How Building A Strong Network Can Sustain A Start-Up
Would you like to know how building a strong network can sustain your startup? Read this post to find out.
The idea of networking contributes to the growth and relevance of a startup. We are often familiar with the saying “no man is an island”. Running your business in a solo mode might retain the focus or vision of the business, it can also make progress speedily but it shuts the owner from the real experiences of other business owners. This approach clearly affects business growth.
Success in business especially for one just trying to gain traction is not only dependent on how much it is able to control financially, neither is it by its size of employees. There are other activities that not only boost a startup business but cause it to survive over the long term. The skill of relating with establishments relevant to solidifying the building blocks of a startup business is one we can see in common with successful startup businesses.
By research, we can see that all successful startups developed meaningful partnerships, which enabled them to achieve success quickly and sustainably. This is known as networking. In this article, we would look at how building a solid network can maintain a startup business.
What is Networking?
Networking in business is building relationships that would in turn interest people to know more about and want to get involved in your business. It should not be mistaken for just hosting business meetings, exchanging cards, joining business communities, and organizing pitch parties.
Notwithstanding, that these are processes of networking then it yields more results when people get to know your business, trust what you do, and desire to partner with you. These connections, if optimized, can boost a startup business and expose it to more opportunities.
What can networking do for your startup business?
Attracts excellent skills
Networking offers a large range of skills to make selections from. Startup businesses with strong connections cannot lack top skills in their decisions. It cannot be limited to just the available but have the option of picking its desired.
Helps you through competition
One can hardly talk about a business and its sustenance without recognizing the place of competitors. Exposure through your business network gives insights into 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. Others’ experiences guide one on essential approaches for effective results.
Better negotiating power with potential investors
Investors seek to support a business that promises good ROI and delivers promptly and to expectations. Trust is another standpoint for investors. Strong networking can suffice as it gives business credibility for investment. 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 advocate on behalf of the business. The effect of this is a wider reach to the right customers. This increases the business customer base. As such, customer connection is beyond boundaries as it could be online or offline reach.
Impact on business strategy
By exposure through networking, a startup business gets to improve its strategies in various areas. These areas include communication, financing, operations, and other aspects. Networking influences positively from the structure of the startup business through its publicity even to the personal brand of the founders.
Conclusion
We have now been able to see what networking can do for a startup business. Note that any business that excels in these few points mentioned above, is going for long-term survival. Networking contributes to building experiences and shaping business direction.
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Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot, and NITDA.
He is the Chief Executive Officer at Abuja Data School.
