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Can a Mastermind Group Help Your Small Business?

by Melinda Emerson on August 31, 2010 in Become Your Own Boss Tips, Before You Start, Branding & Marketing, Grow Your Business

Did you know that mastermind groups have the power to change your business and keep you sane as an entrepreneur?

For the last few years, I have participated in two mastermind groups that have made all the difference in my business. One is a mixed group of professional speakers and coaches that is focused on a specific career goal and the other is a group of three women in different industries in which I participate every other week. What I enjoy the most about these groups is that it’s a safe environment to share and get strategy advice about my business.

The History of Mastermind Groups: Napoleon Hill founded the principle of the mastermind group in the early 1900s. He studied Andrew Carnegie, who was known to use the concept of the mastermind to keep his businesses growing and prosperous. Andrew Carnegie kept 50 men on staff just for the development of ideas to grow his steel business. In 1937 Napoleon Hill wrote the now legendary “Think and Grow Rich” book based on these ideas.

One of the biggest challenges in starting a business from scratch is building all the processes and systems by yourself. You spend a lot of time alone with your endless “to do” list and feelings that can be overwhelming. Even more dangerous to an entrepreneur is the isolation—which is the enemy of all small businesses. Your own thoughts can defeat you in business—quicker than any competitor.

Mastermind groups consist of 4-15 people who meet regularly to talk through issues that may be personal or directly related to running your small business. Masterminds groups function best when participants feel comfortable to share their unique views.

The Benefits of Mastermind Groups

Mutual support Regular people do not understand the entrepreneurial lifestyle. It is a great thing to be able to lean on other small business owners for support. There are times when only someone who has walked in your shoes can give you advice.
Resources Everyone in your group will have access to a different materials, contacts and skill sets. I’ve often found that when I ask for help in my mastermind groups, those resources that I need are a click or a phone call away.
Accountability Mastermind groups hold members accountable to short and long-term goals. Having regularly scheduled meetings forces you to follow-up on your own action plans for your business because no one wants to be the person at the meeting or on the call who hasn’t don’t their homework.
Differing perspectives You can always benefit from someone else’s experience. Your fellow mastermind participants may see issues and opportunities with customers or employees that you would otherwise be unaware of. The other good thing about hearing other’s viewpoints is — you can choose to take their advice or not. Most of the time you will take away nuggets that will improve your situation.

Become Your Own Boss Mastermind Group If you have been following this resource blog, you know that my mission is to end small business failure. This September, I am launching a new program called the Become Your Own Boss Mastermind Group. It is an intensive 8-week program where a small group of people, led by me will work together to kick-start or reinvent your small business.

I have created this group coaching program to give you one more leg up as you start your business. As a member of the Become Your Own Boss Mastermind Group you will benefit from all of these services.

Here’s an itemized list of what you’re getting.

Each class is a 90-minute working call
An autographed copy of Become Your Boss in 12 Months
Convenient classes available via phone and Internet
Unlimited email access to Smallbizlady for feedback on homework
Access to all class recordings
Access to private Become Your Own Boss member forums
Step-by-step outline to action plan to Become Your Own Boss
Discounts on Smallbizlady’s one-on-one coaching services
Recommendations on start-up tools that will save you time and money
A special FREE gift worth $197

You can get more info about the program here: http://succeedasyourownboss.com/mastermind-group/

I also have a payment plan that can work for your budget. Reach out to me personally — melinda@melindaemerson.com

At the end of the 8-weeks, you’ll leave the class with a written ACTION PLAN to start or reinvent your small business. The program starts Sept 7^th, and we have a limited number of slots left; I suggest you jump on it right away.

Melinda F. Emerson, known as SmallBizLady is one of America’s leading small business experts. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on small business start-up, business development and social media marketing. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and publishes a resource blog www.succeedasyourownboss.com. Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) For more information http://www.becomeyourownbossbook.com

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Become Your Own Boss Mastermind Group Starts in April

by Melinda Emerson on March 3, 2010 in Become Your Own Boss Tips, Before You Start, How to Start, Your Small Business

Become Your Own Boss Mastermind Group begins in March 2011

This is for start-up business owners who need help making the transition from corporate to business ownership. If you need a plan to start a profitable and sustainable small business, This is YOUR answer!

The Become Your Own Boss Mastermind Group is an 8-week coaching program that takes you step-by-step through the Emerson Planning System to start a small business. I’ve developed this system after years of working with business owners on how to best use their professional skills, passion, and experience to pursue their entrepreneurial dreams. The materials for this class work in tandem with my book Become Your Own Boss in 12 Months; A Month-by-Month Guide to a Business That Works. (Adams Media, March 2010) This course includes an autographed copy.

