Why is networking good for business?

For many people, networking is only something that happens when they are looking to change jobs or start a new career. However, if you are starting a business, networking is just as important – but for different reasons.

One key reason why networking is important is because it is so effective at getting the word out about your company. In any industry, the incumbents hold the upper hand. They have name recognition with potential customers, and this makes it much easier for them to hold on to existing customers, as well as find new ones.

Think about it – if you are shopping at the grocery store and are choosing between two products on the shelf, which one would you pick: the product that’s been mentioned by your friends, or the one that you don’t recognize and haven’t seen before? Most people will choose the product that is familiar to them already.

And there’s another important reason why networking is so important – it’s a way of meeting potential business partners who can help to push your business forward. That’s especially important to keep in mind if you are launching your company as a Sole Trader. As a single individual alone in the business world, you need as many connections and relationships as possible!

Finally, networking is important simply from the perspective of keeping aware of new trends and developments in your industry. For many people, social media and social networking sites like LinkedIn can be very helpful. If you are making new connections on social media, you can often get recommendations and free word-of-mouth buzz for your company at the same time as you are learning about the key “movers and shakers” in your industry.

As you can see, networking is quite important for new business entrepreneurs, so make an effort to spend time each week building up your network!

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