Types of Business Networking: Decide Which One Is Best for You

Business networking takes many forms, and not every approach delivers the same results for every business. This article focuses instead on the different types of business networking, so you can choose the approach that suits your business best. If you are looking for definitions, benefits, and examples of UK business networking groups, take a look at our Practical Guide to Business Networking, which covers this information in detail.

Below, we break down the main types of business networking, how each works in practice, and what to consider before committing.

Formal and Structured Networking

Formal networking is organised and follows a set structure. Meetings usually take place regularly and follow an agreed format, often including introductions, updates, and dedicated time for referrals or collaboration. Attendance and participation are usually expected, and members are often held accountable for engagement. This type of networking is commonly found in chambers of commerce, professional associations, and structured referral organisations. The emphasis is on consistency, trust, and long-term relationship building rather than quick wins.

Pros

• Encourages strong, long-term professional relationships

• Often leads to higher-quality and more reliable referrals

• Creates routine, accountability, and credibility

Cons

• Requires regular time commitment

• Membership fees are common

• Less flexibility compared to informal networking

Best for: Service businesses that value structure, referrals, and steady relationship-led growth.

Informal and Casual Networking

Informal networking happens in relaxed environments with little or no structure. This may include local meetups, social gatherings, community events, peer lunches, or informal coffee meetings. Conversations tend to be more natural, with no expectation to pitch or sell. This type of networking is often underestimated but can be highly effective for building rapport and trust over time. It allows relationships to develop organically, which can later lead to referrals, partnerships, or opportunities.

Pros

• Low pressure and easy to participate in

• Helps build genuine relationships naturally

• Usually low cost or free

Cons

• Outcomes are less predictable

• Requires follow-up to turn connections into opportunities

Best for: New business owners, freelancers, or those who prefer relationship-first networking without formal expectations.

Event-Based Networking

Event-based networking takes place alongside another business purpose, such as learning or industry engagement. Conferences, trade shows, seminars, and workshops fall into this category. Networking often happens during breaks, after sessions, or at organised social activities. These settings make it easier to start conversations, as attendees already share common interests or challenges. Event-based networking can be particularly valuable for gaining industry insight while expanding your professional circle at the same time.

Pros

• Shared topics make conversations more relevant

• Opportunity to learn while networking

• Exposure to a wide range of professionals

Cons

• Can be expensive or time-intensive

• Connections may be brief without proper follow-up

Best for: Businesses that want to combine professional development with networking and industry visibility.

Online and Digital Networking

Online networking takes place through platforms such as LinkedIn, professional forums, virtual networking events, and online business communities. It allows business owners to connect without geographic limitations and at times that suit their schedule. While digital networking lacks face-to-face interaction, it offers flexibility and scale. When used consistently and authentically, it can complement offline networking and support long-term visibility and relationship building.

Pros

• Flexible and time-efficient

• Enables wider geographic reach

• Often free or low cost

Cons

• Relationships may take longer to develop

• Easy to be overlooked without regular engagement

Best for: Remote businesses, busy owners, or those looking to expand beyond their local area.

Referral and Leads-Based Networking

Referral networking focuses specifically on generating business opportunities between members. These groups often limit membership to one business per profession, encouraging exclusivity and trust. Members actively look for opportunities to recommend one another. When managed well, referral groups can become a consistent source of new business. However, they rely heavily on participation, contribution, and the quality of relationships within the group.

Pros

• Clear focus on business growth

• Warm referrals increase trust and conversion

• Strong culture of collaboration

Cons

• Requires ongoing participation and commitment

• Results depend on group engagement and quality

Best for: Service businesses that rely heavily on recommendations and personal introductions.

Industry-Specific Networking

Industry-specific networking brings together professionals from the same sector or trade. This can include trade bodies, specialist associations, and niche networking events focused on shared challenges and industry standards. These networks often prioritise knowledge sharing, professional development, and credibility over immediate sales. While referrals may still happen, the main value lies in deeper understanding and long-term positioning within your field.

Pros

• Highly relevant and focused discussions

• Builds credibility and authority within your industry

• Encourages collaboration and shared learning

Cons

• Limited exposure outside your sector

• May generate fewer direct referrals

Best for: Specialists who want deeper industry connections rather than broad cross-sector exposure.

Speed Networking and Short-Format Events

Speed networking events are designed to help participants meet a large number of people in a short period of time. Conversations are timed, often lasting only a few minutes, before moving on to the next person. This format prioritises volume over depth and works best when followed by clear and timely follow-up. It also helps business owners practise communicating their value clearly and concisely.

Pros

• Efficient way to meet many people quickly

• Helps sharpen introductions and confidence

Cons

• Limited depth per interaction

• Follow-up is essential to see real value

Best for: Business owners who are confident communicators and want fast exposure to new contacts.

Deciding Which Type of Networking Is Right for You

Choosing the right networking type depends on your goals, personality, available time, and the type of clients or partners you want to attract. Some businesses benefit from combining several approaches, while others achieve better results by committing to one format consistently.

If you need clarity on what business networking is and the benefits it offers, refer back to our Practical Guide to Business Networking. Understanding the fundamentals makes it much easier to decide which networking type will support your business best.