Using Your Industry Connections to Help Grow Your Startup Business

Launching a new business can be really exciting, but it’s rarely easy. Many demands come quickly to new entrepreneurs, and while some early signs of growth can be motivating, sustaining them requires a lot of effort.

In an effort to stay focused on achieving certain growth milestones, many business owners keep their pedal to the metal. However, this can often create a bit of tunnel vision, typically leading them to rely solely on their own vision and strategies. This can be a mistake, especially since most business owners have an extensive network of professionals whom they can tap into for support.

Below, we’ll discuss how you can use your current industry connections to help grow your startup business successfully.

Use Referrals to Grow Your Teams

Having the right team for your startup company is critical. Unfortunately, when your business is just starting out, it can often be difficult to compete with larger organizations with proven track records or who may be able to offer more benefits.

In these cases, your professional network can be a bit of help. Start reaching out to people you trust, such as former coworkers, friends, or other industry contacts that may be well-connected in your industry. Many of these individuals may be able to offer referrals to professionals who may not be actively searching for employment and can help you simplify your candidate search.

Leverage Relationships for Funding Opportunities

There is a lot of planning and orchestration that can go into running a startup, and all of this requires capital. For example, you’ll likely need to invest in sales and marketing, recruitment efforts, product development, and the list goes on. But finding the funding for all of these initiatives is rarely easy.

This is where networking can be invaluable. By regularly attending tradeshows and conferences in your industry, you have the ability to connect with potential investors or financial organizations looking to help support startup businesses. You could also leverage your existing contacts to help provide the necessary introductions with other professionals looking for new investment opportunities.

Build More Brand Awareness

Being able to build brand awareness quickly and efficiently is a key part of startup business success. If your customers don’t understand your products and services or can’t find you, it’s next to impossible to get your foot in the door of your industry.

Collaborating with other industry professionals is a great way to not only get the word out about your brand, but it also helps unlock a variety of new opportunities for cross-marketing initiatives or other cobranded efforts that help you build the business.

For example, if you specialize in home renovations and are looking for ways to expand your presence, connecting with contractors and suppliers is a great way to cross-promote services. Any time you come across clients looking for services outside your scope, you can refer them to your partners, who will then, in turn, do the same for you. This is a great way to grow your awareness passively and can be a good source of leads as you grow.

Extract Helpful Information from Experienced Contacts

Running a business can sometimes feel isolating, especially when you’re trying to navigate pricing issues or deal with other operational setbacks. However, it’s important to remember that you don’t have to tackle all of these growth issues on your own.

Your existing network can be a great resource to rely on when you don’t feel like you have all the right answers. Reaching out for guidance from various mentors or advisors in your network can often give you the insight you may have been missing to avoid walking down paths that eat into profits or slow down your growth.

Stay Up-to-Date With Industry News

A big part of running a successful startup business is knowing how to keep your products and services relevant. There are all sorts of things that can impact the efficiency of your operations, including changes in technology, new compliance trends, or shifting customer preferences.

While all of this information can seem overwhelming, professional networks like LinkedIn can be a great way to stay on top of it all while tracking these details in one place. You can set up personalized update feeds from all your contacts that notify you as soon as significant changes begin to impact your industry. This enables you to maintain a flexible business approach, allowing you to adjust your strategies as new information becomes available.

Start Strengthening Your Startup

The beginning stages of a startup are full of potential, but there are also a lot of ways for business owners to stray away from the right path. By leveraging your professional network, you can simplify many of the operational elements of your business while learning from the experiences of others on how to grow your company successfully.