How Joining a Local Networking Group Can Boost Your Business Revenue
- waggledanceltd
- Jan 9
- 10 min read
Updated: Feb 6
In today’s competitive landscape, particularly for small and medium-sized enterprises (SMEs), building strong, meaningful connections is essential for business growth. One of the most effective ways to achieve this is by joining a local networking group. Networking isn’t just about exchanging business cards; it’s about building relationships, sharing knowledge, and unlocking new opportunities. Here's how being part of a local networking group can transform your revenue and business outlook.
Unlocking New Opportunities Through Networking
Joining a local networking group can profoundly impact your business growth and revenue. By expanding your connections, enhancing visibility, and fostering collaborations, you pave the way for success.
Networking is more than just introductions; it's about building lasting relationships and contributing to a thriving business environment. By applying these strategies, business owners can fully exploit the benefits of local networking groups. As you embark on this journey, remember the profound value each connection brings and the doors that can open through local engagement.
Why Business Owners and Directors Seek Networking Opportunities
For many business owners and directors, the quest for successful growth can feel isolating. However, networking groups offer essential benefits that are crucial for business success, including:
Expanding your client base: Networking helps you meet potential clients, generating more leads.
Gaining insights and advice: Connect with fellow professionals who can offer valuable advice and insights.
Finding partnerships: Partnerships can enhance your services or products, offering cross-collaboration opportunities.
Increasing brand visibility: Networking helps raise your profile within your local community, increasing awareness of your brand.
Discovering cost-effective marketing avenues: Networking is a great way to market your business without the high costs of traditional advertising.
In fact, a recent survey found that 62% of small business owners credit networking as a substantial factor in their success. By joining a networking group, you can access a supportive environment that helps you achieve these goals and build lasting relationships that contribute to your business growth.
Perceptions of Networking for Today’s Business Owners
For many modern business owners, networking can often be perceived as an outdated practice, with some associating it with ‘old boys’ clubs’ or exclusive, closed-off environments.
This perception is particularly common among younger entrepreneurs or those from diverse backgrounds who feel that traditional networking groups favour a select few, making it hard for newcomers to gain traction.
There is a belief that these events tend to favour established players, making it difficult for newcomers to break into the circle. This perception can deter business owners from engaging in networking, as they may feel that the opportunities available aren’t aligned with their needs or business aspirations.
However, today’s networking events are rapidly evolving, with a strong focus on inclusivity, diversity, and value-driven connections. Many groups are reshaping the traditional model to foster more open and welcoming environments for all business owners, irrespective of their background or seniority.
The Power of Networking: Facts and Figures
Networking is a proven driver of business growth. Here are some compelling statistics that highlight its power:
85% of professionals report that they build stronger, more meaningful relationships through in-person networking.
70% of businesses deem networking essential for success.
Strategic networking has resulted in revenue increases of up to 30% for SMEs in the UK.
1.2 million professionals in the UK attend networking events every year, creating a vibrant ecosystem for growth and collaboration.
On average, attending a single networking event can put you in a room with 15-30 people, offering immediate opportunities to make valuable connections.
Statistically, each person you meet has approximately 600 connections in their network, meaning your potential reach grows exponentially with every introduction.
The average cost of joining a networking group can range from £100 to £1,000 annually, depending on the organisation, with many businesses reporting a return on investment (ROI) of 5:1 or more in terms of new business generated.
These numbers showcase the effectiveness of networking in fostering business growth, making it clear that building relationships is an investment worth making.
Types of Local Networking Groups
Choosing the right networking group is vital for your success. Here are the most common types of groups you can consider:
Chambers of Commerce: These formal groups focus on business promotion within a specific area and offer networking events, workshops, and seminars.
Industry-Specific Groups: These cater to particular sectors (e.g., digital marketing, professional services), allowing you to network with peers who share similar challenges and opportunities.
General Business Networking Groups: Open to a variety of industries, these groups foster broad connections and idea exchanges.
Women’s Business Networks: Designed to support female entrepreneurs through mentorship and empowerment.
Online Networking Groups: After the pandemic, many networking groups have transitioned online, offering virtual platforms that enable professionals to connect across geographic boundaries.
By identifying the right group for your business goals, you can maximise the impact of your networking efforts.
