How to Start and Manage Your Mastermind Group

Some of the most successful people in history have leveraged the power of mastermind groups, a concept that was introduced in Napoleon Hill's best-selling book "Think and Grow Rich." The purpose of a mastermind group is to exchange and refine ideas, while assisting each other in reaching goals. From experience I can tell you that the right group can create spectacular results.

While you can seek out an existing group, a more powerful option is to start and manage your own group. This will give you the opportunity to cultivate a group with the right level of experience and synergy. Following are some suggestions for getting started.

Develop Meeting Structure and Frequency

Knowing how often your group will meet and where those meetings will take place are some primary considerations. Some groups meet weekly by phone, some meet monthly in a local conference room, while others meet quarterly. If your group is geographically disbursed you will need to facilitate conference calls or meetings at a remote location such as a resort or hotel.

While establishing frequency, a big consideration is how many members you will have and how long meetings will last. Since the purpose of the group is to brainstorm and leverage each other's experience and advice, each member needs a chance to be heard. Some groups rotate this benefit around, while others make sure each member receives focused time at every meeting.

The amount of time you can allot to each person depends on how many people are involved. If you have a group with ten people and each gets 20 minutes to present their ideas and challenges, you will need about three and a half hours of spotlight time, plus extra time for breaks and transition. Keeping the group size small-six to twelve people-allows members to each benefit from more focused time.

Select Your Members

While you could place an ad on Craigslist or Meetup.com to find members for your group, I encourage you to hand-pick participants. Your group should be a safe place for fleshing out ideas, which involves a level of trust among members. Also, consider the different skill levels you want to bring to your group. Some people are highly creative and generate a lot of ideas, while others are detail-oriented and can serve in the role of devil's advocate. Both types of people should be included in your group to keep the creativity flowing, and to refine ideas and uncover potential road blocks.

You might also want your group to consist of people with specific skills. For example, someone with a financial background can help focus on the numbers, while someone with internet skills can bring online marketing ideas to the table. Consider carefully what roles you want filled and how these roles can compliment each other.

Experience is also an important consideration. The point of a mastermind group is to collectively help each other grow your respective businesses. With that in mind, the members should consist of people who have been around for awhile. If you fill the room with new business owners, more experienced members may feel like they are carrying the load and won't stick around for long.

Establish Guidelines

Your group will benefit from some policies that outline what is expected of members. These guidelines could include a mission statement that describes the purpose of the group, an attendance policy to ensure members are committed to participating regularly, and a confidentiality agreement.

Inevitably members will need to be replaced when they leave the group for any number of reasons. It is wise to outline a member selection process with guidelines for nominating and inducting new members. For example, you might want to exclude anyone who could potentially be a competitor of an existing member. You might also invite potential new members in on a trial basis before voting to make things permanent.

Keep the Momentum Going

Strong leadership is essential in setting the tone for the group, inspiring members to participate, and ensuring that the time is well spent. If someone is disrupting the group or affecting its level of quality, it is up to the leader to deal with the situation. The leader must also coordinate and manage an agenda effectively.

Ongoing communication is also required. E-mail is the standard for keeping in touch, but you might consider developing a private online forum through Yahoo Groups or Groupsite.com. This can provide a central place for members to share information in between meetings and further build the kind of bond that is essential to the success of your group.

Some members will thrive from the accountability that can come with a mastermind group, while others will be inspired by the exchange of ideas. Celebrate each other's successes and make sure the group is focused on helping members take giant leaps forward. This is the ultimate pay-off of a good mastermind group. It serves as a mutually beneficial tool for helping its members advance their businesses.

Stephanie Chandler is an author of several books including "LEAP! 101 Ways to Grow Your Business" and "From Entrepreneur to Infopreneur: Make Money with Books, eBooks and Information Products." She is also the founder of http://BusinessInfoGuide.com, a directory of resources for entrepreneurs. For additional author and speaker details, visit http://StephanieChandler.com.

