Networking and Entrepreneurship: How and Why to Build Your Center of Influence

While building and growing a business is often a solo journey, that expansion doesn’t happen on its own. This is why forming a center of influence — or a network — is so critical.

What is the purpose of networking with other businesses and industry professionals? From leaning on mentors to outsourcing parts of your operations, getting referrals and more, business success requires the support of others.

A 2017 global survey by LinkedIn, (a networking platform with more than 1 billion members), found that nearly 80% of users find networking valuable. Yet almost 40% struggle to stay connected with their network.

From business networking tips to the power of having (and nurturing!) a professional group, here’s your crash-course on networking for entrepreneurs, business leaders, young professionals and more.

Networking for Entrepreneurs 101

Successfully navigating how to network in business is a lot like dating. It starts with finding like-minded people with whom you share common interests. This could start by joining dedicated networking groups, making an effort to mingle with coworkers in the office kitchen, or getting involved in your community through non-profit or volunteer organizations.

Like in dating, there are a few business networking tips to help make it worth your while:

• Keep an open mind. You truly never know when a connection might be helpful. Just because there isn’t an immediate pay-off, that doesn’t mean the relationship isn’t a valuable one. Try to go into every networking opportunity with the mindset, “What can I learn from this person?”

• Find common ground. You want to build relationships with people who compliment what you do and who can help you with the aspects of your business you aren’t good at. For example, making a connection with a marketing pro can be super helpful for growing your own accounting business (and vice versa).

• Follow up (regularly!). After the initial interaction, stay top of mind with a thoughtful note about how nice it was to meet them, and then make plans to touch base regularly. This could be coffee meet-ups, attending events together or simply sending them an article you think they might be interested in.

• Be yourself. Similar to going out on a date, not every connection you make will be a winner. That’s okay! By continuing to show up in your own way, you’ll cultivate a group that is right for you.

The Benefits of a Center of Influence

While building a robust professional network takes time, patience and commitment, the benefits of networking and entrepreneurship go hand-in-hand. Here are a few of the top networking bonuses:

Referrals

Think about the last time you needed something. Whether it was a new hair stylist or a solid pair of running shoes, you likely asked your sphere for their recommendation.

The same is true in business. When you need a new website, are looking for HR assistance or need a tax pro, people ask those they trust for their go-to’s.

Having a center of influence means you can be someone’s go-to — and that “warm” hand-off works wonders. Word-of-mouth recommendations are perceived as the most trustworthy by more than 80% of people worldwide. When you can be the go-to person in your niche, the referrals you get (and give!) can help you and everyone around you thrive.

Diverse Perspectives

The beauty of expanding your network is meeting people who are at different stages of their journeys and who can help shape you into a more well-rounded person and professional. Start-up? Don’t be intimidated to chat up a seasoned business veteran. Accomplished business leader? You’d be surprised at what you can learn from the up-and-coming pro.

Every networking entrepreneur wants the same thing: a group they can trust, lean on and grow with. By expanding your circle, you’re also expanding your thoughts, opinions and ideas — in the best way.

A Network of Support

Being a business leader is often a lonely journey. That’s why networking for entrepreneurs is such a prized tool to help you get out of your own way and share in the highs and lows of business growth with others who get it — and who will help you, cheer you on and guide you along the way.

Networking for Entrepreneurs is Good Business Practice

While many dread networking events, the outcome is almost always positive. By staying consistent with your efforts, keeping an open mind and staying committed to the follow-up, you’ll be part of a circle of influence that will elevate you to new heights.

Networking is one piece of the business growth pie. Learn more about how to scale and sustain your business as your efforts continue to pay off.