Why networking is the most important thing to ensure success in your business
I get it, the minute I say the word networking, you’re ready to run for the hills. When I first started my business, whenever someone suggested I go to a networking event, I’d immediately start sweating, a panic attack on the horizon and I couldn’t think of anything worse. Now, I don’t mind the odd networking event here and there. Don’t get me wrong, they still aren’t my favourite thing in the world and there’s always that moment of nerves when you’re walking into a room of people you don’t know but it’s manageable, the panic attacks and nausea have subsided and I can do it.
What is networking?
Networking is defined as"the action or process of interacting with others to exchange information and develop professional or social contacts.” This can be in the formal sense of attending an event set up with the intention of introducing different business owners to one another, but it also happens naturally as you connect with others online or in person through your work.
How does networking help to grow your business?
Meeting fellow business owners will only ever have positive impacts on your own business. The benefits include gaining referrals, opportunities for collaboration, increased visibility and access to resources or expertise. Many networking events will include a talk or information slot, often delivered by a fellow business owner which is a great opportunity to learn and hear someone talk about their area of expertise. Topics that have been covered at events I’ve been to include finance, marketing, time management tips, imposter syndrome and more. Even if the topic doesn’t relate directly to your business, hearing another business owner talk about what that they’re passionate about will inevitably give you some food for thought or ideas of how you can implement what they’ve said into your business in a positive way. Networking also is a great opportunity to meet other local business owners and have them get to know you too. A lot of business is still done through word of mouth, people love to work with someone that they know someone else has had a positive experience with. The more people you can get to know who might recommend you to others, the better. A lot of amazing business collaborations can be traced back to one entrepreneur meeting another at a networking event and these can often lead to successful results and great business relationships.
What type of networking is the most effective?
It depends on your business and what you’re looking for as to what type of networking will be most effective for you. There are formal, in person groups which meet on a regular basis and have a lot of structure, usually working on a referrals model. If you’re running a business which needs constant, regular referrals coming in and you have the capacity to commit a substantial amount of time, then those kind of networking groups/communities might be for you. There are other more informal in-person events which will often run with an opportunity to meet others, a guest speaker or learning slot and then more time to get to know others in the room. This is the preferred method for a lot of people who don’t want to commit to a regular (sometimes weekly) session, people who might not need as many referrals coming in or people who just prefer a more informal set up. There are also a number of online networking groups which, again depending on what you do, can be really helpful in growing your business. These may be focused on people in the local area or a wider group across the country. It’s worth checking before you join these as if you have a business which relies on an in person element (e.g. a physical shop) then you’ll want to make sure you’re not wasting too much of your time getting to know people on the other side of the country. Benefits of online networking include not having to travel and therefore they can often take up less time in your day, there is no room hire cost and therefore the events are often a bit cheaper and, if you are a business that can work with people remotely (e.g. a virtual assistant) this might help you to reach a wider audience.
How do I make the most of networking?
It’s a common misconception that when you attend a networking event, in order to make the most of it, you need to go in and sell, sell, sell. Maybe for some people that might work, but for most people it will be a major turn off. The best way to make the most of networking is to treat it a bit like a first date and get to know the person you’re talking to, find out about their business but also who are they and why they do what they do. By getting to know the person behind the business, you’re more likely to stick in each other’s minds and also it helps you to assess whether they are a person you could see yourself working with in the future if the opportunity came about. It’s important to tell people who you are and what you do but try not to start a sales pitch. If someone is interested in working together, arranging a 1:1 meeting outside of the group can be a great opportunity to delve a bit deeper into what the working relationship could look like. It can be daunting but try to work the room and speak to as many people as you can and make sure to connect whether that’s passing out business cards (if you have them) or connecting via Instagram or LinkedIn. If you do speak to anyone who you are interested in working with or you think would be an excellent client for you, continue to strengthen that relationship after the event: engage with them on social media or reach out and suggest meeting over a coffee to get to know each other better and maybe start the conversation of working together.
How has networking helped grow of moon & stars?
For me, networking has been responsible for more than just business growth. Through attending networking events, I’ve signed clients, made business associates and also made actual real life friends who I meet with outside of work! My biggest client is someone who I met at my first ever networking event, we connected online at the event and then engaged with one another for a period of time after before she came to me with some thoughts about working together. We started working together on a relatively small project which has continued to grow and now we are working on so many things that I’ve lost count! Most of my clients have come to me via networking, both online connection building and from attending in-person events, it’s incredibly rare for a prospective client to get in touch with me without having built some kind of relationship, either in person or online, first. I think people really like to get to know the person behind the business before they work with you so it doesn’t matter if you have the slickest content and marketing, if people don’t know who’s behind it they can often be more reluctant to work together.
My Final Thoughts…
Networking can feel overwhelming and terrifying but the first time is the worst, it' get’s easier each time you do it. If you’re attending local events, chances are you’ll notice familiar faces popping up so you won’t feel quite so alone. Make sure when you talk to people, you take the time to listen to who they are and ask lots of questions, if you go in with a sales pitch, you’re probably not going to make the sales! I try to treat networking as an introduction to new people who might need my services either now or at some point in the future, I never try to sell or mention my packages or prices (unless someone asks me, in which case I’ll often suggest arranging a call or meeting outside of the event) but just try to get to know people and see if I want to work with them.
