Don’t Neglect This Key Investment in the Future of Your Business
I recently attended the Coin Laundry Association’s ELEVATE conference in southern California. And, on the way back from that event, I began reflecting on the value and impact such events have had on my personal journey.
I’ve been in the industry for several years now and have developed a rather large network, so I probably could’ve easily avoided this conference. In fact, I almost talked myself out of going – but, as I got seated on the plane to head back home to Cincinnati, I just smiled to myself.
I learned a number of new things at ELEVATE, so I was now a wiser business owner. Plus, I reinforced some existing relationships, met some new people there, and hopefully helped a few entrepreneurs in their own laundromat journeys.
In 2009, I bought my first rundown laundromat in Cincinnati, and it was losing money. I’d been researching business and entrepreneurship my entire life, but I’d been studying it in theory. I’d learned quite a bit about general business, but certainly knew nothing about the laundromat industry.
Fortunately, I found an early friend and mentor in my equipment distributor – Steve Millman at HM Company in Cincinnati. I also was fortunate to find out about the CLA early on.
Fast-forwarding 12 years to that four-hour plane ride back to Cincinnati, I realized a few things I’d like to share, because I believe they’ll help you in your journey.
‘Your Network is Your Net Worth’
Although I was fortunate to discover HM Company and the CLA, many others also found them (or similar organizations), but likely not had the same experience. So, as I sat in Seat 3A on that Delta flight back home, I asked myself why. What did I do differently than some others, and how can that information help people find success?
As I thought about this, I’ve realized that in most cases the difference wasn’t about them – it was me. After all, both organizations have been around for more than 50 years and have interacted with thousands of individuals.
Personally, I was passionate about learning from them, and they were happy to oblige. In both cases, I dove into their knowledge, experience, network and resources in typical, obsessive Dave Menz fashion. And, also in both cases, I think the people at the CLA and HM probably thought I was a little “over the top,” and maybe I am.
I’ve never apologized for my passion, but truth is that both organizations have had people come and go. Some were very happy with the mentorship, relationships and education that was available to them, and I’m sure some weren’t as impressed.
There’s a popular quote in the business world: “Your network is your net worth.” In fact, I’d credit intentionally building and investing in my network as easily the task I’ve spent the most time working on when it comes to my education in business and specifically this industry. And it’s puzzling to me to see how many small-business owners don’t seem to value this or even understand it.
Getting to know and building relationships with thousands of business owners like you has helped me to accelerate my knowledge and education faster than anything else I could have done. And the super cool thing is that I’ve met some amazing people along the way.
What’s my point? It’s quite simple. If you believe that your network is your net worth, maybe it’s time that you and those within the laundromat industry start taking it a bit more seriously. I’m here to challenge you to do so. But don’t do it for me – do it for yourself and your community.
Of course, I realize that many people don’t believe in networking, find it to be intimidating, or simply don’t know how to do it. Also, there’s the all-too-common myth the networking is really just “people hanging out, eating, drinking and bragging about themselves.”
I suppose that’s the case in some networking circles. However, in 12 years in this industry, nearly every networking situation I’ve been a part of has featured people learning about each other so that they could help one another achieve greater success. In some scenarios, some people may have ulterior motives, but in most cases I’ve found that the majority of people are genuine and not looking for anything in return.
Next time, we will discuss how to most effectively build your professional network.
