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BNI can be expensive. Here’s how to get the most out of your BNI experience.
So, you’re thinking about expanding your professional network, right? You’ve probably heard of BNI (Business Networking International) – the big kahuna of networking and referrals. But before you jump in, let me cut to the chase: if you don’t have a solid referral system, joining BNI might be more of a headache than a help.
I’ve been there. I’ve tried it. And I’ve got some thoughts to share that could save you time, money, and a whole lot of frustration.
The Promise of BNI: Worth the Hype?
BNI pitches itself as the ultimate way to grow your business through referrals. And sure, for some people, it delivers. But let’s get real about what BNI is and isn’t. It’s not a magic bullet for instant business success. If you’re expecting referrals to rain down on you just because you show up to a few meetings, you’re in for a rude awakening.
BNI is all about commitment – and I mean serious commitment. Think early morning meetings, prep work, and a hefty annual fee. But if you play your cards right, it can open doors to new business opportunities, relationships, and, yes, referrals. The question is: are you ready to commit?
What BNI Actually Stands For
In case you didn’t know, BNI stands for Business Networking International. It’s a global networking organization founded by Ivan Misner in 1985, built around the idea that “Givers Gain” – you help others, they help you. It sounds great in theory, but let’s unpack what that really means for you.
BNI’s structure is designed to maximize referral opportunities. Each chapter only allows one person per profession, so if you’re, say, a real estate agent, you’ll be the only one in your chapter. This exclusivity can be a goldmine – if you’re in the right chapter with the right people.
The Reality of BNI Meetings
Imagine this: it’s 7:00 AM, and you’re at a BNI meeting. You’ve got your elevator pitch ready, and you’re hoping to make some solid connections. The meeting kicks off with open networking, followed by a round of introductions, a featured presentation, and a review of the treasurer’s report. It’s all very structured, almost like a well-oiled machine.
But here’s the catch – the success of these meetings isn’t just about showing up. It’s about being prepared to give referrals and expecting nothing in return right away. The idea is that by giving, you’ll eventually gain.
Let’s take a break here while I explain what this looks like on the court. Now, this was MY experience. It may not be your experience. This is a local organization and each local chapter is different. So there’s that.
We sat down at the tables and the sharing started. For each meeting, members were required to bring business cards to share as referrals for other members. Sounds great — right? Not so much.
As folks went around the room, they had business cards, and they shared leads. But one thing I noticed in this local chapter is that the requirement to bring leads and business cards put pressure on members to do just that — bring business cards. In other words, a lot of these leads were thin and cold.
People are busy and getting referrals for your group members isn’t always top of mind. And before you know it, it’s time for the meeting, so people would run around gathering business cards (or contacts) that weren’t vetted. So that was unappealing to me.
After all, to me, a referral is warm, and pre-qualified. I didn’t see that at my meeting,
So, if you’re not ready to invest time and effort into nurturing these relationships, BNI might not be your cup of tea.
My Experience: The Good, The Bad, and The Ugly
When I started my business, I was all over the networking scene. I went to every event I could find – free, paid, you name it. BNI was one of the groups I joined, hoping to tap into a steady stream of referrals. What I found, though, was that BNI isn’t for everyone.
The biggest mistake I made? I didn’t have a clear referral strategy going in. I expected referrals to just happen, but that’s not how BNI works. You need to be strategic about who you’re targeting and what you’re offering. Otherwise, you’ll end up with a pile of cold leads – people’s business cards with no real connection behind them. And let me tell you, a cold lead is a far cry from a warm referral.
Referral Strategy 101: What You Need Before Joining BNI
Before you even think about signing up for BNI, you need to get your referral strategy in place. Here’s what I wish I’d done before joining:
- Know the Difference Between a Lead and a Referral: A lead is just a contact. A referral is a warm introduction. In BNI, you want referrals – people who are already interested in what you offer because someone they trust told them about you.
