Become Networking Savvy To Avoid Burnout
Have you ever experienced running from one networking group to another, and then when
you filed your taxes, it suddenly became clear that you had not made enough money to
pay for all the fees, lunches, dinners, and breakfasts? That has happened to me too, and it
didn’t make me very happy. I’m writing these tips so you’ll be networking savvy.
AVOIDING BURNOUT
I’ve noticed lately that many entrepreneurs and coaches are beginning to get sick and drop
out of site to heal, rest, and recover. I totally get it! These people spend so much time
running from one networking group, stage, or flight to the next that they become
exhausted, overly stressed, and totally burnt out. You can tell it’s coming when they start
repeatedly saying they’re tired, and then boom, some kind of illness pops up that takes
them down for weeks and sometimes months.
To be honest, at one point, I felt pretty tired and defeated, too, so I decided there had to be
a way to do a better job of networking. And I found out we aren’t alone. Over a period of
five years, I spoke to hundreds of entrepreneurs about what they thought was the answer
to my networking failure. Strangely, the majority of them felt the same way I did. As a
result, I learned some great ideas to share and I developed my own proven ideas. That is
how the Five Networking Myths were birthed.
BECOME NETWORKING SAVVY WITH THESE 5 TRUTHS
Myth 1: The more networking groups I attend the more money I’ll make. It’s the
only way I can find someone to buy.
Truth: First of all if your goal is to be networking savvy then you need to know that it’s not
about how many groups you attend. It’s about the quality of those groups, the size, and the biggest
question of all: Are they in your target market? Seeing networking members weekly may be
comfortable and friendly, but it can also fool us into thinking we are really making an impact and
the money is soon to come.
Myth 2: Breaking bread with other entrepreneurs is the most effective way to
network.
Truth: Most of the networking groups have a cost. If you’re paying for breakfast, lunch,
and dinner like I was, you can’t help but go in the hole unless you are able to sell your
products or services to the attending members. We don’t realize how much the costs of
these communities add up until the end of the year when we’re forced to file our taxes and
face reality.
Remember, the numbers don’t lie. If your numbers aren’t adding up, it’s time to rethink
the amount of time and money spent on networking groups. Don’t forget that driving to these
events has a cost in time, gas, and wear and tear on your car, so consider them to be additional
expenses along with the costs of membership and meals.
Myth 3: Staying with the same groups allows people to know, like, and trust me.
Truth: We don’t think to evaluate each group after six months. Ask yourself, “How much
money did I make in the last six months from this group’s members? How much did I
make indirectly through referrals from these members?” If the answer is none, you better
run. Weigh each group independently for profitability while weighing your income against the
expenses of attendance. What are the results? Are you losing the money game, or are you
a winner? If you’re a loser, find another group and move on. Chances are the same people
will be in the next group too.
Myth 4: There’s plenty of money to go around and plenty of clients to serve.
Truth: We’re all circulating the same money among small communities, and we can’t
afford to pay everyone we meet in these groups. To limit costs, many entrepreneurs trade
or discount their products and services. Yes, we gain a great deal of knowledge and
benefit from trades, but in exchange, we may have a challenge paying our bills, feeding
our family, and feeling valued.I’m not saying don’t trade. Sometimes it’s the smartest thing
to do if you need something for your business and you don’t have the money to pay for it.
Think before you trade, and get an agreement in writing so no one feels cheated.
Myth 5: We don’t need to play a bigger game. All we need to do is raise our prices.
Truth: We are playing way too small and way too safe in our little networking groups.
It’s better to get more exposure to a broader range of people, who can afford your product
or service, to make a bigger impact and more income. If your programs and pricing are set
to go, it’s time to go bigger. Dare I say that some entrepreneurs even move to a new area to
meet and mix with new people and find new clients? Yes, move. I did it myself, and it made
a world of difference in my income. That definitely made me networking savvy.
RECOMMENDATIONS FOR NETWORKING SURVIVAL
Attend only one to three well-defined networking groups per month. The way to take back
your money and time is to pick up the phone and interview the group’s host. What do I
mean by well-defined? Three quarters of the attendees must be in your target market. The
host knows the answers to the following questions. If the answers aren’t satisfactory to
you, look for a different group.
1. How many members belong to your group? Look for groups of thirty-five
members or more. Recently, I visited a group that was new and had only twelve
members. I went twice and decided that the group was too small and only four of
the twelve fit into my target market, so I decided to move on. I did, however, walk
away with two new students in those two visits. As you are looking for a
networking home, keep in mind that you can attend twice before paying for a
membership. So visit lots of groups before deciding to join.
2. What would you say is the age range? A minimum of 75 percent of the members
should fit into your target market. This will assist you greatly in making money.
Remember, your target market focus is the key to your networking success.
3. What is the average price point for what the members are willing to pay for a
program or event? I ask this because it provides a level of understanding for what
the participants in the networking group can afford to pay for your product or
programs. It also will give you an idea of whether you’ll need to finance new
clients or whether they can pay for the whole course all at once.
4. Is there available parking around your event? Going to downtown events with
little or no parking will make your experience expensive, frustrating, and time consuming.
In San Diego, we are required to pay $20 for two hours at a downtown event.
5. Will I have a speaking opportunity, and can I make an offer? This is important
if you want to speak about and give valuable tips regarding your work. You also
might want to ask whether there is a fee to speak or a percentage of what you make
that is required payment.
6. What is the cost of a vendor table, and what’s required to set one up? It’s
important to weigh your costs versus the potential income. I once attended an
event and purchased a $250 vendor table. I knew before I paid that I only needed
one client to offset the cost of my presence at the event.
Don’t give in to joining a group simply because your friends are there. In fact, it’s better
if your friends aren’t there. There’s no point in networking with your friends. This is your
business, not a social gathering. Let go of any or all networking groups that haven’t
contributed to your income unless you believe you didn’t earn the income because you
didn’t know how to sell and weren’t prepared.
If you’d like to learn more and max out on your networking savvy buy Selling Through Your Heart, Empowering You To Build
Relationships For Financial Freedom.