Article Source: http://EzineArticles.com/?expert=Stephanie_Chandler

Money and Marketing - 5 Ways Being in a Master Mind Can Pay Off

When I first started my business I knew I needed help but I had no idea where to go or who to ask. Perplexed, I kept trying networking groups, teleseminar programs, at one point I even considered some of the traditional government-run small business centers.

I felt like Goldilocks. Each option was either too stodgy and “brick and mortar”-based, or felt cheesy. Plus, many of the avenues I researched seemed focused on slow growth, charging by the hour and other business no-no’s that I knew weren’t right.

Finally, while attending an event a few years ago, I was introduced to the idea of joining a high-end Master Mind. I watched in fascination as more than a dozen people signed up for a program that, at the time, seemed “priced to the nines.”

Intrigued, I did my homework and found out why being in a high-end Master Mind pays off. Frustrated at the slow growth in my own business, I gulped, filled out an application and joined a high-end program. Within 90-days I had tripled my income. Coincidence? I don’t think so.

Since then, I’ve been a believer! Now, not only would I never not be in a high-end Master Mind, but I’ve become a recognized expert at leading my own Master Minds, plus teaching my clients how to add this profitable income stream to their business.

Here are my personal, top 5 ways a Master Mind can pay off for you. Plus, the #1 “no-no” you must never do when joining a Master Mind.

Tip #1: Join A Master Mind With Members Who Are MORE Successful Than You

Your ego may not like this but if you’re going to get the maximum value from a high-end Master Mind, you must surround yourself with others who have walked the path ahead of you. And please don’t worry that you won’t “have anything to contribute.” As long as you show up powerfully and authentically, you’ll offer plenty of value to the others in your group.

Tip #2: Choose Your Master Mind Leader Carefully

My mom taught me to always learn from the best. Which is why I carefully choose my Master Mind based not only on the successful track record of the leader but also on whether I resonate with their energy. I need to know they’re going to push me beyond my comfort zone, challenge me to stretch into new levels of success, but do so in a way that feels supportive and collaborative.

Tip #3: The Bigger The Investment The Bigger Game You’ll Play

I’ve always invested more than I thought I could “afford.” Reason is, if the amount you’re investing doesn’t take your breath away (at least a bit!), you won’t take the program, or yourself, seriously. Simply put: the more you invest, the more you implement.

For example: last year I invested 6-figures to be in a Master Mind. Believe me, that took my breath away, big time! Making that leap caused me to immediately step up, raise my fees, launch a new program, then launch a high-ticket info product that had been languishing on my to-do list for months. That launch alone turned into a multi 6-figure pay day.

Tip #4: Be Willing To “Undo Your Knitting”

Being flexible and having a beginner’s mind will help you stay open to the creativity and feedback of your Master Mind group. It’s not unusual to go into a Master Mind with one business but come out with another. What’s both powerful and cool about this is that the business you end up with is the one you knew in your heart you wanted to create in the first place, but were afraid to.

High-end Master Mind members will instantly see what’s possible for you, what your truth is, and where you may be hiding out. Not only will they call you on your “stuff” (ahem), but they’ll help you with ideas and resources to make your product and program launches succeed far beyond your current vision.

Tip #5: Focus On The Transformation You Desire, Not The Amount Of Time Invested

A high-level Master Mind is not the place to be looking for the “super size me” option. While I highly recommend choosing a program that includes private coaching, the amount of coaching included isn’t what will produce the transformation you desire. What will, is the collective ideas, feedback and “pull” forward you get from the group.

The Biggest “No-No” In Choosing Your Master Mind Program…

You must pay to play. Creating a Master Mind where no one pays does not pay off. There is simply no substitute for stepping up and investing in yourself in this way. Stepping up creates a powerful transformation within you that immediately shows up for you in your business.

Last tip on how being in a high-end Master Mind pays off? If you want to offer these types of programs in your business (and I highly recommend that you do), then you must be in one yourself. Otherwise, offering your own won’t give you the experience you need, nor will it be authentic.

Considering that my clients routinely end up bringing in six figures per Master Mind program they launch, the investment in participating in one themselves is truly a wise one!

Article Source