Lesson 5: Discover Support Networks & Services for Your Small Business

Discover Support Networks & Services for Your Small Business

Just because you are working for yourself does not mean you are on your own. Many organizations, people, technology, and tools can help you on your way.

This section will guide you through building connections and seeking support and mentorship, both from professional networks and organizations and from your personal contacts.

Small Business Development Organizations

Starting your own business can feel overwhelming. Thankfully, all sorts of organizations can help you with everything you need to succeed — from training, networking, and even financial support. Microbusiness Development Organizations (MDOs), for example, are located across the country and offer a range of these services for people looking to start a microbusiness- a business employing no more than 10 people.

A Microbusiness Development Organization can provide:

Training and technical assistance to help potential entrepreneurs develop the skills they need to plan, market and manage their own business. This is often offered at low or no cost. Training and technical assistance can cover various topics, from helping you foster control of personal finances via budgeting skills and knowledge of basic financial instruments to guiding you through writing a business plan.
Capital in the form of individual or “peer” group loans from in-house loan funds or from collaborating banks provides entrepreneurs with financing for their businesses in affordable amounts and terms. Loans range from $500 to $25,000.
Ongoing assistance is often available to program participants after they have completed the core training or taken a loan. This “aftercare” helps fledgling entrepreneurs successfully negotiate the many challenges they face in marketing, quality control, legal issues, and business expansion.

Mentors

In addition to seeking help from organizations, it’s a good idea to seek out a mentor — a trusted advisor with applicable experience in the area you are considering. A mentor can be vital, providing encouragement and guidance to help you stay on track. A good mentor will provide honest feedback and will be key in helping you brainstorm new ideas and initiatives.

Organizations that can connect you with mentors include:

Why Is Networking Important?

You’ve heard that old saying, “It’s not what you know, but who you know.” The wider your circle of contacts, the better for your self-employment venture. Networking, or the ability to make social and professional contacts, is one of the most important ways that a new business can find support, make a good impression, and attract potential clients and customers.

How do you find people for your network? You probably know some of them already. They may be your friends, former coworkers, volunteer contacts or people you’ve helped in the past. Given your network is supposed to spread your information to their friends and vouch for your work ethic, those who know you the best in many cases will be your best advocates.

For example: If you want to work for yourself as a repair person, you want to make sure your friends and neighbors who have borrowed your assistance are looped in with your new business ventures. Likewise, if you are aspiring to become a consultant, your former coworkers will be your best form of free marketing and can tell their contacts about your abilities in the office.

Once you start building clients and customers, they should be part of your network as well. With so many tools available today, from dating apps to online reviews, your satisfied customers will do a better job selling your services than you could ever do alone.

How to Build Your Network — A Checklist

Seek out referrals from everyone: family, friends, colleagues
Make sure you have business cards and hand them out often
Attend industry and trade shows that are relevant to your self‐employment venture
Speak at local functions to position yourself as a thought leader in your area of interest
Include your complete contact information in the signature area of your email
Hold volunteer positions in organizations
Add former customers and clients to your network
Be proactive: Follow through with referrals frequently
Stay in touch regularly, by phone or electronically

Social Media and Your Business

Whatever form your self‐employment may take, technology can be essential to getting the word out to friends, family, and potential clients and customers. You’re probably already using social networks like Facebook, LinkedIn, and Instagram to share information with your inner circle. When you work for yourself, it’s also important to use these social media platforms to promote yourself professionally and connect with people who can help your business grow.

Facebook

Facebook.com
Facebook is one of the most used social networks with more than a billion active users. The audience is both active and committed to the network. Here are 3 ways to promote your business and attract new customers using Facebook:

Create a Facebook page for your business
Post interesting information for your audience
Connect Facebook to Instagram to save time posting
Bonus Tip: It’s also a good idea to join Facebook groups where you can promote your business to an interested audience.

Instagram

Instagram.com
Instagram is a photo and video sharing social network. Because the format is so visual, Instagram is great for enticing your audience to like the products you’re offering. You can also use videos to tell stories about your business and build relationships by:

Create an Instagram page for your business
Post regularly, sharing compelling video and photo content

Linkedin.com
LinkedIn is a business social networking service with 950 million users worldwide. You can use LinkedIn to connect with colleagues from previous roles, business professionals you want to get to know, and new connections that can help your business grow. Because the platform provides profiles for both businesses and individuals, it’s a great platform for conducting research and building relationships in your chosen field.

Create a LinkedIn profile for yourself and then your business
Join LinkedIn groups related to your business
Include specific skills on your profile to build your professional brand
Ask your LinkedIn connections to endorse you to increase your chances of being discovered
Post regularly, sharing helpful information to establish business relationships