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+ 1 = 11 – THE POWER OF MASTERMIND GROUPS
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HOW
TO SET UP A MASTERMIND GROUP FROM SCRATCH
By
Robyn Henderson
One
of the biggest challenges you may face in your
home based business is the shortage of people
to bounce ideas around with. Particularly if you
have previously worked in large organizations
surrounded by mates and co-workers, the isolation
factor can at times be crippling. And if child
minding is part of your daily duties, then you
may have already found that a 4 year old has no
concept of the potential distribution market for
your latest brainwave idea. Lets look at a possible
solution to this universal home-based business
challenge.
Smart
home based business operators have clicked into
the power of creating a regular mastermind or
brainstorming group. They use this group as a
sounding board for new ideas, innovations, business
challenges and in many cases informal mentorship.
Let’s face it, not only do you get to know
this handful of people extremely well, you also
get to tap into their business acumen and knowledge.
And when it’s well planned and organised,
it can be a win-win for all the mastermind members,
not just you.
So
let’s look at a ten point checklist for
setting up a successful mastermind group:
1.
Every mastermind group needs a driver –
an organiser. Since it’s your idea, you
automatically become the organiser. And as the
organiser, you will firstly want to decide what
you want to achieve from the mastermind group.
Make a list of at least 5 things you would hope
to achieve from regular meetings with a specific
group.
TIP:
Be as specific as possible here – when reviewing
the results of the group, down the track, you
will want to measure your results and clarity
at the start will make this easier.
2.
Next, list 10 things, that you have to offer a
potential mastermind group – dig deep here,
maybe you can provide the venue, the refreshments,
the transport – ideally if you have potentially
four members – each will contribute different
things.
TIP:
Don’t overcommit with your list –
be realistic about time, money and energy.
3.
Now you need a list of prospective members for
the group – people you know and trust, people
who ideally work outside of your profession or
industry. This will ensure that they can give
you ideas with fresh eyes, rather than the “this
is how we’ve done it for years” attitude.
As you may encounter rejection from some of these
potential members, it is best to list at least
10 people as prospective members. You are looking
for 4-5 people with similar values and ethics
to you. They may have different ways of thinking
and expressing themselves, but they are known
to be honest, reliable, professional and good
communicators.
TIP:
the list preparation may take a week or so, don’t
be disheartened though, as it is critical to have
synergy within the group – and ideally people
who are not all total strangers. It often helps
if there is some loose non business connection
between the prospects, e.g. similar sporting interests,
cultural group, neighbourhood or background. You
are looking for a common thread, which will make
it easier to link the potential members and the
thread may create an initial base of a small amount
of trust – rather than a total stranger.
4.
Create a time line of when you will make contact
with the prospects, when you will prepare a brief
outline of what outcomes you hope to achieve with
the group, the return on investment that the group
members can expect, when you will meet for the
first time, meeting time that suits most people,
trial period time frame. Basically you are preparing
your mastermind plan here that you will present
to the prospects.
TIP:
It is best to over estimate this time line, rather
than underestimate it at this stage. It is better
to take a little longer to arrange the group,
than rush in and have the group fall over within
two meetings. The more prepared you are, the more
your prospects will be inclined to say yes.
5.
Work out your ROI – return on investment
for the group. Lets look at potentially meeting
with this group twice a month for 1 hour.
Meeting time - 1 hour
Travel to and from venue - 2 hour
Action to be taken post event - say 2 hours
Total 5 hours per meeting x 2 meetings per month
We are looking at 10 hours per month x 11 months
(allowing for holidays)
Total = 110 hours.
Now your charge out rate may be $250 per hour
multiplied by 110 hours = $27,500
(adjust your charge out rate to suit your fee)
At
a charge out rate of $250 per hour, this mastermind
group is potentially going to cost you $27,500
in the next 12 months plus 2.75 weeks of your
time (working on a 40 hour per week rate)
TIP:
Now do you see why its important to take the time
to plan the mastermind group, set rules, make
people accountable and to choose wisely. Is every
person on the list worth 2.75 weeks of your time
in the next 12 months?
.
6. At this point in time, many mastermind groups
do not proceed as the organiser throws in the
towel, deeming it to be all too hard and they
don’t have that much time to spare. If that
is the case, consider reducing the meetings to
once a month, for a longer time. Constantly be
aware though of your ROI –aim for quality
mastermind groups not quantity.
TIP:
Many mastermind groups end up being a “talkfest”
– lots of talk – but no action being
taken. Avoid this at all costs.
7.
After preparing a 1-2 page summary of your mastermind
outline, make contact with your mastermind prospects
and ask if you can forward the outline to them.
Make sure to include the first proposed meeting
date. Don’t take it personally if they reject
your offer – better to have an early rejection
than an overcommitted participant.
TIP:
Never assume anything. Clarify everything, don't
be afraid to state the obvious. What is obvious
to you , may be totally unknown by your prospects
- get commitment from all prospects to attend
the first meeting
7.
On the first mastermind meeting day – plan
to arrive early at the venue. Avoid consumption
of alcohol during the meeting – you are
wanting to set the scene that this is strictly
business. You may get a no-show on the day. Many
people agree in principal to something and then
find that due to prior commitments or unexpected
events, they cannot honour their agreement. Prepare
an agenda and stick to it. Give people opportunities
to discuss their business while still keeping
the meeting informal at this stage. Be sure to
highlight the ROI expected and discuss best and
worst case scenarios. Ensure that each person
has an equal amount of time to discuss their own
business challenge.
TIP:
Set a date for the follow up meeting – be
flexible here dependant on people’s availability.
It is a good idea to commit dates for the next
two –three meetings, so as to give people
plenty of notice.
8.
It may take a couple of meetings before the bridge
of trust is strong enough for people to let their
guard down and discuss business challenges they
may be having. Be patient with this.
TIP: Always start on time, even if a couple of
the group are not there. If you set the precedent
of starting on time, you will keep the meeting
on track and people will fall into line time wise.
Once you extend the start time, no one will ever
take your agenda seriously.
9. Allow for exit clauses. You may like to place
a "trial time frame" e.g. lets review
this in 45 days and see how we are travelling.
If things are not working out by then, we can
dissolve the mastermind without any hard feelings.
This one point will ensure clean breaks if required.
TIP:
Once the group has been going for a reasonable
amount of time and one of the members drops out,
don’t jump in with a replacement straight
away. Let the group decide on and discuss a replacement
over the coming meetings. You might find the synergy
works better if you disband this group and start
another one from scratch.
10.
“If its to be, its up to me!” (Cavett
Roberts) We can find excuses every day to stay
in our comfort zone and not approach others, who
can help us to grow our businesses and our careers.
Yet if we have courage, face our fears and make
our dreams, goals and targets greater than our
fears - we can have whatever we want in life.
When one open mind connects with another open
mind in a mastermind situation – magic always
happens
TIP:
Start today – make a list of potential mastermind
participants now!
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