This coaching program focuses each week on a specific element of the Emerson Planning System. Your homework will enable you to think through the critical steps needed to start a sustainable small business. The classes are conducted via software that will enable you to listen by phone or over the internet. All classes will be recorded so if you miss one, you can get easily get the recordings to stay on task.

At the end of the 8-weeks, you’ll leave the class with a written ACTION PLAN to start your small business.

Here’s a list of what’s included:

Each class is a 90-minute working call
An autographed copy of Become Your Boss in 12 Months
Convenient classes available via phone and Internet
Unlimited email access to Smallbizlady for feedback on homework
Access to all the class recordings
Access to private Become Your Own Boss member forums
Step-by-step outline to create your own action plan to Become Your Own Boss in 12 Months or Less
Discounts on Smallbizlady’s one-on-one coaching services
Recommendations on start-up tools that will save you time and money
A special FREE gift worth $197

My proven Emerson Planning System and coaching program has worked for start-up business owners just like you! For more information about the program, and to sign up, visit http://succeedasyourownboss.com/mastermind-group

For questions reach out to me at melinda@melindaemerson.com

Melinda Emerson “Smallbizlady” is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media marketing. Melinda hosts #Smallbizchat, a weekly talk show on Twitter. Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works by Adams Media.

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#SmallBizChat Live Telesummit Recap (Part 2)

by Melinda Emerson on November 13, 2009 in Before You Start, Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Telesummit, Women in Business, Your Small Business

(Dear readers: this is the second part of a two part post. Click here to see part one.)

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This past week, I presented the first annual #SmallBizChat Live Telesummit. The goal was to give the audience the information to create a new plan for their business in 2010. After nearly a year of communicating in writing on this blog and using Twitter, LinkedIn and Facebook, I wanted to interview small business experts over the phone. I also wanted our followers to have access to some experts who do not use Twitter, but who have fantastic information to share. In today’s blog post, I have prepared a recap of three key points that each expert shared with us.

Allyson Lewis @allyson7minutes is a renowned motivational speaker and business coach whose focus is on productivity, specifically developing systems to change your life. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the past five years. For more information, please visit Seven Minutes Inc. Allyson talked to us about getting more out of your day as a business owner.

Here are Allyson’s key takeaways:
1. Use a daily written plan of action. The average adult has a 7 minute attention span. Take 7 minutes to write down your top priorities for the day. Regain your passion by doing what is most important to you.
2. Get 7-8 hours of rest a night. Stop watching late night TV and sacrificing a good night’s rest.
3. She introduced the 5 before 11am rule. Allyson advises us all to make an exhaustive list of everything in our personal lives and business lives that needs to get done. Then she suggests tackling 5 tasks per day before 11am, if that’s too tough try do 5 a week. Just get rid of the list.

Michelle Villalobos @mivi is a business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. For more information, please visit MichelleVillalobos.com. Michelle talked to us about turning contacts into contracts.

Here are Michelle’s key takeaways:
1. Reframe the typical “elevator pitch” into an “elevator teaser.” Instead of a rapid fire 30 second commercial that describes everything you do, find the core of what you do and develop a tagline that encompasses your entire brand (if you can). Done properly, it will elicit the follow-up question, “that sounds interesting, tell me more.” One therapist who helps people get over their fears and anxieties described herself as “the couchless therapist,” which makes people want to know more.
2. Business card etiquette – Avoid “premature solicitation” – which is the act of handing out business cards before even saying hello. When you give someone a business card, it is all about timing. Your goal is to develop rapport and to connect with someone. The time to exchange business cards, more appropriately, is after interaction.
3. Follow-up is important. Michelle suggests offering a free newsletter signup to people in a follow-up email. And in the monthly newsletter have valuable tips and info, all focused on the needs of the customers.

Paul B. Brown is a long-time contributor to the New York Times and author of more than two dozen books, including the international best-seller Customers for Life. He is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Paul spoke with us about becoming a published author to build your business.

Here are Paul B. Brown’s key takeaways:
1. Once you have book idea, the first thing to do is to try developing an outline for the book, and then writing 2-3 sample chapters.
2. The title of your book should tell people exactly what your book is about. Do not be afraid to talk to potential readers about the book topic to get the right words to use in your book title.
3. A book proposal is what you need to approach an agent or editor to pitch your book. It’s fine to send a query letter first, but if there’s any interest, the next request will be to send a book proposal which is typically a 30-page document. Start working on the proposal before sending query letter, so that you can respond to interest.
Paul made a special offer to Telesummit participants – he will give out a copy of a book proposal that sold. You should email Paul at paulbbrown@aol.com and use “Melinda’s Telesummit” in the subject line. His offer ends 11/13/09 at 5pm Eastern.

