TIN #140 - How My Network Launched My Business
From Corporate Leader to Entrepreneur: My Journey
After spending 27 years in the corporate world, I finally took the leap into entrepreneurship.
I recently launched Retention and Rewards Partners, a consulting company focused on employee engagement, retention, and total rewards.
In this issue, I’ll share how I used my professional network to validate my business idea, land my first clients, and make the dream of working on my own terms a reality.
This issue takes about 5 minutes to read…
Before We Get Started:
My online course, “5 Steps To Grow Your Professional Network,” is FREE for all my newsletter subscribers. Learn the process I use everyday to grow my professional network.
Each week, I post a new podcast with tips you’ll find in the weekly newsletter and bonus stories, wisdom, and motivation. The Introverted Networker podcast is like the weekly newsletter but with additional narration and thoughts from me. Be sure to listen to this week’s podcast and check out the previous episodes of the podcast on Spotify and Apple Podcasts for more networking tips and insights.
The video version of the podcast is available on my YouTube channel.
From Corporate Life to Entrepreneurship
For most of my career, I worked in human resources, specializing in total rewards—think compensation, benefits, and employee perks.
I climbed the corporate ladder, eventually leading a large team in a high-level role.
While my career looked great on the outside, I felt like I had plateaued.
I no longer wanted to manage large teams.
Instead, I wanted to return to the core work I enjoyed earlier in my career, focusing on employee engagement and retention strategies.
When my boss of five years transitioned into a new role, it became a pivotal moment.
I had to decide whether to start fresh with a new manager or finally pursue my dream of starting a business.
That’s when I realized the importance of my network and how it could help me make this transition.
The Power of Networking for Career Transitions
Launching a business is no small feat, and it’s even harder without a solid support system.
That’s where my network came in.
Over the years, I cultivated relationships with colleagues, industry peers, and mentors.
These connections became invaluable as I began to explore the idea of starting my consulting company.
Here’s how my network helped me:
Validation: I reached out to people in my network to share my business idea and gather feedback. They confirmed there was a demand for consulting services in employee engagement and total rewards, giving me the confidence to move forward.
Opportunities: Remarkably, the day after I resigned, someone in my network reached out, asking if I knew anyone who could be a fractional total rewards leader. That “someone” turned out to be me! This serendipitous moment became my first client.
Referrals: My next two clients came through referrals: one from the same person who connected me with my first client and another through former colleagues who had moved to new companies. Every client so far has come directly from my network.
Networking Beyond Job Hunting
Too often, we think of networking solely as a tool for finding a new job.
But networking has so much more to offer.
I like to emphasize three key reasons to network:
Knowledge: Learn from others in your industry and gain insights that can help you grow professionally.
Career Insurance: Build relationships that can provide a safety net when your job situation changes unexpectedly.
Talent: Connect with individuals who could become future collaborators, employees, or clients.
In my case, networking has been instrumental in building my business.
It enabled me to test my ideas, find clients, and create a strong foundation for my consulting company.
How to Leverage Your Network to Start a Business
If you’re considering launching your own business, your network could be your most valuable resource.
Here’s how to get started:
Assess Your Network: Identify people who might be potential clients or who can connect you to your target audience. If you don’t have these connections, start building them before making the leap.
Seek Advice: Reach out to your contacts and ask for their thoughts on your business idea. This isn’t about selling; it’s about gathering insights and refining your strategy.
Be Specific: When discussing your plans, describe your ideal customer. Ask your network if they know anyone who fits that profile and could offer additional insights.
Help First: Networking is a two-way street. Offer value to others, and they’ll be more inclined to support you when you need it.
Networking for Employee Engagement and Retention
As I continue to grow my business, I’m also exploring how networking can enhance employee engagement and retention within organizations.
Teaching employees to network internally can benefit businesses by:
Identifying hidden talent within the organization.
Creating opportunities for employees to grow and stay engaged.
Building a positive workplace culture that retains top talent.
Attracting external talent through employee referrals and advocacy.
While some employers worry that networking might lead employees to leave, I believe it’s a sign of a healthy organizational culture.
If you’re fostering growth and connections, employees are more likely to stay and thrive within your company.
Final Thoughts: Always Be Connecting
Whether you’re starting a business, searching for a new job, or simply looking to grow professionally, networking is a powerful tool.
My journey from corporate HR to entrepreneurship wouldn’t have been possible without the relationships I’ve built over the years.
Remember, networking isn’t just about job hunting—it’s about building knowledge, creating career insurance, and opening doors to new opportunities.
So, what’s your next step?
How can you strengthen your network today to prepare for tomorrow’s opportunities?
Start connecting, and you might be surprised at where it leads you. 😊
My favorite post from LinkedIn this week:
ChatGPT/LinkedIn Trend = What I look like as an action figure.