As a business owner, networking and making new connections are essential for growth. Building relationships is at the heart of any successful business, but it’s not always easy to know where to start.
Cold calling and approaching strangers on the street may not be the best way to go about it. So, where can you find the right connections?
If you’re unsure about which club or organization to join, consider Business Network International (BNI). It could be the answer to your networking needs.
Exploring BNI
BNI is a global organization with local chapters that focus on word-of-mouth lead generation, networking, and external referrals. Founded in 1985 by Dr. Ivan Misner, BNI now has more than 6,600 chapters worldwide, with over 5.4 million referrals and $6.5 billion worth of business generated last year.
Besides regular chapter meetings, BNI offers trade show opportunities, educational resources, workshops, podcasts, and more.
Features of BNI
Before joining a BNI chapter, there are some unique aspects to consider:
- Only one service professional per specialty in a chapter to avoid competition for referrals
- Strict attendance policy with weekly meetings
- Representation of full-time professions only
- Participation and referrals are mandatory for all members
Membership Costs
Joining a BNI chapter typically costs $400-600 per year, along with additional expenses for meals and transportation, bringing the total to around $800 annually. Despite the cost, many members find significant value in the referrals and relationships they gain through BNI.
Feedback from Business Owners
Tips for Prospective Members
Before joining BNI, consider these tips from current and past members to ensure it’s the right fit for you:
- Attend a few meetings as a guest to gauge the group dynamics
- Commit to weekly meetings (maximum of six absences per year)
- Assess whether your business type aligns with BNI’s structure
- Engage with new faces to maximize networking opportunities
- Be prepared to give referrals as well as receive them
- Embrace public speaking opportunities at meetings
- Maintain a professional appearance during interactions
- Explore networking beyond chapter meetings
- Evaluate the return on investment annually
- Think creatively about generating leads
Give and Receive
BNI operates on the principle of “Givers Gain.” To benefit fully from membership, actively participating, and offering referrals is key.
Remember, commitment is crucial in BNI, so evaluate your readiness for the commitment before joining.
Have you been a BNI member before? Share your experience with us!