What is the first thought that comes to mind when you think of the term, mastermind group? The first thing I picture is business profit and professional growth, both of which can be increased with the help of mastermind groups.

A mastermind group is defined as two or more like-minded people who come together for a common purpose. A well-run professional mastermind group can be an intellectual and financial win-win, particularly for entrepreneurs.

The concept of like minds coming together isn’t new; in fact it’s been around for centuries. The modern twist begins when you utilize the mastermind concept as a profitable marketing and business-building tool.

Many credit the popularity of the modern mastermind to Napoleon Hill who in his classic book, Think and Grow Rich, said, “The Master Mind principle, or rather the economic feature of it, was first called to my attention by Andrew Carnegie. Discovery of this principle was responsible for the choice of my life’s work.” Hill goes on to share that Andrew Carnegie credited much of his financial success to forming a mastermind alliance with other powerful like-minded thinkers.

In today’s ever changing economic environment, success-oriented entrepreneurs are looking for creative avenues through which to grow their businesses. Developing a mastermind is one such way and can be profitable for everyone involved. Why not use the time-proven mastermind principles of Hill and Carnegie to enhance your marketing presence and increase the bottom line?

I know from personal experience that the mastermind concept works. My three mastermind groups are a major element of my marketing presence and business growth. Here are three mastermind group suggestions that could potentially build your business and create additional income.

1. The Skills-Building Mastermind

Use this mastermind group to teach skills related to your area of expertise. The group should be small enough to maintain open communication between the facilitator (you) and the mastermind members. A skills-building mastermind can be held using the computer and a telephone – there is no need to meet in person.

The duration of a successful skills-building mastermind should be long enough to give the participants a chance to put their new skills to real-world practice. I recommend at least four to six months.

A well-run mastermind requires a commitment of time and effort from both the facilitator and the members. Use an application process to screen members and accept only the most serious applicants.

2. The Professional Growth Mastermind

This is a larger group of like-minded professionals who meet in person once or twice a month to network and learn new skills to build their businesses.

I recommended using Meetup.com to organize and market this mastermind. There is a monthly charge to belong to Meetup.com, but they are a worldwide organization. You can offset expenses by charging for the meetings and acquiring sponsorships.

The cornerstones of a successful professional growth mastermind are: (1) consistently providing timely and relevant information and (2) being able to offer a relaxed environment in which members can build empowering relationships.

Where is the profitability in this type of mastermind? As the leader and facilitator, the members get to know, like and trust you. As they become more confident of your knowledge and leadership, they will likely purchase your services/products and refer you to others. I started a Meetup.com mastermind group five years ago and it has proven to be the backbone of my business.

3. The Joint Venture and Referral Mastermind

This mastermind provides an opportunity for you to grow personally and professionally.

Choose four or five like-minded success-oriented people with whom you’d like to cultivate professional relationships. I recommend that members represent different but complimentary fields of expertise.

In this mastermind, members support one another’s professional growth and goals through referrals, joint venture opportunities and the sharing of expertise and business skills.

When you have a committed group of entrepreneurs supporting and encouraging one another in a spirit of cooperation and collaboration, the financial potential can be unlimited. By interacting with encouraging, supportive entrepreneurs, you will be motivated to keep going forward in positive, productive, moneymaking ways.

About the Author

Sharon Michaels is a business coach and the author of How to Give Yourself the Power to Succeed (EmPOWERing Publications, 1996). She produces and hosts the weekly radio show, Women Enjoying Success, interviewing and sharing the strategies of self-made successful women. Learn more at: http://www.SharonMichaels.com/powertosucceed , check out her weekly Ezine, Unlimited Success for Women and visit her website at http://www.sharonmichaels.com

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