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Today’s Career Challenge: Start Networking Like a Pro

Today’s Career Challenge: Start Networking Like a Pro

You can’t afford to build a career in a vacuum. Even the most independent professionals still need colleagues, clients, mentors, and friends. You can settle with the network you already have, but meeting new people has its benefits. The more people you meet, the more opportunities you have to learn new things, take on new challenges, and exchange interesting ideas. With a broader network, you can even get better business opportunities. If networking has all these benefits, why aren’t more people doing it?

One problem with networking is that it is a broad, ongoing activity. It seems like a daunting task. This is why most people just give up and wait around for the “right people” to come to them. But what are the odds of that happening without any effort on your part? This is why you need to set up a system to make networking easier. Your challenge within the next 24 hours is to set up that system. Why a 24-hour challenge? So that you can take action now and get results as soon as possible.

With that said, let’s get started.

1) Set up a tool to capture and manage your contacts. Estimated task time: 15 to 30 minutes.

The first thing you should do is to pick the right tool. You’ll need something that will allow you to input, gather, and analyze information in each potential contact’s profile. While you can fiddle around with a spreadsheet or a database for hours, this solution isn’t ideal. Setup should be easy so that you have no room for excuses or procrastination. The quickest way is to use an online form management apps, since it takes less than half an hour to set up an account and get your forms ready. There are many options out there, such as the popular Survey Monkey or Survey Gizmo, but personally I use PandaForm which has more features available to free users so we’ll be using that in the example.

You will be creating a “Potential Contact Questionnaire”. It’s a simple form where you can input details about each person you want to meet, including how you plan to introduce yourself and other relevant information that can make the introduction easier. Here are the fields you may need for your form, with the suggested field types in parentheses:

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    Contact information. Of course, you should start off by creating text fields for basic contact information such as the person’s name, email, and phone number. Don’t worry if, when filling up the form later, you realize that you can’t find the email addresses or phone numbers of your potential contacts. You can add an extra text field for “contact page link” instead if there’s a contact page on the person’s website. Don’t forget to add other fields like “Company” or “Mailing Address”, especially if you want to send notes or greeting cards via snail mail.

    Tip: When using PandaForm, you need to make sure that email notifications are off so that when you input a contact’s email, they won’t receive a message by mistake. You can do this by clicking “Save” at the bottom, then clicking on “Settings”, then the “Notification” tab. Finally, click the “Off” button under “Send Confirmation Email”. See the screenshot below for an example:

      Primary website (single line text). Almost everyone has their own website or blog today, so it’s important that you know this. Apart from being a means of contact, their website can be a way for you to find ways to initiate contact.

      List of other relevant links such as a additional websites or blogs (paragraph text). If your potential contact has more than one site, you can type them up here, one URL per line – after you’ve built your form, of course.

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      Additional reference links (paragraph text). These may include any relevant interviews, articles, and other resources that can help you learn more about the person.

      Individual text fields for links to their social media profiles. You can add individual text fields for links to each of their social media profiles. In this example I only used one field for LinkedIn and another for Twitter, but you can add additional fields for Facebook, Tumblr, and other social media services you use.

      Answers to “Why do I want to meet this person?” or “I hope this person will be my…”. List all the possible reasons you have for wanting to meet this person. Some options may include having them as your mentor, collaborator, contractor, or even just a friend to bounce ideas with. Since you can have more than one option per person, the best way to input this data is via checkboxes (see below)

        A paragraph field for “How can I help this person?” Networking isn’t primarily about what other people can do for you, it’s about what you can do for them. By looking over a potential contact’s list of websites, blogs, social media profiles, and related links, you’re sure to find at least one way you can help them.

        A paragraph field for your notes. You may need to jot down a few bullet points about the person you’re contacting. Include any “dealbreakers” that may turn off your potential contact. Some people may not like generic or template emails, extremely long emails, or unsolicited phone calls. They may also be vocal about the things they appreciate, such as courtesy or correspondence that gets straight to the point. If they mention any of these things, include them in your notes. Tip: An alternative for PandaForm users is to use the “Comments” text box that appears when you’re editing individual entries.

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        Create additional fields depending on your needs. You can create a few more fields and customize the form to suit your situation. For example, a simple text field for “Friend in common” allows you to write the name of a friend, relative, or other acquaintance that you and your potential contact have in common. You can also create an additional field for the date you’re planning on contacting them or even a draft of the first e-mail or phone call you want to make. Add as many fields as you need, but don’t overdo it.

        Once you’ve finished your form, you can publish it. Then, bookmark a link to the published form on your browser for easy access whenever you think of a new potential contact. Click here to see what your published form may look like. Of course, it all depends on what fields you end up using.

