Conquer Small Business Challenges With Networking [INFOGRAPHIC]

This post is sponsored by The UPS Store. For more information, please see the end of this article.

  With all you've got to do as a small business owner, is networking really worth your time? According to an online study conducted this month by The UPS Store, the answer is a resounding... yes! When asked what their biggest challenge as an entrepreneur was, the top three answers were:   

1. Marketing and Branding

31% of respondents stated that marketing and branding their business was their greatest challenge.

How Networking can help

• Exchange opportunities to gain greater exposure.

For example, place an ad on one another's sites or feature each other on your blogs. 

• Barter your products or services with a copywriter or graphic designer to get a quality brand in exchange for your own goods and services.
• Create an affiliate program and invite your network to join and help promote your offerings.

2. A Lack of Time

23% of respondents said they felt challenged to find adequate time to effectively manage their business.

How Networking can help

While we've all got 24 hours in the day, sometimes it can feel like someone else in a similar situation has it all under control. To help yourself become more efficient with your time, reach out to fellow entrepreneurs in your marketplace.

 
• Elicit productivity solution ideas such as calendars, routines, or recommended services.
• See if anyone in your network has systems they use to help them streamline their workflow.
• Ask industry experts to guest post on your blog. You'll save the time of having to write a post and you'll gain the benefit of getting in front of their audience as they share the piece with their own tribe.

3. A Lack of Financial Resources

Nearly one-quarter of respondents (23%) stated that a lack of financial resources was one of their greatest challenges.

How Networking can help

 By teaming up and getting creative, you can use your networking efforts to help reduce the cost burden of running your own business.

 
• Split the cost of a booth, an advertisement, or other general business expenses.

For example, product sellers can buy packaging materials such as boxes, bubble wrap, and mailing envelopes in greater quantity breakpoints from a vendor at a more reduced rate and split the cost and materials with another retailer who sells similarly sized items. 

• Co-brand (and co-market) an event with a fellow industry expert.
• Barter products and services with one another.

  Since two-thirds of respondents agreed that they view small-business owners as a group that could serve as a collective resource for one another, you shouldn't have much trouble finding someone to team up with.  

This infographic helps tell the story of the role networking plays in the minds of entrepreneurs:

     

Small business owners crave connection

Half of the respondents (51%) stated that making connections would be the most beneficial to them when networking with other small businesses.

 Building relationships is what life is all about. This same philosophy echoes true in your business as well. This includes relationships not only with customers but with colleagues. Having healthy relationships with customers is great for business, but the entrepreneurial side of us needs some TLC, too. Sometimes it's difficult for our non-entrepreneurial friends and family to truly understand what we go through to maintain a healthy business. Having a cache of people who get it is helpful to our psyche and our bottom line. A contingent of like-minded enterprising souls helps small business owners feel both understood and validated. Because 66% of respondents felt that it was important to form strong relationships with other small-business owners, you shouldn't have much trouble finding and making connections. The survey also showed that a majority (61%) would prefer to make their connections through local, in-person meet-ups. From the Better Business Bureau to various industry clubs and organizations, there are a plethora of networking opportunities already in existence in your own community. Seek them out and join the fun. If you can't find one that suits you, maybe you'll want to create one. Nothing says leadership like taking the initiative.  No matter how you go about it, networking is an essential ingredient in your success both as a business and as a business owner. 

How do you use networking to your advantage?

   I am blogging on behalf of The UPS Store and received compensation for my time from The UPS Store for sharing my views in this post. The views expressed here are solely mine. With The UPS Store, Print Never Looked Better. Choose from a vast variety of exciting products. The UPS Store offers more than just copies and prints. Visit our full product section to see what The UPS Store has to offer you. Whether your need is business cards, postcards, envelopes, or all of these, The UPS Store has your small business needs covered. Choose from hundreds of exciting designed templates to find a style that sets you and your business apart. Visit our All Products page to see the many possibilities that The UPS Store has created for you. Have your own designs? No problem! Use our website to simply upload your own designs, and create beautiful and unique custom print products that fit your branding needs. The UPS Store is offering 30% off of all online print orders, learn more: http://www.upsstoreprint.com.