The idea of networking contributes to the growth and relevance of a start-up. We are familiar with the saying “no man is an island”. Running your business on a solo mode might retain the focus or vision of the business but it shuts the owner from the real experiences of other business owners.

In this article, we would look at how building a solid network can maintain a start-up business.

Success in business especially for a start-up trying to gain traction is not only dependent on how much the business is able to control financially, neither is it by the size of the team. There are other activities that not only boost a start-up but ensures its sustainability. Research has shown that many successful start-ups developed meaningful partnerships, which enabled them to achieve success quickly and sustainably. This is known as networking.

What is Networking?

Networking in business involves building relationships with potential partners for your business. It should not be mistaken for just hosting business meetings, exchanging business cards, joining business communities and organizing pitch parties. Notwithstanding, these are processes of networking that may get people to be interested in your business, trust what you do and desire to partner with you. These connections, if optimized, can boost a start-up business and expose it to more opportunities.

What can networking do for your start-up business?

• Networking attracts excellent skills: Networking offers a large range of skills to make selections from. A start-up business with strong connections cannot lack top skills in its decisions. It cannot be limited to just the available but have the option of picking its desired.

• Networking helps you through competition: One can hardly talk about a business and its sustenance without recognizing the place of competitors – how they charge and what they do to stay as market leaders. Exposure through your business network gives insights to what you can do to stand out and also face competition in the industry without wearing out. In simple terms, networking breaks down the bulk of handling competitors as by others experiences, one is guided on essential approaches for effective results.

• Networking provides you with more negotiating power with potential investors: Investors seek to support a business that not only promises good return on their investment but will deliver rightly and on time. A strong network gives a business credibility and gives investors the assurance they need before they invest in your business. Also, your network can introduce you to other potential investors.

• Wider customer reach: Customers of a business are spread abroad. Networking links the business with its potential clients who in turn advocates on behalf of the business. The effect of this is a wider reach to the right customers thereby, increasing the business customer base. This connection is beyond boundaries; could be online or offline reach.
• Impact on business strategy: By exposure through networking, a start-up business gets to improve its strategies in communication, financing, operations and other aspects. Networking influences positively from the structure of the start-up business through its publicity even to the personal brand of the founders.