Starting your own Mastermind can be simple...if you know what your goal is. A Mastermind group doesn't have to be a complicated task. You have to know what the questions are before you can answer them.
What do I want to accomplish?
Who do I want in my group?
Do I want to charge a fee?
What will the schedule be?
Knowing what you want to accomplish is very important. Be specific about your goal for the group. You need to have a plan as to how you're going to reach your goal. It doesn't have to be complicated. It could be as simple as picking a topic to discuss. You are the leader of the group as far as the structure is concerned. You are not the boss however. You are there to guide your group, to help them work towards their goals.
The members of your group will set the tone for your meetings. The process by which you invite new members is up to you. You set the guidelines. Flexibility is also important. You never know how a person will conduct themselves. If you feel a member is not contributing in a way that is helpful to the entire group don't be afraid of asking them to leave the group. There are also people who will surprise you as time goes by. The person who you thought may not be right for the group could turn out to a valuable asset. Be patient, look beyond the person's obvious behavior. What you find may surprise you.
Charging a fee is a personal choice. You may just want to cover expenses or build a fund for future events. Building a fund is also a good way to provide tools for your group. It could be a personal development book to help your group between meetings or a practical guide to help your group reach specific business goals. The amount of the fee is also a personal choice. The amount of the fee will have an impact on the accessibility of the group for some people.
The schedule for the group at first will be something you need to decide as well as where it will be. Whatever you decide it doesn't have to be written in stone. Remember flexibility is important. As your Mastermind grows you need to do what's best for the group. Although every member is important you won't be able to accommodate everyone. That's where you come in as a leader and make the final decision.
Starting and maintaining a Mastermind group does require dedication. Don't start one if you're not willing or able to follow through. Understand what is involved and that people will be counting on you for guidance. Every member contributes to the group but you as the leader are the glue that holds everything together.
I was reading the Secrets To Success blog and found an interesting post mentioning 5 ideas to help you start a Mastermind Group. The ideas included:
1. Determine the size of group, and carefully select members. The group size should feel comfortable. Not too small and not too big. Select members for your group who will actively participate and bring value to the table.
2. Decide the frequency of meeting and agenda for each meeting. One group I was in had a very formal agenda for each meeting, with a specific topic for discussion. Another was less structured, yet focused. Determining "the rules" ensures that everyone in your group is accountable for success.
3. Be clear about expectations for attendance and behavior. Success comes from 100% participation. Without a rigorous commitment, the group will lose its power and sense of importance.
4. Always strive to be of service to others. Focusing on others first is the surest way to get the most out of your group. You will gain a great deal from participating in the group you help create, by choosing to give before you get.
5. Forget everything I just said, and build your inner circle organically. While I believe in the power of having a group that is committed to one another, I also believe in the power of one-on-one relationships and the advantages of hand picking your team over time. Honestly, either approach works. Perhaps you decide to have both.
I was reading Chris The Prosperity Guy and his most recent entry on Mastermind Groups and how many people to start with:
The best way to start a mastermind group is to find one person at a time. My experience shows that this is a good idea. Form a two person mastermind group and then look for a third that both of you agree on and build it up to six or eight people.
From my own experience we haven't started a group with less than 4 people. You need a small group to make sure everyone gets along and can agree on the direction. You also need to have enough people to make it interesting and valuable. The whole point of having a Mastermind Group is to leverage the energy, experience, wisdom, and network of the people in your group.
We start our groups with at least 4 members and build to 8.
If you are not currently in a Mastermind group, I suggest you take the initiative to start one.A Master Mind group is a powerful way for people to support each other as they get clear about their goals and define what they need to do to accomplish them. The idea is that there is a powerful synergistic affect when 2 or more people come together in a harmonious alliance to assist each other.
I recommend 5-8 people to start a Mastermind group.If a group is larger than this it can become difficult to manage time and still give each person a chance to share and ask for input at each meeting.A smaller group can run into problemsand lose energy when one or two people can't make a meeting.
One of the important points to consider when you are forming a Mastermind group is to make sure that you get a group of positive people who are goal-oriented and motivated.Negative people or people who are always saying "yes, but..." will tend to stifle the energy of a Mastermind group and can result in a less harmonious and productive group.
You might want to start by asking people you already know and trust to join your group.Then ask new members if they know anyone who would be a good fit.If you are starting from scratch, I recommend that you screen potential new members over the phone or in person to make sure they fit with the overall spirit of your Mastermind group.It is much better to discover a mismatch before accepting the person than to discover this once the group is rolling.
I started a Mastermind group by posting an invitation to join on my blog.I wasn't sure if I would get any responses, so I was delighted when I ended up with 6 wonderful bloggers (Chris Cree, Phil Gerbyshak, KammieKobyleski, Tony D. Clark, Thom Quinn, and Troy Worman) who were willing to join.All 6 write blogs that I subscribe to and read regularly so I had a good sense that we would all fit well together.
Our group decided to meet monthly via a teleconference call.The calls will be recorded so that each member can replay the meeting anytime they want.We will support each other between calls through email and a private online forum I set up in www.gather.com.
Looking through "Think and Grow Rich" last year about this time, I reread the section about Mastermind groups. Like a lot of people, my copy of "Think and Grow Rich" is quite worn and is filled with inked in arrows, circles and notes highlighting the passages of importance.Napoleon Hill's section on mastermind groups always intrigued me when I read it, but Fear had always stopped me from forming my own mastermind group.
I was afraid of my invitation to join being rejected by potential group members; worse yet, a declination to join might also be taken as personal rejection.
I was afraid that some members would not provide the right kind of support and input to the group and the messy process of rejecting them from the group would be controversial and painful.
I was fearful that the project would die a slow death of apathetic neglect as enthusiasm dwindled by group members.
I wish my imagination for success was more powerful than my imagination for disaster all of the time, but at that moment about a year ago, my thoughts for the success of forming a mastermind group overpowered all fears of failure.
With the help of another member, we talked about and invited two others to be members of a mastermind group that met on a conference call weekly.We knew each other; not all of us had known each other for the same amount of time.
One year of masterminding weekly has provided these results:
Accountability to members who understand me and my business objectives.
A forum to whine a little and then be positively directed to move on.
Education about others' business problems which are common to all businesses.
Quick observations and suggestions from members in a spirit of helpfulness and camaraderie with no strings attached.
If you are thinking of joining or starting a mastermind group to help you in your business, the only thing you need to be fearful of is waiting another day.
Doug Emerson writes a blog about making money in the horse business.
EvanCarmichael.com is the world's #1 website for small business motivation and strategies. Evan also runs a series of successful Mastermind Groups in Toronto for entrepreneurs.
Guest Contributor: Janet Napora