Many local networking groups, the biggest and most well known being BNI (Business Network International) and The British Chambers of Commerce, focus on creating supportive environments where business owners can connect, collaborate, and learn from each other. These groups foster genuine, long-term relationships rather than simply transactional connections. They provide opportunities for small business owners to share experiences, gain insights, and access resources that can fuel growth. The local Chamber of Commerces are: Business West and Somerset Chamber of Commerce.
Here at Waggle Dance we are proud members of Hive Networking in Thornbury and Business Golf Network in Bristol. Feel free to contact us and we'll gladly invite you along as a guest.
For those interested in targeted networking within specific regions, organisations like FSB (Federation of Small Businesses) offer a wide range of local events that cater to businesses across the UK, while Entrepreneurs Circle hosts meetings that promote growth through collaboration and knowledge-sharing.
In addition, there are several other networking groups in the South West with many in and around Bristol, Bath and the surrounding areas. Sterling Networks and Circle2Success host frequent events that allow local business owners to connect and expand their networks. These events are accessible and open to business owners of all sizes, offering opportunities to raise your profile, discover potential collaborations, and even gain valuable industry-specific insights.
It’s important to remember that networking is no longer reserved for a select few. Groups like Avon Business Club, Fore Business, Top Networking and We Mean Biz focus on providing an inclusive platform for all business owners, from solopreneurs to SMEs, encouraging a collaborative spirit that benefits everyone. Whether in-person or online, these events help you build relationships with like-minded professionals who are eager to grow their businesses as much as you are.
Women's-only networking groups, such as Women Mean Biz, offer a supportive and empowering environment for female entrepreneurs to connect, collaborate, and grow their businesses. These networks focus on providing women with the tools, confidence, and resources needed to succeed in business. Attendees can engage in personal and professional development, build strong relationships, and find mentorship opportunities in a welcoming atmosphere that encourages open dialogue and mutual support. Joining these groups can help women expand their networks and access opportunities often hard to find in more traditional mixed-gender settings.
When and Where Do Business Networking Events Happen?
Business networking events typically take place throughout the week, with many scheduled during business hours for convenience. However, they can also be held in the evenings to accommodate professionals with daytime commitments.
Breakfast Events: Often starting between 6:30AM and 7:30 AM to around 9:00 AM, these early meetings are ideal for entrepreneurs and business owners looking to kickstart their day. They may include breakfast or coffee.
Lunch Meetings: Held between 12:00 PM and 2:00 PM, lunch events are perfect for informal yet productive discussions.
Evening Events: Scheduled from 5:30 PM to 7:30 PM, evening networking allows individuals to wind down and engage without workday distractions.
These events are commonly hosted at local business hubs, co-working spaces, hotels, or even virtually on digital platforms, depending on the group’s format.
Online Networking vs. In-Person Networking: What’s Most Effective?
In-person networking events offer significant benefits for building trust, rapport, and authenticity. According to Forbes, 85% of professionals report that they build stronger, more meaningful relationships through face-to-face interactions, and 77% of people feel they can better read body language and facial expressions at these events. In-person networking allows you to form deeper, more personal connections, which can have lasting business impacts.
However, online networking has its advantages too, especially when considering the increasing prevalence of hybrid and remote working models. Virtual networking can offer unparalleled convenience and access to global connections. It allows professionals to connect from anywhere, making it easier to attend events, exchange ideas, and foster new partnerships without geographical barriers. With virtual events growing in popularity, there’s a growing emphasis on using online platforms to expand your network while still offering meaningful connections.
Both online and in-person networking can complement each other. By engaging in both, you maximise your reach and deepen relationships within your professional community, making it easier to grow your business and unlock new opportunities.
Strategies to Maximise Your Networking Experience
Once you've joined a local networking group, it’s important to make the most of your experience. Here are some actionable strategies:
Set Clear Objectives: Define what you want to achieve through networking—whether it’s gaining new clients, finding partners, or seeking mentorship.
Be an Active Participant: Attend regularly and engage in discussions. Active participation increases your chances of building meaningful connections.
Follow Up: After meeting someone, follow up with a personalised message. This shows your genuine interest and can open the door to collaboration.
