Is business networking worth doing?

If you’ve been to a networking event before and only come out with a couple of new LinkedIn connections, you might be wondering what all the fuss is about. Don’t write off business networking just yet! 

You’ve only touched the surface of what’s possible. For many businesses, our own included, networking is their main source of clients and customers, making it well worth the time and money they put in. 

But that’s the thing, you have to give a little before you get a lot out of it. Once you have built meaningful relationships with other business owners, then you’ll see the best results. 

So you can decide whether it’s worth it for you and your business, what do you have to put into networking and what will you get out of it?

How do you make networking work?

If you want to generate business from networking, here’s what you need to do to get regular opportunities coming your way. 

Meetings

Of course, the first thing is to go to the networking event and meet everyone. Each group has their own structure and way of doing things. We’ve found the sweet spot is 2 and a half hours for in-person meetings and 1 hour for online meetings. We keep things pretty casual. We’ll all introduce ourselves to the group and then get to know each other through one-on-one conversations so you can build relationships naturally.

Follow ups

You can’t forget about the power of the follow up. After the meeting, connect with the people you talked to. The easiest way is to follow each other on social media and send them a message. For the people you really got on with, organise a follow-up conversation on Zoom or in person so you can get to know each other even better. Continue to stay in touch or your meeting at networking will be easily forgotten in the busyness of business. Each interaction builds trust and keeps you top of mind for sending work your way. 

And repeat!

Keep showing up. Have a mix of groups you go to each month, whether that's online or in person. As well as regularly making new connections and building your network, you’ll meet some of the same people again and again - that’s the point. You get to know each other and understand your businesses even better. You need that understanding and trust if you’re going to share opportunities with each other. No one recommends a stranger! The same goes for follow-ups. The conversations outside of meetings is usually where the money is made. 

Introductions

When you see opportunities to introduce people in your network, go for it! Whether they are directly looking to buy, just want to ask some questions, or could help each other out through a collaboration, write a glowing email or message connecting them. What goes around comes around. When they come across a business opportunity in your area of expertise, you’ll be top of their mind. 

What do you get out of networking?

So, you spend a few hours a month going to meetings, following up with people and sharing opportunities when you can. What’s the payoff?

Direct sales

You never know who will be in the room. There could be someone looking for exactly what you offer. Then there are the regulars at your networking meeting who hear about what you do each time and better understand how it could help them, building them up to take the leap and go for it. 

To manage your expectations, direct sales are more likely to be a slow burn but someone seeing one of your social media posts rarely gets an immediate sale either. In our experience, people we meet at networking events become clients quicker than people we’ve met through social media. 

Referrals

It’s not just about who’s in the room. It’s also who the people in the room know. They could know someone who needs the products or services you offer and send them your way. The great thing about referrals is that you have the stamp of approval from the person who connected you. That goes a long way in their decision about whether to work with you or not. 

Essentially, the people you meet and build relationships with at networking become your sales team. They get to know you well enough to match you to potential clients they meet as they go about their business and give an impressive introduction to what you do. Who doesn’t want a group of people keeping an eye out for clients and customers for them?

Support

We all go networking to make more money in our businesses. There’s no need to hide that. There is a bonus to promoting your business in this way. The community! You meet and build relationships with other women business owners. You can talk to them about things that only other business owners will get and ask them for their thoughts and experiences to help you in your business. 

You know the saying “It takes a village to raise a child”, well we know it takes a community to grow a business. This is especially true if you’re starting off on your own. Your fellow networkers become your colleagues who you chat to, learn from and are encouraged by. Some of the people we’ve met at networking are our closest friends and in our case – business partners!

So, what do you think? Is business networking worth doing? You spend a few hours a month meeting people, following up and sending referrals as you find them. You get introduced to clients who are already warmed up and you wouldn’t necessarily connect with otherwise. Plus, you get a community you can lean on in this crazy ride of being a business owner. 

It definitely helps to have a networking group that you enjoy going to, makes it feel easy to get to know people and is full of lovely human beings. That’s what we’re all about at Small Business Vibes. Meet women business owners in your area. Talk business, talk life and have a laugh. Be part of a community where we help each other grow. Find a meeting near you or join us online!