Guide to Networking with Other Business Owners

Join a formal business networking or booster group

Joining a group can be like having dozens of sales reps promoting your business for you.

I recommend: Business Networking International (BNI) has chapters around the world. Or plug in through a local chamber of commerce (terrific for local networking) or Rotary club.

Take advantage of online networking opportunities

The newest trend in networking provides unique opportunities to connect with colleagues online and expand your network exponentially.

I recommend: LinkedIn is a popular E-networking site, as is Ryze. Some online networking sites are geared towards specific industries. EntreMate, for example, specializes in connecting entrepreneurs who are looking for business partners.

Perfect your elevator pitch

Prepare and rehearse your one-minute "introduction speech" in advance. This breaks the ice and also serves as a good conversation-starter.

I recommend: Learn more about crafting a great elevator pitch. Need inspiration? Read successful elevator pitches and tweak your own at YourElevatorPitch.com.

Be a trade group joiner

Join professional trade groups. Volunteer. Become actively involved in your industry associations. Make a name for yourself; don't hide behind the scenes.

I recommend: You can join local chapters of Fast Company magazine's Company of Friends group to stay connected or more freelance-oriented groups like Guru.com, where you can find work and search for freelancers to work for you.

Give before you get

Remember that networking is a two-way street. Be ready to reciprocate. Kevin Spacey's Hollywood agent character said it best in the film "Swimming with Sharks:" You've got to give action to get action!"

I recommend: Don't dismiss the power of social networking websites like Friendster and Knowmentum. These can be a source of great connections.

Follow up

Cultivate your relationships. Send notes after meeting a new contact. Be proactive about staying in touch. Recognize that it takes time to build a relationship.

I recommend: The Riley Guide offers additional information and advice about networking.