For many, networking is a nerve-wracking proposition, but like any other skill, it takes practice. For aspiring entrepreneurs who are used to doing everything for and by themselves, it’s even more important because it acts as a lifeline.
Why Aspiring Entrepreneurs Should Network
- Connection. In the world of business, it’s about who you know more than what you know. Having a significant number of connections is great, but what you’re really going for is having reliable connections. These are the people who can help you if you hit a bump.
- Mentorship. Close to 80% of businesses that had mentors experienced more success and growth over time. Networking brings aspiring entrepreneurs together with seasoned professionals who’ve made their mistakes and learned the lessons. It’s far less expensive to learn from someone else’s mistakes and may be profitable to have a trusted source for collaboration.
- Better referrals. There are leads, and then there are prequalified referrals. Business owners meet potential clients even before the clients know they need their services. Establishing a relationship first through business groups and other networking activities results in higher quality leads that you don’t have to convince to work with you.
- Stronger opportunities. Apart from acquiring clients, there may be strong opportunities to create joint venture partnerships that can expand your business. Additionally, when you’re ready to sell, the best group to tap is your network of trusted contacts.
Overall, networking helps you build your reputation and confidence as an authority in your sector and keeps you at the top of people’s minds when the right time comes.
How and Where to Connect
While there’s a case for face-to-face meetings, virtual conferences and webinars have become more of a mainstream option. Not only can they build stronger, more meaningful relationships, but they’re also time- and cost-effective. In addition to connecting with other businesses on platforms such as LinkedIn, consider outlets such as:
- Veterans Health Administration’s Innovators Network (VHA iNet) Greenhouse initiative. VHA iNet is an accelerator that provides support for ideas that move the VHA forward. They compress years of learning into a couple of months through intense education and mentorship.
- AARP AgeTechCollaborative. This initiative connects entrepreneurs and start-ups with partner cities to facilitate better aging through technology with the help of strategic partnerships and grassroots initiatives.
- Lawrence Technological University Centrepolis Accelerator. Centrepolis is an Accelerator hub that provides partnership opportunities and resources for entrepreneurs in certain industries who are looking to scale up or pursue other avenues to grow their business.
Maintaining Those Relationships
While networking takes skill, the real work comes from maintaining networking relationships. Staying in touch with the network you spent time cultivating leads to potential opportunities. It’s a simple process that can entail a quick email about a post that reminds you of what they do or responding to an article they wrote. Regular, consistent efforts to stay visible will pay off in the long run, both personally and professionally, as your business grows.
Be Strategic in Your Efforts
If there’s one thing aspiring entrepreneurs should take away from a conversation on networking, it’s that relationships matter. They can improve your situation and allow you more control over your success.
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