SFN174: Patrick M. Powers On Networking Like An Entrepreneur

In This Interview I Ask:

• 2:35 – So before we dive in any deeper, Patrick, tell us what are you up to in the world right now?
• 4:00 – Entrepreneurs in London: how big is that group?
• 4:30 – Give us a sense of what that group runs on, meaning is that a group that you started on MeetUp?
• 7:30 –  What was your original intention when you started that MeetUp group? Was it to actually grow it to 18,000 people and monetize it, or when you got that thing started what was going through your mind?
• 8:48 – What I'm always curious about from entrepreneurs is what it actually looked like for them to start that first thing that blows up. Was there a big strategy and planning going into it? Or did one day you just say, “I can make this better,” and you threw up a group and kind of said, “I'm just going to see how this evolves?”
• 10:17 – What was that first event? What kind of details do you remember about that very first event?
• 11:15 – There's going to be a large percentage of listeners who might have been to MeetUp groups, but they've never started their own MeetUp group. So what kind of event did you promote for that very first one? What was the positioning? What did people opt-in to?
• 13:45 – If you were advising somebody to start a MeetUp group, what are some of the key elements for an event based on what you’ve learned?
• 19:20 – How do you measure the success of any individual MeetUp?
• 21:25 – When you're talking about potentially evaluating the success of a MeetUp based on money, what do you mean? Are these events that you're charging for? Or are these events where you meet great people and get clients?
• 24:15 – Now, from the time of that first event, how many events should I be holding? Like, what's the path for me getting to my first event where I can actually make money off of it in some way?
• 27:35 – Give us some of the overarching concepts that you teach to people about the best ways to network at these types of events.
• 30:10 – What's the strategy around the the pre-networking?
• 35:17 – What kind of thing would you say to the leader of the group if you're contacting them on social media before the event?
• 38:05 – So let's just pretend the listeners are a total blank slate. They are introverted. They're not sure the best way to go up and start introducing themselves to new people. What does that look like?
• 42:40 – Tell me about the follow-up.
• 45:50 – What's the most influential book that you've read in 2016?
• 47:30 – How can people deal effectively with their fear? How do you get beyond fear mode to go out there and take action, rather than what fear mode does to most people, which is it makes them sink back into themselves?

 

How to Launch a Successful MeetUp Community

• Create compelling copy – be it about who the group is or what it’s going to be all about.
• Let the group grow, until it has about a 150 people, before the first event.
• Once you have a sizeable group, announce that you will launch in four weeks.
• In the title of that event, there's something to do with launch, because people are going to dig that.
• Optional: Keep the event free to encourage registration. If it is popular, you can add a price to the second half of tickets sold.

 

A Path to Monetization in MeetUp Groups

After your MeetUp group has grown to about 150 people and you are ready to launch your first event, you might want to start looking for a path to monetization.

• Ticket Sales – After you have developed social proof for your group – with either a number of well-rated or popular early events, or with a large number of ticket sales – you can start charging a little bit for tickets. If an early event is picking up steam, you can sell the last half of the tickets for a little bit of money. For later events, start the price at only a couple dollars and raise it incrementally. The early purchasers will give your event and group the social proof it needs to sell more expensive tickets.
• Sponsorships – It is possible to make quite a bit of money through sponsorships, but you have to go out and find them.
• Speakers – It is possible to get a great speaker, even if you don’t have a very large group. If you can prove that you can get a moderately-sized group, maybe 50-100 people, and you can make the opportunity convenient for your speakers (e.g. they’re already in town), then you can attract a great speaker and create an affiliate partnership.
• • “We've had one event with a Canadian speaker with 208 people where he closed just over 40,000 pounds”

 

Tips For Pre-Networking

The first few minutes of a networking event can be one of the most awkward experiences ever. So, to make it easier on yourself and on the people you want to network with, do a little pre-networking. Get in touch with them on a social network or by email and make an introduction.

• Before you contact people, try to establish what you specifically need connections for.
• Laser focus on the people who are specifically related to what you need. If you don’t need anything specific, connect with the people that are the most influential.
• Go in with a positive, open energy and an interest in other people
• Simply ask, “Do you know somebody that has these qualities or what I'm looking for?”
• Reach out to the leader of the group, because they are likely one of the most influential people there, or they are a person everyone will want to connect with. Be very short and concise. Simply ask, “Hey, I found you. You're the leader of this group. You look awesome. Would love to connect with you, I’m going to come to the next event.” That’s it. If they follow up and show interest, then you can give a very short – just one sentence – pitch on what you are looking for. If they do not show interest don’t push them, because this will just push them farther away.
• “You do whatever it takes to find out who's going to be there, and you connect with them on social media. Super, super, super, super powerful and important.”

 

Preparing And Delivering Your Pitch

Over practice your pitch. Don’t just remember it. Practice your pitch so well that you can’t forget it, like your birthday or phone number. Then, when you are talking to someone, don’t open with your pitch. Ask them questions about them. Then, when they ask what you do, they will be interested.

• “Be the first person to ask the questions so you are right in there and creating trust, because the more questions you ask, the more you listen to them, the more they like and trust you”
• “What you want to do is you want to just try to create trust. Try to create a friendship here. Just go with creating human connection. That's all you're trying to accomplish, and that's one of the big secrets to to networking success. Forget about your pitch, forget about yourself, and truly just try to establish a great connection, finding people that you seem to gel with.”

 

Common Mistakes in Networking

• Showing up late. You have to show up early, because there are group dynamics being established in the first few minutes. If you show up late, you’re kind of an outsider.
• Pitching too much.
• Being too self-oriented, instead of being them-oriented
• Not following up

 

Resources

• Patrick’s website
• The Obstacle is the Way by Ryan Holiday
• Send Patrick a friend request at www.facebook.com/PatrickMPowers, tell him that you heard him on the Starting From Nothing Podcast, and he will give you a really big, cool gift.
• If you are going to be on London and want to meet the people at Entrepreneurs in London, visit EntrepreneursInLondon.co.uk.

Production & Development for The Impact Entrepreneur Show by Podcast Masters