A Comprehensive Guide To Networking For Business Owners And Individuals

What is Networking

A person’s personal network is made up of all the people they are acquainted with and who they anticipate interacting with on a regular basis to support a particular set of activities. To put it another way, a personal network is a collection of kind, devoted individuals who are committed to preserving a connection with a person in order to support a particular set of activities. Being a part of a network of resources for shared development and progress is necessary for building a strong personal network. This connection eventually leads to benefits which would not be otherwise possible without the presence of the network.

The basic ideology behind network building is to improve personal influence. A person with a huge personal network depending on the expertise and quality of that network would easily be considered an influential person within the domain of influence of that network.

Imagine a person who has a lot of friends in the banking and finance industry, take for example, because of his current job and ability to meet people and make friends such a person would be your go to person if for any reason you may need to get in contact with a bank manager for a business proposal, or you need advise on how best to get a good mortgage deal. Such a person would guide you through the most easy way to get in contact with the bank manager, or even give you direct access by setting up a meet and greet. He can also in the case of taking out a mortgage he can help you by directing you to lenders who have the lowest rates based on his insider knowledge of the industry which is grown by interacting and networking with people who make the industry move.

You can only have power in an area you have vast knowledge, and network in.

Benefits of Networking

Boost Your Worth

Your worth as an individual is tied to your ability/potential to add value. Value can come in many forms, knowledge, influence, money, etc. Value is given when you are able to improve a person’s current situation with what you already have. As a person with a vast personal or professional network, you become valuable to people who may need to leverage your network to achieve or attain a goal. Having a great personal or professional network enables you to be perceived as a person of great worth, and people who are perceived so are always given a preference and would always be looked upon in a better light than someone who isn’t.

Better Career Opportunities

As a person with a large and relevant network is very easy to seek out employment opportunities. Most job opportunities are first considered being given to people within the network of the company itself and its already existing employee’s network. For example, here at Qapitapay, most of our hires especially at this early startup stage are done by asking within the company first if anyone knows anyone in their networks who would be a great fit for the role. Now the reason we do this is because we have a company culture which is best understood by people who already are in it. And we strongly believe that birds of a feather flock together, meaning that the best fit culture wise for the company would be the friends of people (employees) who already have this same culture. Employing contacts of existing employees who we already know their ethics and values helps us eliminate the extended probationary period where the HR has to keep a close eye on the new hires to ensure their values and ethics align with that of the company. This reduces the onboarding period and enables new hires to hit the ground running. This means that if you want a great job or career in any field, besides your skills and qualifications, you would really need to meet and get to know as many high value people in that industry as possible.

Career Improvement

As a person with a great network influence, you become more valuable to your company as an employee beyond your role, because your network so long as it is useful to the company would be a good reason to keep you, improve your pay or even be recommended for higher roles that would maximize your network for the growth of the company. Your network could also recommend you for better positions with better compensation or benefits that where you are currently at. Most times all you have to do is put the word out there that you are in search of better opportunities, and just like that, they bring the opportunities to you.

Get Fresh Ideas

Your network may be a great resource for fresh viewpoints and innovative ideas that can benefit you in your job. One of the main advantages of networking is the opportunity to share issues, successes, and ambitions, which enables you to obtain fresh perspectives that you would not have otherwise considered.

Most individuals enjoy being asked for assistance because it is flattering and makes them feel valuable, rather than because it is a bother. Calling a dependable former coworker, mentor, teacher, or friend to schedule a coffee meet might be helpful for both of you if you’re having trouble making a choice or taking a new route since they will remember you the next time they have a problem.

Providing useful suggestions in return is a great strategy to enhance your reputation and position yourself as a useful and dependable person for their later needs.

Increase Knowledge Base

Networking is a fantastic way to share knowledge about best practices, see how other people run their businesses, and keep up with the most recent changes in your field. Access to fresh and important information is increased when there is a large network of knowledgeable, connected persons.

Since it’s not the most evident advantage of networking, the chance to learn new knowledge is sometimes disregarded, yet it also offers professional advancement and growth.

Asking your connections directly about new advancements and strategies is an excellent idea, but you should also keep an eye on the sorts of things they share on LinkedIn for example and don’t forget to leave a remark to let them know you enjoyed the post.

Additionally, don’t discount the opinions of those in other fields; they might be able to provide fresh perspectives that you hadn’t previously thought of.

