A Quick Start Guide to Creating a Profitable Mastermind Group

Thomas Wallace

Teacher, football coach, online marketer and cancer survivor. Degree in Business Management and an advanced degree in physical education and athletic psychology and exercise.

"What doesn't kill you makes you stronger." Avid bicycle racer in my twenties and thirties. Realized I had to keep pedaling to finish the race! I use that logic in everything I do.

I'm truly thankful for all the people that have helped me along this journey! I make sure I do the same for other people.

"You can have everything in life, if you help enough people get what they want." -Zig Zigler

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A Quick Start Guide to Creating a Profitable Mastermind Group

Business growth can be accelerated with the use of a mastermind group. This group helps businesses to develop skills in handling all the rigors needed for success. It also helps develop interpersonal as well as intrapersonal skills. All these are achieved through education, brainstorming, support and peer accountability.

What Mastermind Groups Do

Members of this kind of group stimulate each other in setting, prioritizing, and achieving goals. All of these should be interrelated and geared towards one ultimate goal-that of the company’s success. This group has a vision to improve the business, in which everyone involved ultimately shares in the success.
– For the group to become effective, the following characteristics should be present:
– Confidentiality
– Commitment
– Supportive of each other
– Total honesty
– Compassion
– Respect for one another
– Willingness to share
– Creativeness
– Willingness for brainstorming

The main purpose of this group is to be a catalyst for change and growth. The group also acts as devil’s advocates to promote critical thinking, problem solving skills, and desire for growth. It also provides the needed support to achieve collective goals as well as individual ones.

How To Start A Mastermind Group

This group is crucial for the growth and success of any business. Follow these guidelines to ensure a high quality and effective group:

Right People

Choosing the right people is very critical to forming this group. Look for respectable people with admirable performance and reliability. Also, it is best to choose people who are successful in their respective areas.

Agenda

Developing a formal agenda is also very important. This will serve as a guide to ensure that each meeting is fruitful and no time is wasted.

Meeting Schedule And Structure

Meetings are when learning and new ideas are formed and shared. Decide on a regular meeting to keep everyone updated. For example, set meetings every first or last Thursday of each month. Each meeting lasts 60 minutes and each minute should be well spent and properly allotted to give everyone enough time to share their thoughts and ideas.

Logistics

Logistics include venue for meetings, meals and snacks to serve, equipment, handouts, and other materials needed for the meetings. These may seem like inconsequential matters, but they can influence the outcome of mastermind group meetings.

Non Disclosure Agreement (NDA)

Why an NDA? This is necessary to assure everyone that meetings are safe and everyone can be trusted. It may take some time before members of the group develop trusting relationships. An NDA at the start of a meeting helps to foster free sharing of ideas and opinions as well as confidence.

Process Development

Developing a structure and process help to keep members in line. It also ensures professionalism and reliability in output. Things to consider in developing a process for mastermind groups include the following:

How Many People Should Be Allowed to Participate In The Group?

Keep membership limited. This way, meetings are long enough to allow each member to speak their mind and short enough to keep it from getting tedious and boring.

What Will Be The Roles Of Each Member?

In order to make each member feel important and useful, they should be given specific roles. For example, one member is designated as the timekeeper, another will be the treasurer, etc.

Mastermind groups can be effective only if they are given the proper venue and opportunity to help.

To Your Happiness and Success

Thomas Wallace

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Thomas Wallace

Teacher, football coach, online marketer and cancer survivor. Degree in Business Management and an advanced degree in physical education and athletic psychology and exercise. "What doesn't kill you makes you stronger." Avid bicycle racer in my twenties and thirties. Realized I had to keep pedaling to finish the race! I use that logic in everything I do. I'm truly thankful for all the people that have helped me along this journey! I make sure I do the same for other people. "You can have everything in life, if you help enough people get what they want." -Zig Zigler

11 thoughts on “A Quick Start Guide to Creating a Profitable Mastermind Group”

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