- Be Ready to Give and Receive Quality Referrals: It’s not enough to show up and hand out business cards. You need to actively engage with the group, understand what your fellow members do, and look for opportunities to refer them business. And you need to teach them how to do the same for you.
- Have a Clear Avatar of Your Ideal Client: Be super specific about who you’re targeting. It’s not enough to say you want to work with “small businesses.” Think about what industry they’re in, what challenges they’re facing, and what makes them tick. The more specific you are, the easier it will be for your fellow BNI members to send the right referrals your way.
- Create a Referral Guideline: This is a one-pager that explains exactly who you’re looking to connect with and how your fellow BNI members can help. It should include your elevator pitch, a description of your ideal client, and what you want people to say when they refer you.
- Be Prepared for the Long Haul: BNI isn’t a quick fix. It takes time to build trust and relationships within your chapter. Be ready to commit to the process – and be patient.
The Cost of BNI: More Than Just Money
Let’s talk dollars and cents. Joining BNI isn’t cheap. Since BNI Connect is a regional or local organization, the price of membership will vary. I did a quick search and this is what I came up with. the following. Again, you want to connect with your local chapter to get the details.
BNI membership costs vary by region and length of membership. Here are some examples of BNI membership costs:
- General Costs:
- New member cost is around $998 to $1,398 for 1 year and $1,298 to $2,189 for 2 years depending on the region.
- Prior member renewal cost is around $899 to $1,099 for 1 year and $1,546 to $1,890 for 2 years.
- Additional Costs:
- There is usually an application fee which is around $249.
- Hidden costs may include food if meetings are held at restaurants, room rentals and miscellaneous costs of $10 to $20 per week.
- Cost Variations:
- In some regions, new member cost for 1 year is $1,348 and for 2 years is $2,103.
- 5 year membership cost is around $3,446 to $4,146 depending on whether you are new or renewing.
But the real cost? It’s your time. BNI requires a significant time investment. If you’re already stretched thin with your business, you’ll need to seriously consider whether you can commit to the demands of being an active BNI member. Skipping meetings or not participating fully can hurt your reputation and reduce the value you get from the group.
When BNI Might Not Be Right for You
Look, BNI isn’t for everyone. Here are a few situations where you might want to think twice:
- You’re on a Tight Budget: If you’re just starting out or your cash flow is tight, the costs of BNI might outweigh the benefits. There are other, less expensive networking options out there that might make more sense for you.
- You Have a Tight Schedule: BNI requires a consistent time commitment. If your calendar is already full, squeezing in another weekly meeting might be more stress than it’s worth.
- You Run an Internet-Based Business: If your business operates primarily online, BNI might not be the best fit. BNI is heavily focused on local businesses and in-person referrals, so if your clients are scattered across the globe, you might not see the ROI you’re hoping for.
- You’re in a Niche Market: BNI works best for businesses that offer services most people need – think accountants, plumbers, real estate agents. If you’re in a more specialized or unusual niche, it might be harder to find referrals that fit.
- You’re Not Ready to Engage Fully: BNI is a two-way street. If you’re not prepared to give as much as you hope to get, you won’t see the full benefit. And BNI members will notice if you’re not pulling your weight.
The Bottom Line: Is BNI Worth It?
At the end of the day, whether BNI is worth it depends on you. If you’re ready to commit the time, money, and effort, and if you’ve got a solid referral strategy in place, BNI can be a powerful tool for growing your business. But if you’re looking for a quick fix or you’re not sure you can make the commitment, it might be better to explore other networking options.
And remember, BNI isn’t a magic solution. It’s a platform that can help you build relationships and grow your network – but only if you’re willing to put in the work. So, before you join, take a hard look at your business, your schedule, and your goals. If it feels like a fit, go for it. But if not, don’t be afraid to walk away.
Ultimately, BNI can offer incredible value – but only if you’re ready to make it work for you.