Smart tips for building social capital as a solopreneur

Image by mohamed Hassan from Pixabay

By Henry Brown

Social capital is the network of relationships among people in a particular society. In business, it holds immense benefits, as it can contribute to a company’s success by building mutual respect through a sense of shared values. Without social capital, there are pretty much no connections, communication, or sharing of ideas. You’ll be amazed by how many massive business deals happen on golf courses or how often businessmen shake hands over casual drinks. But you don’t have to be a social butterfly to reap the benefits of this capital. Here are a few ways to build your social capital as a solopreneur.

1) Form healthy, mutually beneficial business relationships

If social capital is the term, then relationships are the currency you need. Understandably, it can be tough to keep up with several relationships when you’re busy running your business. You’ve probably attended several networking events but failed to contact any of the good people you met.

You can build social capital by connecting with other businesses that fill specific gaps in your business. For example, suppose the issue of security, losing keys, or carelessly locking yourself out of your premises is a problem within your business. Then, you can partner with a commercial locksmith or invest in a key lock box. Or, if convenient transportation is your main issue, it helps to have a good relationship with a transportation service provider.

2) Create several social media pages

It may not be easy to attend different networking programs, or maybe, it isn’t your thing. Another great way to build social capital is to have not one but several social media pages. Social media has made it easier to create relationships and connections and benefit from the social capital they come with.

However, creating social media pages alone would hardly help, as you need to formulate an effective strategy to help you handle various social media platforms and the relationships you form. At a minimum, it pays to have a presence on platforms like Facebook, LinkedIn, and Twitter.

3) Spend time with authoritative people or mentors

If you want to boost your social capital, it’s important to be close to authoritative people in the industry and develop mentors. This way, not only will you benefit from valuable insight into the industry, but it’ll also prove crucial in moving your business to the next level.

4) Maintain strong relationships with your clients 

Your clients can be a massive source of social capital, depending on how well you relate with them. Aside from offering a friendly service and meeting their needs, take a step further to contact them for feedback on your services. This form of relationship will encourage loyalty among your customers.

5) Make a priority list

Staying in touch with contacts can be overwhelming. So, make a priority list instead of people you need to remain connected with no matter what. The number of people on that list can vary, but some experts recommend having about 50 people, including business prospects you receive each year and those that made the referrals. You can send regular holiday cards to stay connected with them without appearing intrusive.

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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.

 

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