By: Chris Edwards
I’ve created new businesses with $100,000 in advertising contracts before we have even launched – because of the relationships I have built. I attribute this to my Luck Surface Area. Coined by tech entrepreneur Jason Roberts, your Luck Surface Area is the result of doing something you’re passionate about combined with the total number of people you talk to about it.
Networking and fostering your relationships is something as an entrepreneur you need to work on – I like to think of it as a ‘muscle’, something that you can build, flex and improve – just like going to the gym – but a strong networking capability can be an absolute game changer when it comes to running a business.
To some, networking is a dirty word however I’ve found clients, hired staff, developed new business ideas and had many revenue generation conversations purely because I’ve worked on my ‘networking muscle’. I’ve created a seven-figure business without a marketing budget such is the power of my network.
Whether you’ve joined a community, or built your own, it’s possible to leverage it without compromising your principles. We’ve all been there. You’ve joined a community to be blasted by annoying and irrelevant sales messaging or have agonised for days about reaching out to an old contact, wondering if they’ll even remember who you are.
Here’s how to network without getting, or giving, the ick.
Networking for networking’s sake is a waste of time. Start by identifying the primary needs in your business: are you looking for collaborators, to build a new team or to expand your client base. Rather than throwing spaghetti at the wall, this approach will ensure you’re targeting those who can add the most value. And not wasting anyone’s time in the process.
The best way to start off is to think strategically about who has a similar target audience or simple brand values as your business. Or maybe you want to target a similar business industry that has a complimentary product to your product. You need to think about targets that are going to benefit from your audience, so your relationship becomes a win-win.
A great place to start is to read business press (like SmartCompany!) and LinkedIn to provide you with collaboration or partnership ideas.
The key to networking is to build genuine relationships. Rather than seeing each connection in transactional terms, get to know the person beyond what they can do for you.
Foster an interest in who they are and their goals. What are their interests, hobbies? What is their personal story? Or maybe you will bond over the love of fur babies. This is all valuable intel as next time you’re in a room full of opportunities, you’ll be able to mention their name and remember their story. And they’ll (hopefully) do the same for you. Once this starts happening, it’s a clear sign you’re building a rich and supportive network that will pay dividends.
You don’t need the confidence of a highly experienced CEO to attend a networking event, whether it’s in person or online. You just need a game plan. My game plan includes a scan of the day’s news headlines, some conversation starters, along with my elevator pitch and a few of my latest business wins and challenges. This is my armour and it’s helped countless times when I’ve walked into a room without knowing a soul.
It’s worth thinking about where to ‘hang out’ at a networking event – I like to hang near the bar or food station – once people have a drink in their hand they are often a lot more relaxed and ready to chat. It’s also a great icebreaker to talk about the food or the drinks, or the fact that you are starving (which I usually am!).
And while it may sound trite, the only thing to fear is fear itself. One of my most transformative business relationships started at a networking event. I heard publicist and PR Mentor Odette Barry speak at a local networking night in Byron, and I simply went up to her afterwards and complimented her on her presentation, I shared why I loved it and how it was so relevant and really spoke to me – and added that I think we should work together. Fast forward 5.5 years and we’re just launched a business together a community for purpose-led founders to foster connection, community and opportunity for small business owners.
Before you ask anything from anyone, I always live to give first. It’s the same for when you enter a new community or enter a new conversation.
Always think about how you can provide value or support or even just provide a laugh – before you ask anything from that network or contact. Once people see that you have invested, and genuinely care – then others are more likely to support you in return.
For example if your target customer is in the room, introduce yourself and suggest that you should talk more about how you can support their business – and ask if you can follow up to put time in the diary. Often people respond well to directness, it shows that you are keen and committed.
A softer approach which also works – is to engage with them at the event in a social chat. The next day follow up with a DM on LinkedIn with a request or opportunity – this approach has worked very well for me in the past.
Knowing when to deploy a more direct or a softer approach requires you to ‘read the room’, and take the social cues as to how best to engage with your newly acquired friend. The thing to remember is that if you can increase your ‘Luck Surface Area’, you will find opportunities landing more readily in your lap.
Read now: SmartCompany partners with Launchpad Australia to supercharge small business
Launchpad Australia is a kind business community designed to support ethical startups and scale-ups. We offer a tiered membership structure to cater to businesses at every stage and size. Leveraging the media and public relations background of both founders, the community incorporates PR and media opportunities into each membership offering. The platform provides weekly speed networking, business coaching, community forums, weekly upskilling sessions plus a video library of resources spanning AI, finance, sales, marketing, HR, and legal advice.
