your local Small Business Development Center (SBDC) offer free consulting and training. SCORE has more than 300 chapters in the United States, and everyone who calls gets an appointment. There are nearly 1,000 SBDCs in the United States that offer free consulting and educational services.

3. Barter or Trade

Bartering -- swapping one thing for another -- has been an effective way of doing business for centuries. In recent years, bartering has evolved into a sound strategy for finding goods, trading services, conserving cash, moving inventory, and locating excess production capacity. The International Reciprocal Trade Association (IRTA) helps match up companies interested in bartering for goods and services.

4. Nonmonetary Incentives

Members of your team will often work for equity or deferred payments rather than initial salaries. This will help you keep costs down during the launch and early growth stages of your business.

5. Supplier Partnerships

The right suppliers can save you a great deal of time and money: They can provide high-quality materials, help with product development, offer on-time delivery, and allow extended payment terms. Obtaining 30 to 90 days of trade credit is the best business loan you can get.

6. Customer Partnerships

Partnering with customers during your launch is an excellent cost-saving strategy. Select a few key customers, and offer them deals they cannot refuse: discounted pricing, special packaging, strong support, etc. In exchange for these deals, ask for long-term commitments to purchase your products. And whenever possible, get customers to pay early -- ideally, even before you deliver their products or services.

7. Outsourcing

Outsourcing is a multibillion-dollar industry. You can find outsource partners to provide just about any product or service you need. Outsourcing turns what would normally be a fixed cost into a variable cost because you only use the service when you need it.

8. Distributors, Reps, and Affiliate Partners

Most industries have distributors, manufacturers’ representatives, and affiliate partners who will sell your products through their existing distribution channels, which can be extensive. This is a great way to build sales quickly and conserve cash because you don’t pay the partner until your products are sold.

9. Commissioned Sales Force

Use a commission sales program when you’re ready to hire team members to sell. This will attract people who really believe in you, your products, and your purpose. It also conserves cash by keeping your fixed costs low.

10. Work Virtually

In this new age of technology, it’s possible to work from just about anywhere: from home, in your car, at the airport, or in a hotel room. By working virtually -- and allowing your employees to do the same -- it’s not necessary to take on the expense of establishing an office when you’re launching your business.

11. Borrow, Rent, Buy Used

Find ways to use other people’s resources in addition to your own. Whenever possible, borrow rather than rent; rent rather than buy; and buy used rather than new. Some industries have excellent equipment available for a dime on the dollar. Also, go to bankruptcy sales and auctions to see if you can find what you need.

12. Use Free Software

Free and inexpensive software is plentiful online. Various available programs can help you manage your finances, plan your projects, track your customers, and much more. You can also take advantage of free trial periods for most business software. This gives you a chance to use the application for free for 30 days or more to determine if you really need it.

13. Minimize Your Expenses

Keep your personal expenses to a minimum when launching your new venture. This isn’t the time to buy a new house or a new car or take on personal debt. The longer you can live with minimal expenses, the better off you’ll be. Likewise, don’t take on any ongoing business expenses unless they’re absolutely necessary.

14. Sell, Sell, Sell

In startup companies everyone is in sales. All your team members need to talk about your company, promote your products, and assume responsibility for producing revenue. Remember, low costs and early cash flow are critical to success.

Best Places To Celebrate Cinco de Mayo In Detroit

Cinco de Mayo is a celebration held in Detroit and other cities across the United States each year on the 5th of May. It is observed to commemorate freedom and democracy from French forces in the Mexican state of Puebla. This is the time to honor Mexican-American culture. The festivities in Detroit are lively, and crowds take to the streets to enjoy the fiesta, which occurs throughout the day. The Detroit area has the largest Mexican population in Michigan, so it’s no surprise that Southwest Detroit, often referred to as Mexicantown, has an array of places to celebrate Cinco de Mayo.

Southwest Detroit Cinco de Mayo Parade
Vernor Highway- Parade Route
Detroit, MI 48209
(313) 554-9419Price: Free to public, sponsored by the Mexican Patriotic Committee
Date: Sun, May 6th, 2012
Time: 12 p.m.

The most distinctive event in Detroit every May is the Cinco de Mayo Parade, which is in its 48th year. This year, the parade will be held at noon on Sunday, May 6, 2012. Spectators line-up for this exciting tradition on a 3.1 mile stretch of Vernor Highway to watch and take part in the grand Cinco de Mayo tradition. This spectacular event features low riders, folk dancers, school bands and floats, all of which will be decorated with themes that pay tribute to Latino culture.

Los Galanes
3362 Bagley St.
Detroit, MI 48216
(313) 554-4444
www.losgalanesdetroit.com
Hours: Mon to Thurs – 11 a.m. to 11 p.m., Fri, Sun – 9 a.m. to 12 a.m., Sat – 9 a.m. to 2 a.m.

