5 Steps To Creating A Mastermind Group

Brian Bartes is a business coach who posted an entry discussing Mastermind Groups to the Networking Business Talks blog. It included 5 steps to creating a Mastermind Group and I thought I would share it for those of you considering creating a group of your own:

1. Form the group. Contact a number of prospective members. They should work in non-competing fields, and be people that will contribute to the synergy of the group. An ideal group size is 4-6.

2. Create a systematic schedule. Monthly seems to work well, and a systematic day and time is best. All members should be dedicated to this schedule.

3. Formulate a plan. A set format causes the meetings to run more efficiently. For example, the first 30 minutes could be open for general discussion. Then, each member could receive an allotted quantity of time (15-30 minutes, depending on the size of the group) to discuss his or her "issue of the month."

4. Include an occasional guest (optional). Some mastermind groups include guests as part of their format. These guests could be invited to speak on a specific topic (e.g., an attorney who specializes in estate planning), or could participate in the deliberate format.

5. Take action. One of the benefits of a mastermind group is built-in accountability. Be certain to take action on the ideas that were generated at the meeting. Furthermore, develop a support structure that includes follow-up reporting at the next meeting. Be certain to report both your successes, and your challenges.

Have you found success creating a group? I would love to hear your story.