Using Your Network To Help Grow Your Startup Business (Guest Blog)

Going from a simple business idea to a full-fledged startup can be an exciting journey to take. If this is your first venture, you probably already have a lot of great ideas on how you can help your business grow.

However, it’s important to remember that all startup businesses face a number of challenges before they’re able to hit certain growth milestones. When these challenges arise, it can be difficult to know which paths you should take and how to get the most value out of the investments you make.

One way to help you navigate all these potential hurdles is by seeking out support when you need it. Luckily, a lot of support can be found simply by exploring your current professional network. Below are a variety of ways that leveraging your network contacts can help you grow your startup business.

Locate New Sources of Funding

Regardless of the type of market your business is going into, it’s important to make sure you have enough funding to reach all of your short- and long-term objectives. Unfortunately, it isn’t always easy to source investors willing to take a chance on an unproven business.

This is where your professional network can come in handy. By attending trade shows and conferences, you can connect with other like-minded businesses as well as potential investors. These can present perfect opportunities to share why your business is unique and the potential investment options you’re willing to explore.

Even if you don’t already have potential investors on your contact list, there is a chance that one of your other business contacts may have some on their own. Explore who they’re connected with and see if they’re able to facilitate an introduction.

Extract Helpful Industry Insights

As your business grows, you’ll no doubt have a lot of questions regarding certain decisions you’ll have to make. Instead of facing all these decisions alone, lean on your current contacts for some advice.

Your professional network can be a great source of business support. Many times, you may have a number of relevant contacts who would be more than willing to consult with you about your business direction. Offer to buy one of them lunch or a cup of coffee and pick their brain.

You’d be surprised how many professionals are willing to give you their perspectives on specific issues you’re facing or have maybe even walked in your shoes themselves in the past. The advice they can provide you in these situations may be invaluable and help you to avoid some costly mistakes early on.

Improve Brand Visibility

A challenge many new brands experience in the early stages is a lack of visibility. It can be difficult to stand out in crowded markets, especially when no one has heard of your business. While paid advertising initiatives may help this to a certain degree, they’re not sustainable long-term.

Relying on your professional network can be a great way to spread the word about your brand and bring in more referral business. You can leverage the relationships you’ve already built by asking them to promote your business across their social circles.

Even just getting others willing to share an update about your business, a new product you’ve released, or providing a testimonial can go a long way.

For example, if your business offers home renovation services, connecting subcontractors, suppliers, and other relevant industry contacts can be a great way to cross-promote services. You can help to advertise their capabilities, and if they ever run into clients that need help completing custom remodeling projects, you’ll be a source they can provide.

Get Access to Higher Quality Talent

Securing high-quality talent for your business is an important element of ensuring long-term growth. Unfortunately, however, it’s not quite that simple when you’re a new business.

Many times, job applicants may be hesitant to take a chance on an unproven business. This can make it harder to recruit qualified individuals who can help your startup launch properly. Your professional network can be a significant help in this area.

Instead of immediately heading to the first online job board you see, reach out to your current contact lists to see if they know of anyone who might be a good fit for the roles you’re looking to hire. The great thing about this approach is that you might be able to find great talent who may not even be actively looking for a job.

Another helpful feature of using your professional network to source new talent is that the contacts who help to refer individuals your way often help to put a good word in for your business. If they know you personally, they can vouch for your trustworthiness and the legitimacy of the business, making it easier to keep employees long-term.

Bring in Additional Business Leads

Of course, one of the most important elements that can help your business grow is bringing in additional sales leads. But when your business first enters the market, it can be a bit confusing when deciding on the right marketing approach to take.

This confusion often leads to months of trial and error, which can quickly drain your profits. Instead of moving forward blindly, leveraging your network gives you more options to market your business. For example, you might be able to connect with other like-minded brands to put together shared marketing initiatives.

This can be a great way to reduce your resource expenditures when trying to reach a broader market. By pooling marketing costs and sharing visibility and exposure with other brands, you may be able to get considerably more traction than trying to start from scratch on your own.

Use Your Professional Network for More Growth Opportunities

Growing a business from the ground up can be very rewarding, but often requires a lot of decisions to be made along the way. By leveraging your professional network, you can access the much-needed support it will take to help your business grow, while helping you establish a strong foundation for long-term success.

Author Information

Author Name: Dalip Jaggi

Author Bio:

Entrepreneur, technologist, and passionate business leader sum up the core of Dalip Jaggi, co-founder of Revive Real Estate, a PropTech company with a goal to democratize house flipping. Since its 2020 inception, Revive has become the smartest solution for homeowners to maximize their home’s value across the nation.