Imagine a burst pipe floods your home on Christmas when all repair services are closed. However, you have a friend who is a plumber and you call him and he comes over and helps you fix the pipe. You thank him and you can now enjoy the Christmas Night with your beloved family.
Having a robust network in business is just like having friends who can give you a helping hand during hard times. They are the ones who offer guidance, and inspiration, help you discover your blindspots, and get your business through crises and reach unprecedented heights.
What is Networking
Networking is about meeting and connecting with people. It allows you to exchange ideas, get inspired, and know people who can help you in the future when you face hardships. Through connecting with other experts, you build trust and find leads, business opportunities, partners, and maybe mentors.
Why is networking important for entrepreneurs
Entrepreneurship is a tough journey, and it would be great to have someone to guide you in the dark and lend you a helping hand. Plus, you find partnership opportunities, and your potential customers, and receive feedback from others which can accelerate company growth. Meeting someone in person also gives you a much better sense of who they are, it creates a deeper connection and trust because we trust who we actually know. Business networking events are also essential to increase exposure and attract investors.
1. Define Your Networking Goals
Why do you want to expand your circle?
We mentioned some benefits of business networking but you have to have a clear reason why. Identify your specific networking objectives, are you looking for investors? Or would you like to find some partners to scale your business?
Align your networking goals with business milestones. At different stages of your business, you will have different objectives, and that will dictate the events you attend and the medium you use to connect with other individuals.
For example, if you are looking for investors, you want to attend investor conferences and pitch events.
Create a networking strategy that tailors to your startup’s needs and set measurable targets to track your progress and ROI.
2. Perfect Your Elevator Pitch
When you are at the conference and you meet your potential investors, you start pitching your company but you didn’t prepare a speech. Your speech is unorganized and boring and it makes your company unappealing, they walk away and you lose the opportunity to scale your company to a million-dollar business.
It’s easy to stumble, especially if you’re unprepared, that’s why a well-crafted elevator pitch is crucial. Craft a compelling 30-second introduction of your company including all the important important they would need.
Crafting a compelling 30-second introduction
It is a good idea to tailor your pitch for different audiences. Create different versions of the same pitch for your potential investors who might have varying levels of expertise on a specific topic. The general rule is that the elevator pitch should be as easy to understand as possible, however, when you are speaking to experts who know a thing or two about your business, you want to establish your authority.
3. Leverage Online Platforms
Industry events work on the quality of connections, social media offers the quantity that can be developed into connections with quality.
LinkedIn is a powerful platform for expanding your network. While you are looking for partners and friends, they are doing the same. Optimizing your profile lets them find you, and saves half of your efforts.
Instagram is another social media platform you must use. It’s not just a social media platform to reach more potential customers and increase sales, it’s also a platform where entrepreneurs find each other.
Become a thought leader on Instagram and other platforms, produce content, share your valuable insights and you might like-minded entrepreneurs.
4. Attend Industry Events
Attending industry events is the best way to build your network. Entrepreneurs are some of the busiest individuals in the world, they have to take care of their families, and their companies, and spend some time with their friends. They are extra mindful of how they spend their time, which makes connecting with them a challenge.
However, when they attend conferences and meetups, they allocate that time to connect with other entrepreneurs like you. They are more inclined to pay attention to you and that’s when you present yourself and make a lasting impression.
Identify which conferences and meetups are most valuable and aligned with your networking goals and prepare strategically for each event. Ask for their contacts and follow up effectively after events to maintain a strong connection
Remember to show your true personality, be yourself, and not a people-pleaser, authenticity is the cornerstone of genuine and lasting connections.
5. Join Startup Communities
Regardless of location, individuals who are passionate about business will come together to form a community. These aspiring entrepreneurs who are facing the same challenges will be your friends who support you on your entrepreneurial journey.
Find and join local startup ecosystems, participate in co-working spaces, and engage in online startup communities and forums.
As you go through different stages of your business, contribute as much value as you can to your community, you’ll not only build goodwill but also acquire potential allies. As the adage goes, “What goes around comes around”.
6. Master the Art of Giving Value
Be proactive and identify ways to help others in your network, share knowledge and resources generously. Focus on genuine altruism rather than planning for potential returns, people possess an innate ability to discern ulterior motives.
Doing so helps you build a good reputation and with word of mouth, people will compliment you in front of others, which helps you become a human magnet.
Additionally, by providing plenty of value to others, you will be able to eventually leverage your network. People have a negative perception of those who initiate contact with a request. Regardless of how trustworthy or genuine you pretend to be at the start, if you make a request without providing adequate value, people will perceive your actions as solely motivated by self-interest. By providing value first, you are more likely to receive the help you need from others.
7. Cultivate Relationships with Mentors
Having the right mentor is crucial for not just your business and your personal development, the right mentor will also connect you with other entrepreneurs.
Recognize your deficiencies, identify potential mentors in your industry, and conduct thorough research to determine who can mentor you in that aspect and help you create connections that are beneficial to your business.
Conclusion
Building a network is important for entrepreneurs because there will be ups and there will be downs, we need some allies to help us survive through difficult times. Actively seek out opportunities to connect with others and never fall into the trap of thinking that you will be fine alone. Lastly, remember, networking for entrepreneurs isn’t about collecting business cards like Pokémon – it’s about building genuine, mutually beneficial relationships.
If you want to start an online business, check out our free guide on “How to Start An Online Business”. This guide gives you a step-by-step roadmap, guiding you from brainstorming ideas to choosing the right business model, all the way to launching your business.
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