With the current economic challenges, professionals are taking advantage of this low-cost ways such as networking to build new relationships that can lead to business opportunities.

Business networking’s purpose is to build solid relationships, “which is more than just an exchange of handshakes at events,” according to Jania Bailey, President and COO of FranNet. “The best business relationships are when everyone can exchange ideas, information and support, and possibly allow everyone to learn a new skill.” Here are some tips to maximize your networking efforts:

1. No immediate Gains. The purpose of networking is to build mutually beneficial relationships that will form out of more than one event.

2. Best networking tool: listening! This sounds easy but you really need to listen to the person and really hear how you could help them which will in turn help you.

3. Be yourself. You want to build relationships and a rapport with fellow networkers. They want to meet genuine, trustworthy contacts as much as you do.

4. Size does not matter! Surprisingly enough, small groups will be more likely to send you referrals than larger groups -focus on quality not quantity!

5. Not a contest. Just collecting business cards is not a networking game. You cannot build a relationship by just handing out your business card.

6. Focus on building relationships. Networking is a long term project that can build your list of contacts over time that will last long after the network group.

7. Follow up! You need to follow up with contacts soon after the event. This is when you can meet with the person to really find out what they need and how you can help them.

8. Ask open-ended questions. Make sure to ask questions that cannot be answered with just one word and questions that allow longer explanations.

9. Be a good networker. Share referrals and ideas with people. Sometimes you will need to be the first one to get the ball rolling.

10. Secret formula: listen and follow up. These two tips were previously mentioned but collectively are key to successful networking.