Doing Business; It’s All About Who You Know

Research tells us that between 6o-80% of jobs are found through personal relationships.  When it comes to contacts that might help in a tough business market, entrepreneurs should look beyond their marketing trade connections and look what personal contacts their friends, neighbors, the local store, or fellow alumni, might offer. 

The first step in establishing a personal network is to identify what connections are important to you and your business trade.  Look at organizations you’re involved in, in addition to individual people you know.  While personal connections are a great way to get your foot in the door, keep in mind that networking requires a symbiotic relationship.  Get to know the people before you ask for help.

You should network all the time.  You should have a business card on you at all times and during all trips.  I have seen a biker at the gas station and given him a business card and a quick introduction to what we do.  It works and it’s fun and easy.  You never know who you might be talking to next. 

Don’t think just because you know someone that they are going to do you a favor and vice versa.  You should develop the relationships, take an inventory of the relationships, and grow them by adding value. 

Relationships take time to foster, so always be looking for new contacts in your trade.  Networking is an active process that requires a concerted effort, but it’s your responsibility to keep connections going.  Stay organized when targeting people, and don’t harass your contacts, but also don’t become a distant memory either. 

The people who are the most successful are usually the most important ones that you can count on the most to contact you and share their information.  You should stay in touch with people by keeping them up to date on what you’re doing, what your interests are, what skills you have developed, and what jobs you are looking for.

Every business owner and the company itself should have their own LinkedIn and Facebook page to establish business.  You have to stay on top of the game and up to date with the most modern forms of communication.

Attending local events can be a huge tool for networking.  Word of mouth is also a great way to expand you business.  You have to put yourself out there, what’s the worst that can happen?

About the author

Laura Ray, the owner of Horsepower Inc., is the recipient of the 11th Small Business Grant. Her company, Horsepower Inc., specializes in the manufacturing of aftermarket throttle bodies and related products engineered to provide you more power and performance to complete your EFI build.

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