Characteristics of Networks

Purpose

Every network is established with a purpose. Sometimes we establish networks without exactly having the intention of establishing one, but it is best to be mostly intentional about establishing our networks, this way we follow the purpose and are able to achieve something with it. It is best to concentrate our networking efforts to be able to get the most out of it.

Style

 Here you will get to understand that there is a style to every type of connection which is usually determined by a number of factors like location of network members, social class etc. This influences how they communicate, where they  hang out and general ideologies that bind them together.

7 Simple Ways to Successfully Build Your Network

1. Start with Social Media. Linkedin cannot be neglected in this case.

2. Focus on People That Fit With Your Goals. People in your industry, people with the same value systems as you etc

3. Give First. This is the most important part of all kinds of networking. Networking is all about giving value FIRST.

4. Reconnect Often. Keep in touch with your network where they hang out the most

5. Attend virtual events (Twitter spaces, Google hangouts, zoom meetings etc). It is very easy to find such spaces online these days that would be harboring people like you or with the same interests you might want to hang out with.

6. Connect Others (bring people into the networks you have found). When you connect people to networks where they get immense value, they would usually be so grateful to you that they seek out ways to show their gratitude to you.

7. Start a Networking Group. If you realize that there is no existing network in your industry or area of expertise, then by all means please create a community. Being the leader of a thriving community on its own also helps to boost your profile and reputation in your industry.

Managing Your Personal Network

Managing your personal network comes with a lot of work. You do not just create networks and then not maintain them. Networks and connections need to be serviced and maintained over time in other to keep them open in case you need them. Here are a few ways to manage your networks;

1. Being consistent and authentic: Don’t try to jump out of your skin to or do things that aren’t peculiar with you, or do things that are going to be difficult for you to keep up with in the long run just to keep a connection, it usually doesn’t end very well. Be yourself, always show up when needed, and keep at what you do. People love people who are consistent and authentic.

2. Paying Attention: People like to be listened to, do not always be in a haste to send out your opinions, most times do a lot of listening. This would make it a lot easier for you to understand a person’s peculiar point of view and be more able to give a personalized answer or solution to their needs and questions. This on its own enables you to more easily endear yourself to them and present yourself as a person of high value.

3. Contributing: Always get involved in any way you can. Different scenarios present different opportunities to make contributions. The aim here is to ensure you make yourself useful as much as possible.

4. Positioning: Always position yourself or do things that would allow your network to see you as a person of value. The goal here is to give give give, is is the case in every aspect of networking

5. Keep in Touch: The best way to kill a network is to allow it to lie dormant for too long. Do not make that mistake. Always reach out to your network. This could be in the form of messages, or calls. Sometimes, because of the size of the network, we might find it very difficult to reach out to them all at once. Now keep in mind that all you have to do is keep in touch, and it must not be physical. Thankfully social media makes this a lot easier. All you have to do is create posts where the majority of your network is active, Whatsapp status, facebook, LinkedIn, Instagram, Tiktok, Yann chat etc.

This can also be achieved by attending industry events where your network would most probably show up.

SUMMARY

Your Network is a sum total of the people you have at least a personal acquaintance with. These people are the people you have some level of influence over. It always helps in the long run to have a concentrated network of people to interact with and leverage on to move forward in your career or business.

Networking boosts your worth as an individual

Positions you for better career opportunities

Helps in rapid career advancement

Helps you gain fresh knowledge and insights

Good Networks are characterized by;

Purpose, Style, 

There are different ways to build a network, find what works best for you and align them with the style of the network you want to tap into, and flow with it. Always do your part, and do not forget that you need to give give give before thinking of collecting.

Do not forget that building networks is a continuous process. You do not stop at just forming connections, you have to maintain them. Always show up, always pay attention, be active, and contribute to things your network does. This way you stay relevant and top of mind just in case you are needed for business or career recommendations or engagements.

With this comprehensive guide you will be able to easily connect to and or grow valuable networks of your own.

If you would love to be part of a growing network of forward thinking young people where we share and talk about topics like this in length, connect and do business and fun activities together, then check out our Instagram accounts for the date of our next Twitter spaces hangout or Clubhouse hangout, and set a reminder so you can be reminded of the event when it is time, or simply click here to submit your email for  reminder.