The Benefits and Importance of Networking

By Fred Klein / September 11, 2016
proper-and-fromal-business-hand-shake

What is Networking?

Networking may be an intimidating word to anyone unfamiliar with what the term entails or to any person who doesn’t exercise a lot of self-confidence in their ability to “sell”. However, all the word means is to communicate.

Create a conversation with potential investors, employers, or business partners and do so as organically as possible. The important thing to remember about networking is that it can be learned. “Networking is a skill,” co-owner of Greystone Consulting, Christopher Barrat, explained at one of his TED Talks.

Anyone can network, and everyone who wants the best potential out of themselves and their business, should. Meeting face-to-face helps you gain connections and adds a face to a name, which helps build trust and likability.
There is a falsehood concerning networking with people defining it as a way to “sell yourself”. This point of view can cause you to come off as pushy or even insincere.

Success Stories of Networking

There are many success stories of those who properly executed networking. One example is that of former-SNL-star, Jimmy Fallon.

Wanting to create a profound relationship with Lorne Michaels, Fallon made a tradition of simply thanking Michaels every night after a successful show. It seems silly, but eventually, over the course of a few years, the continual thanking landed Fallon in a seat next to Michaels meeting celebrities and other big names in the comedy industry.

It is the moment in Fallon’s career that would later land him a hosting gig on ‘The Tonight Show’. Networking can illuminate to a potential connection that you are a genuine, respectful, and driven individual – making you the first person they are likely to consider to work with.

Networking is also a high contributor in landing a job and finding employees. ABC News reports that eighty-percent of individuals find employment by networking. It turns out that knowing someone makes you a likely candidate for business or company that would prefer to hire from within.

The Benefits for You or Your Business

jimmy-fallon-during-a-showNetworking’s ability to circulate your name and all the positive attributes that go with it make it an important business tool to have.

While networking is helping others discover your work ethic or product, it is also helping you discover your worth, create a support system, and learn about the market.

• Builds Confidence Treat networking like a muscle – the more you work it, the stronger it becomes. If you are having issues overcoming social anxiety or have low confidence in your communication skills, practice by attending smaller networking events at first. You will notice, the more you practice, the more your confidence is strengthened, making you a better business-owner or employee.

• Gives You a Community of Like-Minded People Think of networking as more socially-geared that business-oriented – meeting new people and making connections helps you grow a community of like-minded people with similar goals and desires. You can call on these connections for advice, learn from their successes and mistakes, and feel supported within your industry.

• Learn About Your Competition Maybe there’s a piece of your business plan that isn’t quite functioning, a marketing tactic that isn’t seeing the results you anticipated, or your resume isn’t getting you any interviews, whatever the case, take the opportunity while networking to learn about others within your business industry. What are they selling, marketing, offering to your target audience that you aren’t? Quietly, make mental notes of these differences, and keep yourself open and friendly to the competition – they’re helping you learn.

Sources:
https://www.youtube.com/watch?v=NAWN8U3q7eQ
http://amazingbusiness.com/top-9-benefits-of-business-networking/
https://www.themuse.com/advice/4-things-networking-can-help-you-do-besides-get-a-job
http://www.businessinsider.com/jimmy-fallon-networking-key-to-success-2014-11
http://www.huffingtonpost.com/michele-lawson/it-all-started-with-a-fea_b_7035696.html
http://www.businessballs.com/business-networking.htm

Things you Need to Consider When Starting a Small Business

By Fred Klein / August 26, 2016
what is your point of difference

Having an idea to start a business is easy but implementing that idea is where the challenge comes in. Starting a small company no matter how small it is can be challenging. You have to plan everything well and carry it out.
For most of the people who start these businesses use their personal savings. And so it is important to take very serious precaution so that you do not make mistakes that will affect your personal life.

Here are tips that will assist you to start a small business successfully.

Knowledge of the Business

Ensure you have skills and knowledge in the kind of business you are starting. You need to be experienced in everything you decide to do. The chances of doing well in the firm that you are well experienced are very high.

Passion

resell something online or offline

You have the option to resell something online or offline

Start a business that you are passionate about. It will motivate you and increase your morale. You will still work hard even when things are not going well since you will always feel motivated.

Market

Consider the targeted market before setting up a small company. For instance, if you are selling skinny jeans then your targeted group is young people so set a business where you are likely to get customers.

Capital

Make sure that you know the amount of money your company is going to use. Ensure that you also know where to get funds from just in case your capital is not enough to complete the process.

Competitors

Getting closer to your competitors is an added advantage since you can be able to get your customers and at times those of your competitors. It will also motivate you to work even harder.

Profit

The primary goal of every business is to make profits. After deducting all your expenses and all the cost, you are left with a profit. It is important to estimate the kind of profit you will be getting.

Location

The place where your organisation is located plays a critical role in the success of your business. Consider the security in the area, availability of labour, key distributors and your competitors.

What to have in mind when starting business overseas

If you run a successful business in your home country, you may have an idea of expanding it abroad and making it international. This is certainly a large step, with plenty of good and bad sides and possible obstacles you will encounter. In this article, we will present you some of the most important things to have in mind when you decide that you want to take your business global.
Before taking the big step, you need to ask yourself several questions and think about certain aspects of going global. 79981685Firstly, think about whether your products are likely to sell well in the other country, since different cultures may have different needs, preferences and even laws which may affect your sales and the overall success of your brand. Secondly, think about whether the target market is already familiar with your business and your offer. If this is not the case, keep in mind that you will need to invest a lot of money and effort on advertising and possibly even consumer education. Then, think about whether you feel comfortable in the target country. As the business owner, you will need to work and communicate with the people from the target country, and possibly even live there for a while in the first stages of company development. Businessman Choosing the right person in the old textureTherefore, make sure that you are familiar with their culture, customs and language before you make a move. Last but not least, think about the infrastructure of the target country, because it determines the reliability of supplies delivery, production and much more.
If after all this you decide that it is time to export your product, it is time for the next step. Assuming you have performed a thorough market research and familiarized yourself with the market conditions of the target country, you should start a business spreading campaign.

Prepare a thorough business plan, set clear goals, select the preferred methods of distributing the products to the target country and learn how to act in the circumstances of a new culture.

83253174_XSOnce you hit the international market, it is important to make business moves according to the culture in which you do the business. This implies pretty much everything you would do in your home country – build relationships with your clients and associates, be flexible, learn to understand body language and dress professionally. In case you do not know the language well enough, it is advisable to bring your own translator.
As international expansion of business needs financing, you can ask the Import-Export Bank for help. They will guarantee working capital loans, but also credit insurance which protects the exporter in case the foreign buyer does not pay. The Im-Ex Bank offers a great deal of trade services for the exporters, and they will finance all types of goods and services as long as they are not military-related.

Last but not least, once you have expanded the business overseas, it is important to find a reliable foreign distributor. Assess the distributor based on their area of expertise, recommendations and references, and choose the one who best fits your area of business.