As an entrepreneur, you’re likely accustomed to getting things done on your own. And like many of your peers, the bulk of your working hours are probably spent working in periods of isolation. While this approach works for handling your day-to-day tasks, it’s valuable to remember that no man or woman is an island. New business connections, formed through online and offline networking, are essential to the growth of any start-up. Not only do these connections help to promote your business, they also provide valuable insights into getting more done for less – something of paramount value to any entrepreneur.
Top 4 Reasons to Network
There are many benefits of networking. From opening up new opportunities to giving new perspective on a challenge, networking exposes entrepreneurs to an invaluable support system for business growth and development.
Here are the top four reasons why every entrepreneur should network:
Gain Advice
Engaging with your peers is an excellent way to get insights for building your business. By reaching out to others you’ll learn from their mistakes, get constructive criticism and generate new ideas for accelerating your growth.
Form Partnerships
Partnerships are one of the most common benefits of networking. As your connections grow, you’ll likely discover mutual opportunities for collaboration and co-promotion with your peers. While networking, take the time to learn about the needs and challenges of your peers – you may uncover unique synergies that will help you both grow.
Earn Word-of-Mouth
Even in today’s hyper-online world, word-of-mouth continues to be one of the most powerful methods for achieving business growth. Invest in cultivating new business relationships and demonstrate to these connections how your business can help them. By doing so, you’ll form a mini army of brand ambassadors who will be more than willing to put your business name forward to others.
The Network Effect
The benefits of networking aren’t just limited to the people you meet. With every connection you make, you’ll tap into the unique lessons shared across that connection’s broader network.
How to Network
Discovering how to get the network ball rolling can be an intimidating affair. While the experience will likely feel uncomfortable at first, with practice, you’ll learn how to smoothly strike up conversations with potential contacts.
Types of networking
Networking today comes in two forms – online and traditional offline gatherings. Popular offline networking opportunities typically apply to conferences, industry meet-ups or speaker series and chamber of commerce events. Online networking extends to professional forums like LinkedIn and online advice communities. If the thought of jumping straight into offline networking has you running for the hills, start by reaching out to your target connections online. Once a comfortable online dialogue has been established, move the conversation offline.
1. Networking Etiquette
Like most social gatherings, networking brings with it a standard form of etiquette. A few key etiquette tips to consider include:
2. Be a good listener – When meeting a new connection for the first time, the focus of the conversation should be about learning about them. Be a good listener and ask questions to demonstrate your interest in their business. A good rule of thumb is to spend 80% of the time listening to your contact and 20% sharing information about you and your business.
Remember that networking is about give and take – the more you invest into it, the more gains you’ll receive. Prioritize time each week for networking – either online or offline – and you’ll likely be astonished by the new lessons and opportunities presented to your business.