How Does Business Networking Mesh with a Trading Business? (Part 2)

As mentioned in my last post, I’m new to marketing probably somewhat because I find it hard to understand where it can fit in with my business.

In my previous career, one thing I always lamented especially when talking to colleagues was the lack of business education taught in pharmacy school. I worked retail pharmacy and one promotion above “staff pharmacist” was “pharmacy manager.” I knew other pharmacists who had opened their own pharmacies or were looking to do so. Whether managing a pharmacy or owning one, some sort of business savvy would have been useful.

Networking is certainly part of this savvy and without any business education I also had little insight into networking. My intuitive understanding of “business networking” was handing out business cards to a prospective customer in hopes of generating sales.

Fast forwarding to my current career, the lack of business training has left me befuddled about a potential role for networking in the life of a full-time trader. I’m not looking for customers. I buy and sell product on stock and option exchanges. I have no employees. I do run a business and I am an entrepreneur but I just don’t seem to fit the mold. What could I possibly gain from networking?

In an attempt to update my understanding, this website defines “business networking” as:

> …a skill and a low cost method of marketing that is used
> to build new business contacts through connecting with other
> like minded individuals.

The mention of marketing is of no help to me. Again, whether it be trader education, an investing newsletter, or tools for traders/investors, I am not selling anything.

The rest is more interesting, though: “like minded individuals.” With other traders I could develop or improve my business. With other traders I could share ideas and trading experiences. With other traders I could develop new strategies. With other traders, I could establish a foundation for accountability that I don’t have when working by myself.

Now we’re getting somewhere.

How Does Business Networking Mesh with a Trading Business? (Part 1)

I’m taking a break from my previous post to discuss networking.

Last year I did an 18-part blog mini-series on trader Meetups. In many of those posts, I bashed the idea of the Meetup for trader networking purposes and even considered it a disguised ploy to get my business since the Meetup organizer ran a premium online subscription service.

I’ve recently joined a dedicated, local networking group. In that group we’re reading and discussing a book focused specifically on business networking. Since it is net-WORK-ing, the book recommends many homework tasks to ensure time spent is time returned.

For many reasons, I’ve already come to realize that networking can be an important tool for me and much of that stems from the fact that trading is such a solitary pursuit. I miss my co-workers and patients from the pharmacy. Most of my trading day is spent at home in front of my computer. I know I’m not alone on that, either. Pretty much every trader I have ever crossed paths with has said something like “I’m so happy to finally be able to speak with someone who knows what I do. None of my friends or family have any clue what trading is all about.”

Since I know there are others like me out there somewhere, why not spend some time trying to find them? In the process, networking can give me the opportunity to help others, to teach, to share knowledge, and maybe even to have some laughs and good times.

With this post I am creating a new blog category. I will periodically discuss networking efforts and perhaps use this blog as a means to get some of that networking homework done.