At Allied Legal we see many founders with great products and services who are unsure where to go next. However as the saying goes: “It’s not about who you know, it’s about who knows you!” This quote is transferable to many stages of launching your startup, particularly when it comes to selling your service to prospective clients and investors. This is where networking comes in.
Networking is essentially the building of new relationships. It can take place within a wide range of scenarios – both online and offline – whether at an industry event, a seminar or a meeting. It can be a daunting practice if you’re just starting out, but it is extremely necessary for your startup’s overall growth. Here’s why!
New Clients and Referrals
To accelerate your startup’s growth you will need to build and grow your client base. While this can be achieved through effective marketing and an assertive sales effort, you will also need to network. Networking can be an excellent opportunity to pitch your startup’s value proposition to prospective clients. As these early adopters spread the word about your startup, your pool of consumers will grow and drive a network effect. The more connections your startup can make, the faster your network will grow and transition into a loyal client base.
You Will Be More Appealing To Investors
Gaining adequate funding and backing from investors is essential to the longevity of your startup. Building a strong network of clients and spreading brand awareness increases your startup’s credibility in the eyes of potential investors and consumers. If your startup has strong brand awareness it will be easier to demonstrate a return on investment to your investors. With strong investors backing you, you will have less issues levelling up your startup.
New Partnerships
Networking with other industry professionals can assist your startup in gaining exposure, which is particularly necessary in the early phases of your startup. Networking can also attract new contacts from business adjacent experts and companies. These partnerships can provide useful information, resources and referrals to your startup. Partnerships should be mutually beneficial and help to enhance your startups overall growth.
Networking is an essential step if you want to scale your startup for success. Without a strong network it is extremely difficult to build a sustainable and long-lasting business. If you can get investors and clients to want to do business with you then you’re on the way to success!
Need Help?
Scaling up can be challenging, especially if you lack the sales or marketing background to take your startup to the next level. At Allied Legal our business growth advisory team can help to grow your startup. If you want to book a free consultation, give us a call on 03 8691 3111 or send us an email at hello@alliedlegal.com.au
