Who do you turn to for advice, expert guidance, and new opportunities? Most business owners find this support in their small business network; a group of peers, industry experts, small business advocates, and more who are invested in growing businesses and their communities.
Building and maintaining your small business network takes time, but it’s well worth the investment in your business’s future. To help you focus your valuable time, here’s who to include in your network, resources to build it, and more tips to unlock new opportunities for your business.
Who should I include in my small business network?
Even if you’re a sole proprietor working on your own, there’s a network of people and support around you that play an important part in your business. Think of the people you interact with daily, like clients, vendors, and accountants – they’re all part of your small business network.
That said, with limited time to build and maintain a small business network, who should you have in yours?
- Start with the people who form your business’s support system. This can include your accountant, attorney, marketing agency, or freelance designer. In addition to doing great work, they could be great referral sources who can help promote your business to others, just as you do for them.
- Look to your industry. It’s always beneficial to have colleagues in your field who can help you stay on top of trends and brainstorm how to leverage opportunities and challenges. You can learn from those who are further along in your field and have insight to share, as well as those that are just getting started and have an ear to the ground on the latest trends.
Also think about those who work in roles related to your industry but maybe not directly in it. Through them, you can learn about new leads and find strategic partnerships. - Build connections in your neighborhood. Changes happening there may impact your business and you want to stay ahead of the curve. Building neighborhood connections into your small business network not only helps you uncover opportunities but also gives you insight to resolve potential challenges.
How to build your small business network
Now that you have a sense of who should be included, explore free or low-cost groups and organizations to find the right people and build your network. You can access resources for making new connections and staying in touch with your current contacts in person and online. Here’s where to look:
- Industry networking groups: Essentially every industry has a trade association or other networking group to keep businesses updated on the latest news and developments. Join yours and attend local and regional meetups.
- Local chambers of commerce: Your chamber of commerce is an excellent resource for local connections who are outside of your industry. Here, you’ll find professionals whose expertise and offerings can benefit your business, like attorneys, accountants, and others. You’ll probably meet some potential new clients too!
- Community-based organizations: If there’s a business- or neighborhood-development organization in your area, join it to learn about what’s happening on the ground. Neighborhood advocates usually include a diverse mix of business owners, residents, school personnel and local government representatives who are on top of potential developments.
- Small business support agencies, like the U.S. Small Business Administration (SBA) and Small Business Development Centers (SBDCs), are excellent resources for professional development and networking. When you connect with them, you’ll meet other small business owners and local professionals in areas like marketing, business lending, and financial management.
- Social Media: Social media platforms like LinkedIn are made for networking. You can find people in your industry as well as groups that are focused on your community, your industry, and more. LinkedIn makes it easy to stay connected with your network even as they change roles or move to different companies. Set up your profile and optimize it with keywords that are relevant to your business and location, then get connecting with individuals and groups that can benefit your business!
How should I prepare for networking?
You’ve learned who to look for in your small business network and how to build it, but what tools you should have in your back pocket while networking?Here are a few ways you can prepare to put your best foot forward when you’re networking:
1. Represent your brand: We all know how much first impressions matter, and when you’re making connections for your business that first impression impacts your entire brand. Pay close attention to the non-verbal communication that comes from your body language, your attire, and your tone. Make sure everything is in line to best represent your brand and the message you’re trying to convey while networking.
2. Perfect your elevator pitch: An elevator pitch is like a sales pitch that can be used to introduce your business and brand in just about 60 seconds. It’s the critical information that you’d tell someone in the time it takes to ride an elevator. Once you’ve developed an elevator pitch for your business and brand, you can tailor it to your specific networking audience.
3. Contact material: Go into all networking opportunities with a plan for how you’ll provide a clear and simple way for people to contact you. Whether it’s a business card, flyer, QR Code, or other materials, make sure it clearly lists your name, phone number, email address, and other social media information that may apply to your business.
4. Follow-up: Networking is just the first step in building a relationship with your business community. Following up with your new contacts is an important next step to keep your name and message top of mind. The best practice is to follow up within 24 hours and check in regularly to add value where you can.
Build and nurture your small business network
A strong small business network will grow your business and give you support to take on new opportunities. With some time and attention, your network will flourish and the long-term benefits will be well worth the investment you make today.
When you’re ready to take the next step towards your business goals, talk to Pursuit! With more than 15 business loan programs, we can help you find the funding that’s the best fit for your needs.
