The Most Underrated Business Asset You Already Have
Most people think they have to build a business before anyone will care about it.
The truth is, your first supporters are usually there long before your first customer.
The mistake is assuming you have to do everything alone.
Relationships are one of the biggest competitive advantages a new entrepreneur has. Most people simply don’t use them.
Relationships fall into two equally powerful categories. The people you already know and those you meet through effort.
The people you already know are the gas that gets you off the starting line.
When I ask people why they haven’t told anyone they’re starting a business, I usually hear the same answer.
“They’ll probably think it’s a dumb idea.”
“They’ll think I’m going through another phase.”
“What if I fail?”
I understand that feeling. Starting a business makes you vulnerable. The moment you tell people, it becomes real.
But after helping hundreds of entrepreneurs and starting businesses myself, I’ve found the opposite is usually true.
People generally admire someone who is willing to take a chance.
They root for you.
They tell their coworkers about you.
They share your Facebook post.
They tag you when someone asks for a recommendation.
They become your first cheerleaders.
My first client was someone I knew from church.
Sure, every now and then you’ll run into someone who makes a sarcastic comment. Those people exist.
I don’t spend much time worrying about them.
People who are building interesting lives rarely spend their energy mocking someone else for trying to build theirs.
The people worth having in your corner are usually excited to help.
The biggest mistake is keeping your business a secret because you’re afraid of what a handful of people might think.
That fear costs far more opportunities than criticism ever will.
The second relationship that new entrepreneurs overlook is the one with complete strangers.
There is a strange belief today that every business has to be built entirely online.
People spend thousands of dollars on ads before they’ve had fifty real conversations.
That has never made much sense to me.
My first-year in business, I joined a professional networking group.
It wasn’t free.
It required showing up every week, meeting people one-on-one, drinking a lot of coffee, and having the same introductory conversation over and over again.
It helped me refine my messaging.
It also helped build relationships that are still producing referrals more than a decade later.
Some members never became referral sources themselves.
They still made my business stronger.
Today, when one of my clients asks if I know a good accountant, commercial realtor, insurance broker, web designer, or banker, I usually have someone I can recommend.
That helps my clients.
It also strengthens my own reputation because people remember who connected them with the right person.
Business has a funny way of rewarding people who become valuable long before they ask for anything in return.
One relationship leads to another.
One introduction becomes three.
One customer tells a friend.
One networking meeting turns into a referral six months later.
Those connections compound over time in much the same way money compounds through investing.
The entrepreneurs who build the strongest businesses usually build the strongest networks first.
The internet is an incredible tool.
I get a lot of business from online advertising.
But don’t let social media convince you that every customer has to come from an algorithm.
Some of the highest return activities you’ll ever do are shaking someone’s hand, asking thoughtful questions, listening carefully, and following up afterward.
Technology changes.
Human nature doesn’t.
People still prefer doing business with people they know, like, and trust.
Weekend Exercise
Make a list of 15 people you already know who could help you move one step closer to starting your business.
Don’t limit yourself to potential customers.
Think about people who might:
- Introduce you to someone in your target market.
- Give honest feedback on your idea.
- Have experience in your industry.
- Recommend a service provider you’ll eventually need.
- Share your business with their own network.
Then reach out to one person this weekend.
Not to ask for money.
Not to make a sales pitch.
Just start a conversation.
One relationship has the potential to change the direction of your business. The only way to find out is to begin building it.