1. The document provides a 10-point checklist for setting up a successful mastermind group from scratch for home-based business owners. It addresses challenges of isolation and getting ideas bounced around. 2. Key steps include deciding goals for the group, listing what each member brings, prospective members, timeline, return on investment calculation, handling rejections, and allowing for exit clauses if the group is not working out. 3. The checklist emphasizes preparation, clarity on goals and commitments, accountability, and reviewing results to ensure the mastermind group is effective and worthwhile for all involved.

1. 1 + 1 = 11 – THE POWER OF MASTERMIND GROUPS -
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.

2. 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.

3. 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