In today’s business world, networking is more important than ever. In fact, networking is one of the keys to your business success. With the rise of social media and the internet, it’s easier than ever to connect with potential partners, investors, and customers. But why is networking so essential for businesses?
Business networking is essential for businesses for a variety of reasons. It helps businesses to grow by providing opportunities for new partnerships, investments, and customers. Along with placing deals and sharing expertise, it is indeed a fundamental way to settle your business within a wider community and establish long-lasting relationships that can help both sides to gain exposure, and grow and promote your business interests and future prospects. It’s a win-win! Working on expanding one’s business network helps to improve one’s chances of business success.
Some of the benefits of networking for businesses include:
- Increased exposure and reach
- The ability to build relationships with potential partners, investors, and customers
- The opportunity to learn about new trends and developments in your industry
- Improved chances of success in business
For these reasons, it is clear that networking is essential for businesses. If you want your business to succeed, you need to start working on expanding your network today.
Networking is also particularly relevant for female founders.
Women still find difficulties in climbing the ranks of business success as well as being part of an investment community compared to their male counterparts, but networking can help! According to a report commissioned by Facebook, being part of a network guarantees twice as many possibilities for female founders to “forecast growth” and increases by 45% the proportion of women getting into the business. So it is essential to take your time to build your network!
And remember: Networking is not only for extraverts!
Networking is not only for an extravert. It is for introverts too. In fact, networking can be a great way for introverts to connect with others who share their interests. When networking, introverts can take the time to really get to know the people they meet and build strong relationships. Everyone can succeed at networking - even if you’re an introvert.
Types of Networks You Need as a Founder
Social media is a very useful channel to establish your network. It’s a quick way to connect with others as well as infinitely expanding the range of people you can connect with, as you won’t have to move from place to place to meet those people. LinkedIn would be the primary social media network to use for professional purposes, you can join groups, connect with specific people, be introduced by others, and ask for an introduction call yourself.
So-called interest-based groups organize informal meetings from time to time. The benefit of these events is that they are suitable for meeting people of the same profession, so you will have the chance to connect with like-minded people from your industry. They may also permit you to develop deep relationships that might open the door to future business opportunities. For example, you can join a local meetup for startup founders and entrepreneurs, which may usually take place in a co-working space or in rooms provided by accelerators or incubators and other different startup community players.
These networks are focused on single fields (for example, health, tourism, etc.) and are a way to share field-based knowledge and expertise that can help you grow your business within your target market. They are also a great occasion to brand your products by trying to solve other members’ practical issues.
These kinds of networks are directed towards giving and receiving referrals. They are highly exclusive (allowing one professional per industry in the group to avoid competition) and their meetings occur very often, where every member can get the chance to actively engage and get direct help from other members of the network. As you will be the single person to introduce the specific industry you get higher chances to be referred to a potential client or another business partner.
Women’s networks can be found everywhere and in any industry. The great benefit of participating in this kind of network for female founders is connecting with fellow female entrepreneurs that face similar struggles in a predominantly male business environment, which can guarantee them access to critical resources for their personal and professional growth (such as investors, mentors, business opportunities, etc.).
This kind of network is formed by peers who group up to brainstorm and share advice and support on their business activities. The benefits of this kind of network are the possibility to gain and share knowledge with like-minded entrepreneurs – which can help you and your activity to grow, as well as build a strong support base for the future.
Building networks don’t just happen overnight. It requires your dedication, intent, and energy to commit to networking. You can’t just show up to an event and expect to make dozens of valuable contacts – you need to work to build relationships with people. But if you’re willing to put in the effort, networking can be a powerful tool for growing your business.
To do this, we recommend you follow the 7 steps to build your network. These steps range from defining what kind of network you need, preparing for it beforehand, starting conversations, leading conversations, getting contact information, following up, and finally, asking for help. Go to the following 7 lessons to become a networking pro!