        2) Make a list of 5 to 8 people you’d like to meet. Estimated task time: 5 minutes.

        Now comes the easy part – listing the people you want to contact. We all keep track of people we wish we knew, even if it’s just in our heads. Listing their names and basic contact information is a concrete step towards meeting these people in reality. You can write the list down in a sheet of paper or, better yet, open up your form and start creating an entry for each person – even if it’s just their names. The key to this task is just to start with your shortlist of potential contacts. You can fill up the rest of the questionnaire after you’ve listed at least 5 people.

        3) Fill up your questionnaire for each person on your list. Estimated task time: 10 to 15 minutes per contact.

        If you already used your form to list your potential contacts by name, edit the entries internally so you can complete the rest of the questionnaire for each contact. In PandaForm, you can do this by going to the “Forms” page and clicking on the form name. You’ll be taken to the records section where you can see all the data you already typed in when listing your contacts (see below).

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          Fill up the more difficult fields such as their contact information, list of websites, and anything else you haven’t filled up yet. When filling up the entry for “How can I help this person?”, make your answer as concrete as possible. Instead of writing something like “help them improve website”, write “send a quick email about the typographical errors you found on the homepage”. Having a concrete, action-oriented answer can make initiating contact easier.

          4) Contact one person on your list today. Estimated task time: 10 to 15 minutes.

          Now, go over the data you’ve gathered. In PandaForm, do this by clicking the name of the form in the Forms page and you’ll be directed to the list of records you’ve entered into your questionnaire. Choose a person from your list, open the record you’ve created about them, and start contacting them using what you already know. This is where your answer to “How can I help this person?” really comes in handy. It can be a great way to introduce yourself and provide value to the person you want to meet.

          When completed, the time investment you spent on creating this system may only take 40 to 60 minutes. The rewards you get, however, will be reaped for a long time. Once you’ve created your questionnaire and get into the habit of filling it up every now and then, all you need to do is choose one of the people on your list and start contacting them.

          Take on today’s challenge and start networking. You’ve only got today to make this happen – otherwise, you risk forgetting about it altogether. If you like my workflow, implement it with PandaForm and share your progress in the comments.

           

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          Leon Ho

          Founder of Lifehack

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          Published on December 13, 2018

          How to Start a Company from Scratch (A Step-By-Step Guide)

          How to Start a Company from Scratch (A Step-By-Step Guide)

          If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

          But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

          So how to start a company?

          Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

          1. Do an Honest Evaluation of Yourself

          Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

          These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

          Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

          You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

          2. Evaluate Your Idea

          If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

          There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

          First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

          Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

          After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

          Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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          3. Make a Business Plan

          I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

          Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

          • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
          • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
          • Market Strategies – How are you going to penetrate the market and sell your product.
          • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

          A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

          Playing up the positives while minimizing the negatives is almost expected in a business plan.

          Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

          4. Decide on a Business Structure

          You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

          Sole Proprietorship

          This is a common way for small businesses to get started.

          The pros being:

          Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

          Finally, sole proprietorship’s are relative easy to dissolve.

          The cons of using a sole proprietorship include:

          You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

          If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

          Partnership

          A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

          The pros of a partnership include:

          Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

          For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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          As far as the cons go:

          It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

          Some employee benefits may not be able to be deducted on income tax returns.

          Limited Liability Company (LLC)

          This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

          The pros of an LLC include:

          Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

          Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

          There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

          Corporation

          A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

          The pros of a corporation include:

          Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

          A corporation can raise capital much easier just by selling more shares in the company.

          Cons of corporations include:

          Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

          Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

          5. Address Finances

          Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

          So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

          Now, how do you get that money?

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          Self Funding

          If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

          Friends and Family

          They can be a good source of funding your business if they can see and understand your vision.

          Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

          For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

          And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

          Banks

          These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

          It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

          You should also brush up on everything in the plan so that you can answer any questions they have with authority.

          Crowdfunding

          Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

          6 Crowdfunding Tips To Get Your Project 100 Percent Funded

          6. Register with the Government

          As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

          Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

          7. Assemble Your Team

          Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

          Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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          Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

          What about marketing? You can hire someone in-house or out-source that too.

          Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

          Check out this guide and learn how to delegate effectively:

          How to Delegate Work (the Definitive Guide for Successful Leaders)

          8. Buy Insurance

          No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

          We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

          9. Start Branding Yourself

          Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

          I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

          If you aren’t sure how to kickstart branding yourself, check out these ways:

          5 Ways to Build your Personal Brand & Make More Money

          The Bottom Line

          Starting a business from scratch can be one of the most rewarding experiences a person can have.

          But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

          More Resources About Entrepreneurship

          Featured photo credit: Tyler Franta via unsplash.com

          Reference

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