Business Networking for Success and Company Growth: Part 3

Many groups charge a simple membership fee which will allow you to attend all (or many) their networking events for free. Here are some examples:

The typical Chamber of Commerce fee is an annual fee of a couple hundred of dollars (or more depending upon the Chamber), plus a mix of free and paid events. In addition, Chambers usually have exclusive subgroups that charge a quarterly fee. You can expect to pay between $300 - $500 dollars for a Chamber of Commerce.

Referral groups such as LeTip and BNI typically charge quarterly fees plus the cost of lunches or breakfast when you attend. The quarterly fee will vary between $150 - $250 and figure about $10 a meal each week. So total, you'll expect to pay about $500 - $1,000 to be a part of these groups.

Women's groups and other professional groups will also run you between $500 - $1,000 a year to join. Social groups all depend upon the actual social activity it revolves around. For example, an ultimate Frisbee group might cost much less than a monthly wine-tasting group. Community service groups range from free to a few hundred dollars or more.

My local Rotary charges about $2,500 a year to be a part of the group. That said, they do a lot of internal fundraising and have some "extra" fees for being a member, so annual expenses average about $6,000 - $8,000 a year. Why pay that much to volunteer and help the community? Because many of the community officials and big businesses are part of that group and a lot of business is conducted between events. It's a great place to network when you make the investment in time and money.

Some groups cost nothing – FREE – Yeah!!! Or was it? – and some groups cost and arm and a leg. I’ve been to Mastermind groups that charge $50,000. Was it worth it? For me it was. For others, maybe not so much. How much should you pay and invest while attending a networking group? Well again, that depends upon your objective. I can only tell you that I've attended many free and paid networking events and sometimes you get what you paid for. Sometimes you get more than you paid for and then sometimes you go what the heck did I pay for that for?

The main thing I want to point out here is that sometimes FREE isn’t so FREE because you spent a lot of time and energy to go only to get nothing – or even worse, pitched on a product or service you didn’t want, need, or expect. Of the people that I’ve talked to who are truly good at networking, most all of them are willing and have paid a certain amount to attend regular networking events which they found value in… and have avoided many of the FREE ones.

The one suggestion I would have here is to see if there is a PAID networking group which will allow you to attend the first time for FREE! That’s the best of both worlds. You get a taste and if you like it, then pay the membership or admission fee going forward.

Private mastermind groups can run between free and up to $100,000 a year! Trust me when I say that when you're paying to be a part of a $20,000 mastermind group, the members tend to be a little more focused on success. I've been part of both free and paid and while there can be "flakes" in both groups, a high-end mastermind group is invaluable when looking to achieve high-end success.

In the real estate world, there’s a high-end mastermind group that charges $25,000 for Four 2-Day networking events per year. That’s right, $25,000 for only 4 meetings! They have over 100 members attending regularly though and more as time passes. Why? Because people are getting value out of attending. In fact, in order to join, you have to do a minimum of 50 deals per year! So the members are only experienced investors who are willing and able to share resources and ideas with each other. These kinds of groups are well worth their investment as one real estate deal from one idea can generate upwards of $50,000 or more!

Here's the bottom line, don’t be afraid to invest in your business – and more importantly, yourself – when you know it can help elevate everything you do.

In parts 1 and 2 of this series, we talked about Types and Formats of groups. We just talked about possible investments you should make only really, what should you be looking for in networking groups? Why should you attend particular groups? We’ll discuss some of those concepts in this section.

I've attended networking groups with thousands of people there. Some were like big parties. Most were at bars with alcohol and loud music. And they all had a lot of people.

While I got a lot of business cards, they weren't the most conducive places to really get to know people - if you don't know what you're doing that is.

Don't make the mistake of thinking that a large event with lots of people is a better event to attend than a smaller one. It's easy to get lost in a crowd and waste a lot of time and energy.

And sometimes you get more or less.

If you're new to business and starting out, sometimes you're on a budget and going the free route seems like a winning solution. Unfortunately, sometimes you get what you pay for. Some free events aren't worth the time it took you to read the event description. Still, others are worth several hundreds of dollars if not more.

So how do you decide to go to which one and which one do you stay with?

First, read the group description. Does it "speak" to you in any way, shape, or form? Does it ignite the imagination?

Next, look up the group moderator / owner / organizer. Does he or she have a good rep? Do they look professional and know what they're doing.

I can't tell you how many business groups I've attended where the organizer is broker than broke and has absolutely no business experience. While that's not always a bad thing, it does send up some warning signals - especially if all they're doing is Sell, Sell, Sell, Sell, Sold type of events!

As I mentioned before, the more you pay, the more you would expect to get out of something. With a membership type networking group, you typically get more than just an open type networking group.

Really, that group T-Shirt is the bomb!

Just kidding.

Seriously, member benefits could include office sharing, education and training discounts and programs, discounts on office supplies, printing supplies, affiliate programs, advertising, publicity, and marketing benefits.

Or, membership could just include access to an inner core of serious business contacts. This is probably the most important aspect of paying for a membership to a networking or mastermind group

The first time I paid $15,000 for an upper-level mastermind group, I was blown away. It literally changed my life. And not because I was out $15,000. It allowed me access to high-level, success-focused members who were way serious about building their business. After talking with a few of them, it led me to change the way I was doing business. To this day, I still do business with some of the members of that group.

