Good relationships and connections are keys to building a successful business. Every small business owner must look for ways to reach and connect with people that can greatly impact their business operations through mutual interactions and sharing of innovative ideas. However, what troubles the minds of many business owners is how to develop a working business relationship with people they barely know, as it’s always intimidating and terrifying to ask someone out for a coffee or a drink because of the fear of being rejected. In today’s podcast, Nick Gray, a seasoned entrepreneur, and author, and Stephen Halasnik from Financing Solutions discuss how to build a great relationship with the 2- hour cocktail party.
Summary
Building Big Relationships with Small Gatherings
Building a good business relationship is essential to your company’s healthy growth and development. Many smart small business owners who have learned how to develop and manage their relationships are recording success stories. Building connections is essential for your business hence, it becomes imperative that you find ways to develop relationships with people that can significantly impact its effective operation.
By hosting happy hour or a cocktail party, you will have the opportunity of meeting new people so that you connect with them. There’s no doubt we find out about the best business opportunities, relationships, and investment ideas through a connection of acquaintances. In other words, our best friends do not often bring us new business deals. In other words, throwing a small party in a strategic way can be the easiest method to build business connections and even boost your career.
The Benefits of Hosting a Cocktail party
There are plenty of benefits to hosting parties. Although it demands a lot of effort to pull off, it is worth every resource you invest when properly done. Below are the benefits of hosting cocktail parties for your business:
You have the opportunity to meet creative minds.
There’s no doubt that approaching new people to develop a personal or business relationship can be daunting and even terrifying. Sometimes, we avoid asking people out for a coffee or a drink because we’re afraid of being rejected.
However, inviting them to a party can make the whole thing a lot simpler. A cocktail party is a fun way of building relationships that will help promote your business. People appreciate being invited to parties as they want ways of having good times too.
Build your business reputation
A veritable means to build your brand is through hosting parties. It makes your business popular. Cocktail parties have led to numerous business opportunities, like meeting customers and business partners. Because of your courage to host the event, people would naturally want to connect with you.
Moreover, you will be introduced to new people that might be important in your business. By interacting with your connections, you will exchange varying experiences concerning your business and know what you will do to overcome common business mistakes. 
Promotes business relationships
Hosting a cocktail party makes it easy to build relationships with numerous people. Unlike coffee meetings that are often one-on-one and take about an hour or dinner parties that typically have four to eight guests, cocktails party allow you to connect with fifteen people all at once.
As a business owner, you should consider improving your relationships with a room full of people. The time you would have otherwise used to watch a movie can be devoted to hosting a party that will meaningfully impact your business.
Provide marketing opportunities
A cocktail party can be a great avenue for you to market your product. During cocktail events, you can let people know the type of business you do and how your product can be a perfect solution to their problems.
In addition, the connections you build through the cocktail party can also reach their networks to refer them to you when they need your product.
Tips For Hosting A Successful Cocktail Party
Knowing how to organize your cocktail party is essential to having a great party that brings results. Adequate preparation will help simplify the overall process and help you reach your objectives.
Below are some tips that will facilitate the planning of your cocktail party:
Choose the date: The perfect days for hosting a cocktail party are Mondays, Tuesdays, and Wednesdays. Set the date and put it in your calendar.
Pick the venue: Choose a venue that offers a great hospitality experience to your guests. For example, you may consider using a hotel or restaurant function room.
Know who to invite: The next step is deciding who will attend the party. Depending on your type of business, your guest list may vary. Ensure that your guests are people that will have an impact on your business.
Plan your budget: You should have a budget at the onset to keep track of your expenses and how you allocate money to bring forth a successful party. If you fail to budget properly, you might spend more than expected.
Plan for food to serve: Generally, it’s not necessary to serve a full meal at a cocktail party. This is because the primary aim of conducting the party is for the guests to go around while eating and drinking. That said, you should consider simple finger foods like hours d’ oeuvres, canapés, savory tarts, and sweets are perfect for cocktail parties. For example, you might want to serve fruit slices and crackers with cheese. In addition, remember your beverages, such as cocktails or beer, champagne, and wine.
The 2-Hour Cocktail Party: Book info
The 2-Hour Cocktail Party: Amazon
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Learn More About Our Guest
Nick Gray is an entrepreneur and author living in Austin, Texas. He started and sold two successful companies: Flight Display Systems and Museum Hack. Nick is the author of The 2-Hour Cocktail Party, a step-by-step handbook that teaches you how to build big relationships by hosting small gatherings. Over 75,000 people have watched his TEDx talk about why he hates most museums. He’s been featured in The New York Times, The Wall Street Journal, and New York Magazine called him a host of “culturally significant parties.”
About Financing Solutions
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in the cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
Get a free, no-obligation business line of credit quote by filling out our simple 2- minute business line of credit application here.
Remember: The time to set up a credit line is when you don’t need it.
