Starting and building a new business can be an exceptionally difficult thing. To do it successfully, you’ll need all of the help you can get – which is why the ability to forge relationships is so vital for new entrepreneurs.
So-called ‘networking’, however, is a skill that doesn’t come easily to everyone. What’s more, even if you think you’re a natural, it might be that you can improve your networking skills with just a few simple tweaks to your approach.
Why Relationships Matter
No business can survive entirely on its own. You might be reliant on suppliers, or recruitment specialists, or tradespeople who’ll perform specific tasks for you on a one-off basis. The more people you know, the great the pool of available contacts you’ll have when a particular need arises.
But a good network isn’t just about talking to as many people as possible so that you can track down an electrician, a quarry, or a courier when you need one. It’s also about forging deep relationships, which will help you to obtain valuable information. For example, if you have a strong relationship with a supplier, you might gain earlier notice of a disruption in the supply of a given material.
Building Your Network
So, how does one build a network? Typically, the answer is: gradually. You might end up talking to countless people throughout a given year, many of whom might turn into trusted and valuable contacts. However, there are particular events, like trade shows, industry award ceremonies, and Christmas parties, where you’ll find additional opportunities to touch base with new and useful people. On the other hand, you might also reach out to new people online, with the help of social networks like LinkedIn.
Certain kinds of professionals might be particularly helpful for new entrepreneurs. For example, lawyers for founders might provide a range of services that will help new businesses identify and cope with legal risks.
Nurturing Your Connections
Turning a name and a phone number into a valued contact often requires considerable work over the long term. You’ll need to demonstrate that a professional relationship will be profitable for both parties. This tends to mean providing a reliable source of value, and fostering trust.
Leveraging Your Network
As a new entrepreneur, you’ll need to not only build your network, but take maximum advantage of all of the opportunities it presents to you. That tends to mean listening, asking the right questions, and calling in favours. Create goodwill by providing value to those around you. It might be that you can benefit considerably from a mentor – or simply by spending time around those who’ve been in business for longer than you have.
Networking Etiquette
If you’re to take advantage of your network in a sustainable way, however, you’ll need to abide by a few simple rules of etiquette. If you try to call in favours before you’ve earned them, or you take up too much of people’s time, then you might risk developing the wrong kind of reputation.
Build genuine relationships through a few simple rules. Don’t make assumptions. Follow up on conversations, even if it doesn’t look like they’re going to go anywhere immediately. Be empathetic and authentic, and present in every given moment of a conversation. In other words, don’t check your phone during meetings!
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