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Operating a business has become so feasible and flexible that many full-time professionals are pulling double duty and launching a side business. Although it’s easier than ever to launch a business, it is still a challenge to produce a profit. Increasing income from a side business can come from two angles: reducing costs and increasing sales. Professional networking is a strategy that can help with both, and also serve as a resource for other operational needs.
Networking can help with finding the most reasonable and qualified vendors.
When operating a side business, as with any business, it is often a necessity to keep costs low. It’s quite common for business owners try to handle most of the operations on their own, but there will always be some operational needs that require using an outside vendor. Depending on the type of business and the owner’s own skill set, a list of vendors might include a printing company for business cards and stationery, a website developer, a social media marketer, or a delivery company for product delivery.
Building professional contacts through networking gives business owners a large pool from which to solicit vendor recommendations. When seeking a vendor, begin by first reaching out to your contact list to seek referrals. This solicitation may reveal that some of your contacts are able to provide the services you need, and may even offer a discount because of the relationship you have already established with them. In other cases, your contacts will be able to refer you to the vendors they use, and their personal referral may also lead to a discount.
Networking can help you grow your customer base.
Growing a side business takes time, but networking can be used as an effective strategy to help grow your customer base. Local chambers of commerce, small business development associations, and news media often post information about networking events on community calendars. When determining which events to attend, consider events that are generally well-attended, events that fit your time schedule, and events where the target audience is also your target audience. At a minimum, bring business cards with you to networking events, but also consider creating a takeaway marketing piece that you can distribute. These pieces are used to showcase your product or service. They should be convenient to carry and distribute, which can be small such as a refrigerator magnet, or a little larger like a 4 x 6” postcard.
Networking gives the opportunity to connect with other business owners.
Take advantage of the opportunity to learn from others who have come before you. When attending a networking event, connect with other business owners. These connections are a great resource for learning new ideas for marketing your business, writing a business plan, and finding ways to improve your operations or performance. Established business owners will have already conducted research on a variety of business issues. They can provide valuable advice about running a business in the local area, or how to address legal issues, or resolutions for many other issues they have uncovered during their years in business.
