Building a business is tough work. There’s already a lot for entrepreneurs to think about during the process: budgets, building a team, competitors, landing clients, etc. But, one occasionally overlooked early step is why networking is important for entrepreneurs. Networking is one of the most valuable tools that can contribute to any successful business, for a range of reasons. Below is just a brief list of reasons why connecting with like-minded people can help a business flourish.

New Opportunities

Just by connecting with people at various business & social events and developing your professional network, you can increase peoples’ awareness of your business and your products/services. You never know who other people know—even if someone does not necessarily need your services at the moment, maybe they know someone who does. 

For better or worse, people prefer to do business with those who are either similar to them or easy to get along with. In either case, talking to people, either in person or on social media, would be a wise investment of your time for any aspiring business owner. Doing business is just as much about who you know as it is about what you know.

Advice

You don’t know what you don’t know, but maybe the stranger to your right does. Or perhaps someone on LinkedIn has worked in the same industry you’re trying to get started in. Collective knowledge is another benefit of networking that many people might not consider, especially if they have their eyes on something else in particular. For small businesses, networking might be enough to save you from an unforeseen pitfall, or it may provide you with expert tips for business growth.

In the long run, having a mentor or some other source of experience to draw from can be exactly what turns you into a successful entrepreneur, so making the extra effort to get to know someone is definitely worth it. Information is its own currency in this field.

Growing Your Brand

Not only can networking get you and your business in the door, it can also legitimize it. When a small business is first starting, it can be difficult to draw in customers/clients to convince them to trust you with their time and money. This is another example of why networking is important for entrepreneurs. If you don’t have customer testimonials to vouch for you, positive word of mouth can have the same effect. Investing in establishing and growing healthy connections with others could ultimately become the spark that ignites your business.

The more name recognition both you and your brand build-up, the more likely you are to earn certain referrals and consideration when it comes to potential new opportunities, or even get the edge over another competitor (again, people love familiarity). The moral of the story is, if you want to grow your business, you should be networking.

Where to Start?

In 2021, networking is easier than ever before, largely thanks to the prominence of social media. LinkedIn is an obvious platform, but Facebook, Instagram, and even Twitter have all become very viable options for networking opportunities.

Research some hashtags or groups related to your business, follow pages that are about your industry, or find an account dedicated to networking.

At The Cannon, we have an entire page dedicated to our Cannon Connect's industry events for networking. We make it easier for you to keep track of the latest industry events which are guided by experienced professionals. We are focused on developing the digital and social infrastructure required to support entrepreneurialism and innovation across the globe to extend access to the toolkit entrepreneurs and innovators need to create business success.

Of course, if you prefer talking to people face-to-face, that is always a worthwhile strategy. If you see upcoming business and social events nearby, sign up to join. Industry events are an easy way to connect with like-minded people, and begin realizing some of the benefits listed above. Successful entrepreneurs know how to mix and mingle with a room full of people, so definitely polish your small talk skills.

Conclusion



When it comes down to it, networking is really a way to build relationships, so keep that in mind and don’t overcomplicate things. At The Cannon, we recognize the value of networking, which is why we started Cannon Connect, a platform focused on providing business owners with the tools they need to grow their networks, connect with experienced business advisors, and build their professional communities.

However, you should work to keep in touch with those you form professional relationships with, just like you would for any other relationship. Every so often, reach out and catch up with those newly formed connections to maintain the relationship. Don't just contact people when you need something; invite them over for lunch to speak about each other's day. 

Cannon Connect is an incredible resource for any entrepreneur, regardless of business size. It offers a wide range of tools and support to our members, and we believe that you should be one of them. Visit the Cannon Connect page on our website to learn more about Cannon Connect, and find out how you can get a free month of access to decades worth of experience and support.