The Power of Your Family and Friends

The following article appeared in the April edition of Magazine Soho. In fact, the magazine is now web-based and a neat way to read a magazine. Check out the new edition at Magazine Soho. You can turn the pages by clicking on the corners to simulate a real magazine page opening.

The Power of Your Family and Friends

Though you may not realize it, your family and friends are an excellent source for networking. Don’t be afraid to approach the people closest to you. They are an integral part of your network.

Build Business Relationships
One of the benefits of leveraging your family and friends is to talk to each other about your businesses and how you can help one another. You may end up forming a business partnership, which can be excellent so long as you manage the relationship properly.

At the same time, you may open up your network and make some referrals to each other.  Most referrals should only be made after you have built a relationship with both parties. Your name and credibility are attached to each referral and you want to make sure you’re making a quality connection.

Because you are already close with your personal network, it shouldn’t be too difficult to decide whether you should form a business relationship or make referrals. You already know their personalities and work ethic and you will have a good sense of whether you should proceed professionally with these individuals.

Find Capital
If you’re starting a business and need to raise outside capital, talking to your family and friends is a necessary part of this process. While it may not seem easy for you to talk to these individuals about your financial needs, it’s important for you to talk to them about your business and hopefully get some of them to commit to an investment.

Since your family and friends know you personally, part of their investment decision will be to support your endeavors. Of course, you should hope that they have a favorable perception of you, which is why you shouldn’t burn bridges with anyone in your life.

You never know when you will need to tap into these important relationships. Don’t take these relationships for granted. Make sure to keep in constant contact with these individuals and keep them in the loop of your life. That way, when you approach them for capital, you will already be fresh in their minds.

Find a New Job
Another excellent way to leverage your friends and family is to talk to them when you’re pursuing a new career opportunity. During this process, it can be comforting to talk to those close to you. Don’t be afraid to bounce ideas off them or to ask them for advice.

After all, they should know you well enough to have a general understanding of your career, your interests, and your skills. In addition, ask them for referrals to people they think would be good to talk to about your career.

Rather than asking people to find you jobs, take the time to sit down with them and ask them for guidance. If a connection is formed, then they will extend their help to you. At the same time, your friends and family will keep their eyes open for any opportunities within their own firms.

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Comments

[Jordi Robert-Ribes]

Great article!
Family and friends are a great starting point for your network.

Even beter if you go further into your friends' friends and start having weak-ties ("people you are not very close to").
Weak-ties can provide the variety you need to have in your network.
I posted recently "Weak ties are stronger" in my blog ( http://jordi.pro/netbiz/?s=weak ).

Jason, thanks for your great postings!

[Jason Jacobsohn]

Good additional thoughts Jodi. Yes, getting to know friends of friends is a great way to leverage close relationships.