Build Relationships, Not Just Contacts: Focus on understanding others' needs and how you can provide value. This approach fosters deeper, more valuable relationships.
Leverage Social Media: Platforms like LinkedIn allow you to extend your networking efforts online, engaging with connections and sharing insights between events.
Overcoming Networking Fears
It’s common for people to feel nervous about networking, but there are practical steps you can take to overcome those fears:
Practice Your Introduction: Having a clear, concise self-introduction can make you feel more confident.
Start Small: If large events feel overwhelming, try smaller gatherings or one-on-one meetings to gradually build your comfort level.
Listen More Than You Speak: Focusing on listening rather than talking can take the pressure off you while building rapport naturally.
Remember Common Goals: Everyone at a networking event wants to connect. Recognising this shared objective can ease your anxiety.
Our Advice to getting started in Networking
To get started with networking, create your local networking list with these steps:
Research Local Groups: Use online resources, social media platforms, and community bulletins to find available networking groups in your area. You can use the links we provided above.
Ask for Recommendations: Talk to peers or mentors to learn about networking groups they find valuable. Get in contact with us to ask us our thoughts.
Attend a Variety of Events: Join several groups to broaden your perspective and identify where you find the best connections.
Evaluate Effectiveness: After a few meetings, determine which groups foster beneficial connections and experiences.
Networking Group Etiquette: Do's and Don'ts
Good networking etiquette can significantly enhance your experience. Keep these tips in mind:
Be Punctual: Arriving on time shows respect for others and allows you to ease into the event.
Dress Appropriately: Wear attire that is professional and appropriate for the event's atmosphere.
Respect Others' Time: Avoid monopolising conversations. Allow others to share their experiences and insights.
Offer Help: Networking is about reciprocity. Offer your expertise or make introductions that may benefit others.
Express Gratitude: Always thank those who take the time to connect with you, fostering goodwill.
Following these etiquette tips will help you build strong, lasting relationships with fellow professionals.
How Local Networking Can Boost Your Revenue
Local networking can directly lead to increased revenue. Here are ways it can benefit your bottom line:
Generate Leads: Networking provides access to potential clients who may benefit from your services or products.
Referrals: Connections often share leads, expanding your reach without additional marketing costs.
Collaborative Opportunities: Partnerships with other businesses can attract new customer segments, increasing revenue potential.
Market Insights: Networking with professionals in diverse industries provides valuable insights into market trends and consumer preferences.
Increased Visibility: Regular participation in networking events raises awareness of your business within your local community, making it easier to acquire new clients.
When you engage in local networking, you don’t just meet new people—you open doors to countless business opportunities.
Average Cost of Networking Events in the UK
The cost of attending networking events in the UK varies depending on the type and format:
Single Event Costs: These typically range from £10 to £50 per event, depending on the venue, time, and refreshments provided.
Membership Costs: Many networking groups charge an annual or monthly membership fee, usually between £100 to £1,000 annually, or £10 to £100 per month. This often includes access to multiple events, additional resources, and opportunities to connect with other members.
Investing in a membership can provide greater long-term value by offering consistent access to high-quality events and networking opportunities.
Ready to Take Your Networking to the Next Level?
At Waggle Dance Ltd, we specialise in helping UK-based SMEs generate more revenue through strategic business consultancy. Networking is just one of the tools we use to help our clients thrive. As mentioned we actively participate in events, regularly attending groups such as Hive Networking (hivenetworking.co.uk) and Business Golf Network (events.businessgolfnetwork.com) feel free to contact us and we'll gladly invite you along as a guest.
We understand the challenges of maintaining regular attendance, which is why we also offer to step in as a substitute for anyone unable to make their regular meetings. This ensures that you maintain visibility and continue to expand your network, even when you're unavailable.
Contact us today for a free consultation or to ask us to sub for you anywhere in the Bath or Bristol surrounding areas, or across the South West.
We'd love you to let us show you how we can help you maximise your revenue potential through effective networking and other proven strategies.
By making networking a core part of your business growth strategy and following these best practices, you can unlock a world of opportunities. With the right approach and the support of a specialist consultancy like Waggle Dance Ltd, the opportunities are endless.
The world of local networking groups is rich with opportunities waiting to be tapped into. Dive in, connect with your community, and watch your business flourish!
Good Luck!
