How to launch a networking group

4. What are the financial aspects to consider?

First and foremost, will the networking organization be a profit center? Or a not-for-profit? Do you want to simply cover expenses? Do attendees pay for each meeting or is there a membership fee? Do all the Board members have equity invested in the venture? How much money will need to be allocated for an initial launch? What kind of operating budget is required? What does each meeting cost the organization? What is the minimum number of attendees required to cover costs? What will the attendance or membership fees be? Is there a cash bar? Will you accept credit cards, checks, Canadian currency, or just cash? Will you set up a business bank account? Who’s in charge of the money? What are the guidelines around various expenditures?

5. How exclusive should the attendees be to one another?

In other words, how many people within the group are competing with one another? Should there only be one of every profession allowed to attend (for example only one CPA)? Or should the number of professions be controlled and handled on a case-by-case basis?

6. What are the operating roles of the Board?

By the way, will you have a Board? Well, you probably should unless you plan on quitting your job and doing this full time. You’ll need a president or fearless leader, a convener or Sergeant of Arms to maintain law and order, a treasurer, and someone focused on marketing and membership. Of course, there are the roles behind the scenes (planning, strategy, accountability, decision-making) and the roles at the event (greeting attendees, collecting money). All of this has to be well thought-out or attendees may not take the group seriously.

7. How will you know the group is a success?

A surefire way to measure success is if people come back. And they will if there’s value — meaning more business and great fun. In between meetings, you may want to survey a sampling of attendees and learn about what worked best for them. Also ask if they feel anything could be changed for the better. You won’t take everyone’s feedback, but the fact that you asked sometimes makes all the difference. Naturally, you’ll get great ideas along the way.

Lastly, here’s how to get started: Give yourself a timed three minutes and start writing down names of people in your database that you want to see on a regular basis that can provide each other (and you) with more business. Have other Board members do the same. If you have more than thirty names, you might just be onto something.