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Penny Power - networking expert, Ecademy founder, and author of Know Me, Like Me, Follow Me: What Online Social Networking Means for You and Your Business – shares her latest business development advice on how social networks can help start-ups:

I love the ability for social networks to help startups. Very low cost business models, where people can build businesses and build global businesses at a very low cost.

Social networking allows you to start just at the idea, just at the point of the idea. Go in and have conversations with people about the idea. Talk to other people who are starting up. Talk to other people who've been on that journey fairly recently, or maybe a few years back. And then you start to evolve an idea by actually talking to potential customers. And then you really start to research and development. You start to bring out the passion of your idea at the very early stages. You create advocates. You create people that want to help you, collaborate with you. And then suddenly, you realize that there doesn't have to be this blasting, huge launch. You're just there. And you've got clients. And you've done it all at an incredibly low cost. And that really excites me about social networking.

So I met a lady the other day, who she's actually a blind lady, and she's going to start a business selling designer dog coats and collars. And she can sell them globally on the Internet. She can create a group around dog walking, and they can all share photos of fantastic places that they've walked. She can create a community of people that like dog walking and she can start doing that without even having a logo, without even having a business plan, and without even spending any money. And from that, because she gets directly to her customers, and she's listening to her audience, she can start to build a business that the customers want rather than ones that she thinks the customers want.

 

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