Building and maintaining relationships is an essential part of life. You have to put in a lot of time and effort to ensure your freidns and loved ones feel seend and supported in your relationships, and in turn, they will do the same for you. The same goes for business relationships; you build and maintain them through small business networking, and they bring you opportunities to grow your business.
Your small business network takes time, but it’s well worth the investment in your business’s future. Here’s a guide to small business networking, including the benefits, who should be in your network, resources to build it, and tips to prepare you so you can unlock new opportunities for your business.
What is small business networking?
Simply put, small business networking is the process of establishing and maintaining professional relationships to create opportunities for mutual benefit. While you may already be doing this, it’s much more than merely exchanging business cards or engaging in social interactions. It’s a two-way street relationship that requires both giving and receiving.
What are the benefits of business networking?
Here are some of the many ways business networking can benefit you and your business:
- Expanded connections: Through business networking, you’ll be able to access relevant connections to advance your business further.
- Increased opportunities: Networking can give you more business opportunities, from new partnerships, projects, collaborations, and more.
- Improve your confidence: The more you engage in networking, the better your networking and social skills will be, giving you more confidence in your communication and relationship-building skills.
- Grow your knowledge: By networking with your peers, you’ll unlock excellent sources to exchange insights, expertise, industry knowledge, and perspectives.
- Build your visibility and credibility: Networking can enhance your reputation and establish your business as a trusted authority.
Small business networking provides lasting benefits and can help take your business to the next level.
Who should you include in your 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. Here are some places already within your network you can look for:
- Your business’s support system: This can include your accountant, attorney, marketing agency, lender 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.
- 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 who are just getting started and have an ear to the ground on the latest trends.
You can 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. - Your neighborhood: Changes happening in your neighborhood may impact your business and you want to stay ahead of the curve. Building neighborhood connections into your small business network not only uncovers opportunities but also gives you insight to resolve potential challenges.
Where to find networking opportunities
Now that you know 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. Finding the right events, groups, and platforms depends on your business and industry, but here are some resources you can access:
- Conferences and trade shows: These large events bring potential customers, peers, professionals, industry experts, and more together. By attending relevant events, you’ll engage in meaningful discussions, build connections, and get your name and business out there.
- Business associations or 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. There are even some local business associations that offer networking events and resources.
- 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 a business- or neighborhood-development organization exists 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. Also, attending community events and participating in volunteer opportunities can go a long way to getting your brand out there.
- Small business support agencies: 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 such as marketing, business lending, and financial management.
- Online networking platforms: 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 staying connected with your network easy, even as their roles or jobs change. Set up your profile and optimize it with keywords relevant to your business and location, then connect with individuals and groups that can benefit your business!
- Existing clients: Your existing clients and contacts are also a great networking source. By nurturing the relationships you’ve already built, they can bring you new opportunities through referrals and word-of-mouth.
How to prepare for networking
You’ve learned who to look for in your small business network and how to build it, but what tools do you need to 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
Everyone knows 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 nonverbal communication from your body language, attire, and 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 a concise and compelling introduction to grab people’s attention. Once you’ve developed an elevator pitch for your business and brand, you can tailor it to your specific networking audience.
3. Identify potential relationships
You should look for people who have complementary skills, resources, and target markets as you and your business – and take the time to really get to know them and what they do. Setting goals for the amount and types of contacts you want to gain during an event can guide you.
4. Offer value
Your goal is to gain a valuable connection who can support your success, but the person you’re speaking to is also looking for that. You want to build a reciprocal relationship where you’re giving them as much as they’re giving you. Even if you realize the person you’re talking with isn’t going to be able to help you, but may help someone else you know, bring them together. This will make a lasting connection and show your genuine interest in their time and work.
5. Clear and honest communication
It’s important to communicate transparently and build trust in the connections you’re developing. You should engage in active listening and be sure to ask lots of questions so you’ll actually learn about this connection and how they can fit into your network.
6. Share Contact materials
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.
7. Follow-up
Networking is just the first step in building a relationship with your business community. Following up and maintaining contact 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.
Pursuit wants to build a relationship with you, too
Pursuit helps small business owners in New York, New Jersey, Connecticut, Pennsylvania, Illinois, Nevada, and Washington to get the financing and resources you need to grow your business. We’re a mission-based small business lender with a goal to help entrepreneurs thrive.
With more than 15 business loan programs, business advisory services, and insightful resources, we can help you find the funding that’s the best fit for your needs.
When you’re ready to take the next step towards your business goals, start your application with Pursuit today!