Los Galanes hosts the best Cinco de Mayo celebration in Detroit, hands down. The gigantic restaurant and bar hosts a street party each year, which draws major crowds. This full-on extravaganza includes live entertainment and even livelier dancing–there is even a dance floor for willing participants. The abundant outdoor seating offered is an excellent place to relax for a bit and people watch while sipping on a refreshing tequila-infused cocktail. Known for its sangria and ceviche, Los Galanes also makes fresh tortillas on site. Be sure to ask for the four varieties of salsa, which they will bring for you to sample.

Armando’s Mexican Restaurant
4242 W. Vernor Highway
Detroit, MI
(313) 554-0666
www.mexicantown.com
Hours: Sun to Thurs – 10:30 a.m. to 2 a.m., Fri to Sat – 10:30 a.m. to 4 a.m.

Armando’s often features a lively crowd, and Cinco de Mayo is certainly no exception. If you are out until the wee hours, this a great spot to hit for some after-party food, because the restaurant is open late. Armando’s is sure to bustling with activity until they close at 4 a.m. The atmosphere is festive, and Armando’s has been known to serve red and green tortilla chips for the Cinco de Mayo holiday, adding a nice touch and some much needed food to the bellies of those who may have had one to many margaritas.

Mexican Town Restaurant
3437 Bagley St.
Detroit, MI  48216
(313) 841-5811
www.mexicantownrestaurant.com
Hours: Daily – 11 a.m. to 12 a.m.

Mexican Town Restaurant is located in the heart of, you guessed it, Mexicantown. The atmosphere is cozy and inviting, providing a more intimate venue for your Cinco de Mayo celebration. What this Mexicantown location is really known for is its flaming fajitas and handmade tamales. A traditional mariachi band can be found strolling through the premises on select dates.

Taqueria Mi Pueblo
7278 Dix
Detroit, MI 48209
(313) 841-3315
www.mipueblorestaurant.com
Hours: Mon to Thurs – 9 a.m. to 11 p.m., Fri to Sat – 9 a.m. to 12 a.m.

This is where the locals go. Relax with a cerveza at Mi Pueblo, which features a friendly, comfortable atmosphere, slightly removed from the main attractions during Cinco de Mayo. An enclosed parking lot is adjacent to the restaurant and is available exclusively for patrons. This low-key spot is a great place to bring the family; they even have a special children’s menu.  The food is authentic and offers a variety of delicacies including lengua and tripe. Taqueria Mi Pueblo has been featured in many acclaimed publications, and also features a Mexican karaoke show on weekends starting at 8:15 p.m.

Mexican Village Restaurant
2600 Bagley St.
Detroit, MI 48216
(313) 237-0333
www.mexicanvillagefood.com
Hours: Daily – 11 a.m. to 10 p.m.

Mexican Village is Detroit’s oldest Mexican restaurant in Southwest Detroit. The unique atmosphere features hand-painted murals and tile floors. Other charming elements include arched entryways, stucco walls and dark beams that accent the ceiling. A mariachi band performs on the premises on some evenings and weekends. For a tasty treat, try the brazo, a unique rolled cake and definitely a crowd favorite. The menu also features an impressive selection of margaritas, just what you need to celebrate Cinco de Mayo properly.

Want to Keep New Year’s Resolutions? Consider the Consequences of Failing

THE New Year’s resolutions are still new. And a cynic — or realist, given past performance — might say many of them will fail by spring, if not sooner.
Even so, the resolutions return every year, particularly the big three: getting in shape, becoming better at work and improving our financial lives.
All three have something else in common: There are financial and economic consequences when someone fails to keep them, just as surely as there are financial and economic benefits to success. And people who can tie their resolutions to real consequences, psychologists, doctors and even health club owners say, have the best chance of success.
“People typically succeed because their ‘why’ is bigger than their ‘but,’” said Elizabeth Lombardo, a wealth psychologist in Chicago.
As an example, she said, “I want to work out, but I have no time.”
Getting past the “but” is not easy. That’s why so many of the resolutions fail. To succeed, the resolution makers are going to need a combination of more help, lower expectations and bigger consequences than most imagine.
DIETS AND EXERCISE Steve Stanulis, an actor, playwright and retired New York City police officer, needs to lose 30 pounds for work. Weight loss, not surprisingly, is a common resolution.
BEING BETTER The resolutions to make ourselves better at what we’re passionate about take discipline, too.
FINANCIAL CHANGES As to financial resolutions, Fidelity Investments, the mutual fund company, released what it called its seventh annual “financial resolutions study.” It found that money resolutions had increased.

So good luck this year, and if you fail, better luck in 2017.