A recent study by Statistics Canada indicates that self-employment numbers have increased substantially, particularly since the beginning of the latest economic downturn. Without question, it is on the rise and those that are pursuing it today generally fall into two categories: some do a complete career change in totally new area, and others simply become self-employed doing the exact same job or something very similar to what they were doing for a previous employer.
Flexible hours, working from home, and choosing the people you work for are just some of the additional advantages to self-employment. As a self-employed individual or small business owner, you must be focused, practical, innovative, and creative if you want to compete in today’s ever changing and competitive business environment. You need to use every tool at your disposal to not only attract new clients, but convey exactly what it is you do and how you can benefit others. Communicating your message is essential. You can be the greatest at what you do, but if you fail to communicate effectively then you will not succeed.
We all hear about how important networking is and as small business owners or self-employed individuals, that it should be our principal means of increasing our visibility and developing referrals. A lot of people when they are first starting out get frustrated when attending networking events, particularly the ones that are very short and don’t provide enough time to really get to know the others in the room. If you’re like many, you wind up leaving with a stack of business cards but not too sure of what to do next.
If you feel that you are not getting the most out of your networking activities, and perhaps have become a bit frustrated with attending networking events or organized groups, then there are other alternatives and better ways to go about it.
Referral marketing has been proven to be the most powerful form of advertising practice for most small business owners and self-employed individuals. However, it’s surprising how few of these business owners harness the true potential of referral marketing and use it as the cornerstone of their marketing efforts.
For any entrepreneur, one of the most important keys is to build a solid network of contacts that you can rely on, both as client base and also for help with your business. Many people network naturally, and others need to work on it more. There are many ways of networking and opening up and expanding your contact base.
There are a lot of networking events in and around our city, many organized by various chambers of commerce and the Toronto Board of Trade. There are also networking groups which typically meet once a week, most often as early breakfast meetings, and one person within each category / type of business is represented. For example, a typical chapter will have one lawyer, one real estate agent, one web designer, and so on. They have chapters all around the city, so it’s definitely worth your while to find one in your neighbourhood and visit first as a guest to see if you connect with the group. Individuals that are part of these types of networking groups are encouraged to help each other out by giving referrals.
Today, many are organizing their own networking and referral groups, utilizing social networking tools such as Meetup, Facebook, and LinkedIn as well as their own website. The Toronto Business Referrals group is one such group which has recently organized a successful independent referral system. They meet ever other week to exchange business referrals and also to exchange ideas and offer help to each other. In addition to a website, they have even developed a web-based application which allows them to exchange and track referrals.
Aaron Grinhaus is a lawyer specializing in corporate and commercial law and a member of Toronto Business Referrals. As he describes, “There is a difference between our group and a 'referral' group. We are a 'Networking' group. In other words, we do trade off referrals, but we also support each-others' businesses by providing our own unique expertise to all our members, so that we all benefit from our varied experiences and we all grow together. I am always willing to field a phone call from a member of our group to answer legal questions, and they know they won't get a bill for it. We use our knowledge to benefit one another and have created a unique friendship based on our mutual professional respect.”
Ben Sharma is an Investment Advisor and Financial Planner for BMO Nesbitt Burns Inc. in the Private Client Division, and adds "I always see this group as my board of directors of business, I also use the expertise of the members to bounce ideas and discuss issues with them."
Toronto Business Referrals member John MacEwen was an engineer that designed and optimized cellular networks before getting into real estate. “I've also always had a bit of an entrepreneurial side that was held back in the corporate world. The concept that the harder I worked and the better I got at what I do could have a direct impact on the level of success that I could achieve was very attractive to me. The competitive part of me loved that concept.”
John sees participation in the group as a positive experience and adds, “It's all about creating power partners within the group that can help each other out.”
Particularly if you are new in business or new to the city, it’s a great way to expand your network and get even more connected and meet new people. A well run and close knit group such as this can be seen as a family, constantly helping each other out not only with referrals, but advice and friendship.
Toronto Business Referrals president Daniel Faust, an Investment Advisor RBC Dominion Securities, is dedicated to the group and finding new members that will fit in. “We’re basically looking to grow our group and find good people who will share our dedication and desire to form a solid team with the goal of exchanging meaningful business referrals but at the same time forming lasting friendships. We’re not necessarily looking for quantity, but rather quality in the individuals we accept into the group.”
For more information about the group and view a list of current member categories, you can visit their website at www.torontobusinessreferrals.com. To read more about the power of partnerships, click on the following article: http://www.examiner.com/canada-online-media-in-canada/the-power-of-partnerships-and-effective-communication
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