Owning and operating a small business can be a lonely endeavor.
Long days, longer nights, and no-one to talk to when the going gets tough – it can feel isolating and demoralizing.
But there is a solution: speak and share with other business owners.
Many small business owners actively fear working with other businesses, worried that they may take advantage of them rather than offering guidance and advice.
However, the rewards can be terrific. By tapping into your local network of fellow entrepreneurs, you have the opportunity to become more knowledgeable, understanding, and efficient.
Why Should I Reach Out?
There’s no two ways about it; being a small business owner is stressful.
All the responsibility, all the decisions, the planning, strategy, and execution; it all falls squarely at your feet. And it can be quite overwhelming.
That’s why having a mentor – or joining a local group of small business owners – can help alleviate some of that stress. They give you a sounding board with whom you can discuss your problems and share your successes.
And this isn’t a new concept by any stretch of the imagination.
Take a beat and think about the franchises you see just about every single day. Starbucks, Wendy’s, Dunkin’ Donuts; they all share financial data and marketing information with the other stores within their franchise in order to better understand the overall market.
Won’t This Threaten My Business?
You might look upon this arrangement as a threat to your business. Sharing confidential information with a perceived competitor will understandably make you uncomfortable, and it will impact your business.
But, if done right, that impact will be positive, not negative.
By working with your peers, you will improve your understanding of the local marketplace, boost your efficiency and delivery, and oversee a better standard of customer service. This will only serve to drive more business and increase profits.
Where to Start?
If you run an independent small business (i.e. not a franchise) then it can be tough to know where to start when reaching out to fellow entrepreneurs.
Becoming active on social media (Twitter and LinkedIn in particular) is certainly a good idea. This gives you access to a whole host of like-minded individuals, many of whom won’t be swimming in the same waters, and are therefore less likely to appear threatening to your business activities.
But the fact is, nothing beats face-to-face networking.
Search online for local organizations, groups of similar business owners, or an association to join in order to meet and develop valuable business relationships with your peers.
Here are a few in our neck of the woods worth checking out:
Roseville, CA
- Roseville Granite Bay Business Network
- Women In Networking (WIN) Roseville
- Miscellaneous Small Business Meetups – Roseville (Meetup.com)
Sacramento, CA
- Sacramento Business Social Network Group
- Sunrise Business Builders
- Sacramento Area Business Connection
U-Link Network also has a number of local groups meetings listed on their website.
If you can’t find one nearby or relevant to your industry, consider setting up your own. It can be as informal as meeting for a coffee every few months, but just as valuable as an established organization.
And be sure to complement these meetings by fostering professional relationships with business advisers and mentors.
Put Yourself Out There
As your business grows and develops, and you begin to better understand your own key financial data and moneymaking statistics, you will find that you actively want to compare yourself to your peers.
It’s only natural to seek to benchmark yourself against others. In fact, it can become a crucial part of the overall success of your business.
By simply being active in your local business community, you will open up the doors to new and prosperous relationships, promising leads, and a wealth of advice and experience.
And by improving your knowledge of the local market, it will push you to be a better business leader.
Put yourself out there and make it happen.
If you’d like a helping hand in getting started, contact us today to speak with one of our friendly advisers.