If you are a young entrepreneur looking to start a small startup for yourself, you might catch yourself having a difficult time. According to recent findings, 90% of all startups fail eventually. While 20% of these startups fail in the first year, the failure rate becomes catastrophic at 70% in the following 3 years. It is surveyed that merely 10%, overall, survive to exist and become successful out of all startups. Not all hopes and dreams are meant to survive in the business world.
Aside from pooling profits and offsetting losses, building ones’ network is very important for all types of businesses – especially for a startup. It is through these connections that you may build your “to and forms”: your customers and suppliers. You also have a chance to invite investors to take part in your business if the opportunity arises. Along with your cash flow, connecting and building your network is an integral factor for your business to survive. Without building your network, you lose sight of the people critical to your business’ longevity. Similar to career networking, you need to be surrounded by and in a place where like-minded people exist – those who wish for their own personal successes as well.
How do you establish your connections and network even as a small startup? What can you do to widen the network you have?
Identity Research
You have to establish what you are as a startup. A lot of business owners fail to understand that every business is like a person. Each has their own identity: their own life. Every single one is unique and unlike any other. Your startup has its own identity. You, as an owner, must identify and establish what identity you want your business to be.
Your business identity mostly comprises your product, your service, and your ethics. If you are a business that tends to always offer discounts and promos, you will be remembered as a business that tends to be extremely generous. If you are a business that engages in good business practices in general, you will be remembered for the same.
Starting Early
Connecting to potential future business partners starts as early as your childhood. The second best time to start is now. Putting your best foot forward all the time is the surest way to ensure that you establish your future business connections. You, as an owner, represent your startup. You are the reflection of your business’ values and beliefs. People want to interact with real persons and not corporate entities. When they see you being driven, motivated, and passionate about how you put yourself forward, they will likely be interested in working with you even more. Also starting with a circle comprised of pure professionals will likely make you harvest only the best people for your network.
Going Digital
Networking does not mean you will always meet people who wish well for you and your business. It also means meeting people from all walks of life, with different perspectives. To expand your reach, you also need to do mass-media marketing. There is no better way to network right now than going digital. Aside from being cheaper than other networking tools, building your network through digital means is the new and modern way to connect people. Even the biggest business projects pool talent through digital networking.
As a small business owner, you can engage in digital networking without spending big. Organizing a small Facebook page can work wonders for your small startup – going viral is now a thing. You can also engage a digital marketing firm to perform organic search engine optimization services for your business for cheap. It will gradually increase your network so that you will merely tap whoever you wish to connect with.
Attending Networking Events
Lastly, you must also actualize your efforts. Networking events are always held in different business centers around the world. There, you will meet other like-minded individuals who are prepared to discuss business with you. Aside from that, networking events are a great way to find new alternatives for your business. These events make it convenient for other people in the same industry to meet each other. It will also hone your interpersonal skills and erect your status as a startup in the industry. Have a business card ready in case you intend to connect with someone in the meet.
Connections are extremely important in a career a person intends to follow through. However, people fail to realize that connections are highly important in business as well. Having connections is handy when doing business. Your options are widened and new perspectives are presented as you expand your network.