If you're considering joining a networking group that charges a membership fee, see what they're offering and ask yourself two things. First, am I going to get value by joining this group? What are they offering and how much is the investment. Second, can I provide value to the group?

Most people never ask that second question. It's all about them. What they don't realize is that the stronger the members within the group and the more value each member offers, the better the group. Everyone wins. So ask yourself, what do you bring to the table?

And if you're not sure yet, then do some brainstorming. Write down some things you're good at. Write down some connections you might be able to share; some resources; some ideas. And if you're still stuck, then ask some of your friends, colleagues, and co-workers. See if they can provide you with some suggestions of what you bring to the table.

And remember, if all else fails, that T-shirt is really cool ;o)

When you're running your own business, you tend to get caught up with income and expenses. Most people think that money is their most important resource. And true, with money, you can buy a lot of things and outsource a lot of things; however, time always has been and always will be your most important resource.

First understand that everyone has the exact same amount of time each and every day.

We all have 86,400 seconds in a day. And whether we use it or not, it keeps ticking away.

Michael Jordan, Donald Trump, Warren Buffet, Oprah Winfrey… they all have the exact same amount of time that you and I do. So why do they make so much more money?

Because they've used their time wisely.

When researching networking groups to attend, remember, that time is a key factor. How much time does it take to get there? How long is the meeting? And the most important question of all, what am I getting for my time there?

You can read about riding a bike as much as you want and it's just not the same thing as actually getting on a bike and riding it. Of course, reading about it first and understanding how to pedal, brake, balance, and steer will help you avoid falling a few times before you figure it out. Especially that breaking thing. If you don't know how to break, you just might run smack dab into a tree or worse. So learning before doing usually helps.

Having a consistent business AND personal message is extremely important. Understand that people talk. And when you start attending different networking events, people might even talk about you! What they say could be good or bad depending upon what you say. Don't have 10 personalities that you pick and choose at each event. Choose 1. Your true, authentic self. And be consistent in that message. And be confident in your message… and yourself.

You should also be consistent in your attendance.

People like people they can count on. If you’re part of a group that does regular networking events, show up regularly. You’re more likely to get 1) known and 2) referrals. When people see you showing up time and time again – and providing value – they’ll want to work with you. They’ll feel like you’re consistent and someone they can count on.

Figure out what you're going for and just saying, "to get more customers," is not enough. What specifically are you looking to get by going to a particular networking group? What do you want to accomplish? What do you want to happen? Be specific. Go with a goal in mind or as Steven Covey says, "begin with the end in mind."

Have a plan in place and execute on your plan. Don't go networking for the sake of networking. Networking is just the start of the process - and it is a process.

And I know that networking can be fun. After a while, it’s like a big party – going and meeting a bunch of friends. Never lose fact of the reason why you’re going through especially if it’s for business and clients.

When you attend a meeting, listen! Listen to what people say, how they say it, when they say it. Pay attention to people when you go to networking events. Listen more than you talk. Listen for clues on what people are interested about. Listen for personal things that will allow you to relate to them. Listen to what's important to them and then do the next step… ask questions.

Ask a lot of questions. Ask about people's business. Ask about their life, their interests, their wants and desires. Get to know them.

People LOVE to talk about themselves. They love to hear their own voice. And they love to hear the sound of their own name. Get them talking and you'll learn a lot about them and more importantly, they'll like you - even though they did all the talking.

One time I was at a networking event and I met someone and introduced myself. They introduced themselves and then started talking… for 30 minutes!!! They didn’t stop! They didn’t ask ME a single question. I didn’t ask a single question. It was like they were in therapy. And sure enough, after the 30 minutes, they told me, “Wow! That was the best conversation I’ve ever had!” Of course it was all one-sided and I didn’t get a word in edgewise and that didn’t matter. And while that’s an extreme case, remember, people love talking about themselves, so listen and then ask directing questions.

robably one of the most important things you need to know about networking… you're not going there to get business… at least not directly!

People who go to networking events and expect to get new clients and business there are fooling themselves and making a bad name for themselves.

Remember this… People like to do business with people they know, like, and trust. Not with people they just met at a networking event. So get to know them. Get them to like you. And eventually, you'll build a mutual trust on which you can do business upon.

So if you're not there to get business, what are you doing?

You're networking in order to build relationships. That's it. Period. Build relationships. Relationships lead to referrals and referrals are business.

Unless you’re at an event and have a booth or table selling your wares, chances are, you’re there to meet people and build relationships. Keep this in mind and stop hard selling people at events and you’ll build a long last business.

When attending an event and talking to someone, make sure you get their information if you want to keep in touch with them. You can pass out as many business cards as you want and unless you get their card or information, chances are slim they'll contact you after the event. People love to network. They just don't love doing what's necessary after the event in order to build a real relationship.

After the event, follow-up. The GOLD is in the follow-up. The follow-up is where they really get to know, like, and trust you.

Networking events are useless unless you follow-up with the people you are meeting with. A quick 5 minute phone call can make all the difference. Yes. I said phone call. Email is cheap and easy and well, it's cheap and easy. Phone calls mean more.

The next step into really getting to know someone is setting up a 1-on-1. Schedule a meet and greet. A cup of coffee or tea is a great way to follow-up with someone. 30 minutes is all it takes. And remember, ask a lot of questions.

Be careful of the time leeches though. While you want to get to know them, you also want them to get to know you. Make sure they give you time to talk about your business as well. Remember, relationships are two way streets.

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