Lisa D. Sparks @lisadsparks is an email marketing expert with nine years of experience developing and implementing marketing solutions for small business owners. Lisa taught us how to become email marketing rock stars. For more information, please visit lisadsparks.com

Here are Lisa’s key takeaways:
1. Typical open rate on email marketing is 22%. Be sure not use language in your emails that are triggers for spam filters such as: FREE, space available, special offer, only today, !!!, and ???
2. You should have multiple ways to build your email list for your business. Using an email sign-up for your newsletter/blog on multiple pages of your website is one strategy. You can also offer a special report in exchange for an email address. Conducting free monthly conference calls is another great technique to build your list. When you go to a networking function, be sure to ask someone who gives you a business card if you can add them to your mailing list.
3. Develop an editorial calendar for your e-newsletters and all of your auto-responders. Consider writing a year’s worth of e-newsletters all at once. Email should not be the only way that you communicate with your list – using video and/or audio and are nice ways to break it up.

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

I hope that after you read what these experts had to say, you will be ready to tackle 2010 with some inspiration and new tricks up your sleeve. Being in business is a spiritual marathon. Hang in there.

My co-host Cathy Larkin @cathywebsavvyPR and I presented the 1st Annual SmallBizChat Live Telesummit because it is our mission to end small business failure. We will be back November 2010 to do this again.

Please follow us at @smallbizchat and join us for #SmallBizChat every Wednesday from 8-9pm Eastern on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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#SmallBizChat Live Telesummit Recap (Part 1)

by Melinda Emerson on November 9, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Telesummit, Your Small Business

(Dear readers: this is the first part of a two part post about SmallBizChat Live Telesummit. Part two will post on Friday, November 13, 2009.)

Mike Michalowicz @TPEntrepreneur kicked off our Telesummit. Mike is small business expert who is known as the Toilet Paper Entrepreneur. For more information, please visit toiletpaperentrepreneur.com Michalowicz talked about using social media a build your business.

Here are Mike’s key takeaways:
1. Use a 4 to 1 ratio in your content posted on social media sites. Only promote yourself once in every four times you communicate. Always seek to add value to your audience.
2. Take a non-traditional position to stand out among other experts in your field.
3. Blogging and participating in forums is a great strategy, but using Google ad words can be effective as well.

Karyn Greenstreet @kgreenstreet was our second guest. She’s a self-employment expert who runs thesuccessalliance.com. Her website has all the resources a business owner needs to start or run a mastermind group. Karyn talked to us about mastermind group best practices.

Here are Karyn Greenstreet’s key takeaways:
1. Being involved in a mastermind group is something successful entrepreneurs do.
2. Think about the other skills you need in your business when you want to recruit members to start a mastermind group. Mastermind groups are typically four-to-ten people.
3. Develop set procedures for how your group will operate and get all participants to sign the agreement. Using an agreement is one of the best ways to get participants to commit to the terms and then fully participate.

Dr. Mel Gravely @melgravely kicked off day two of the Telesummit. Mel is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. For more information, please visit entrethinking.com Mel talked about how to retool your business in tough times.

Here are Dr. Gravely’s key takeaways:
1. It is more important than ever to focus on your niche market and your value proposition. Gone are the days of the generalist consultant.
2. Do not launch any new marketing initiative that you can’t afford to keep up for at least a year.
3. Business shouldn’t always be a struggle. If you have been struggling in your business for more than four years, and it’s never been profitable; it might be time to move on from that business or that business model.

Tim Berry @Timberry is president and founder of Palo Alto Software the makers of Business Plan Pro, and founder of bplans.com. He’s the author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Tim talked about Managing Cash Flow in a Tough Economy.

Here are Berry’s key takeaways:
1. Make sure you know how your clients process invoices. When you can, build a relationship with someone in accounts payable. When evaluating a deal with a major corporation, make sure you’ve got enough cash reserves to wait on your money, or don’t do the deal.
2. Would you walk a city-block blindfolded? Well that’s what is it like to run a business without up-to-date financial statements. You must have a current statement of cash flow, profit & loss statement, and a balance sheet every month.
3. Do not use your line-of-credit to finance marketing efforts to generate sales. Use you line of credit of finance business you have already won.

(NOTE: This is part one of the #SmallBizChat Live Telesummit recap. Part two will post live on Friday, November 13, 2009.)

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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Could a mastermind group help your business?

by Melinda Emerson on June 14, 2009 in Grow Your Business, SmallBizChat

From time to time as Smallbizlady, I conduct interviews with small business experts that could benefit my audience. This is excepts from my #smallbizchat interview with Karen Greenstreet, a top expert in forming and running mastermind groups.

An Interview with Karyn Greenstreet, the President of Passion For Business and The Success Alliance. Karyn is also the owner of The Success Alliance – mastermind groups for the self-employed and, The Self Employment Blog, an ongoing resource for the self employed small business owner. An internationally-known speaker and author, Karyn is a self-employment expert who has taught business and personal development topics to over 250,000 people worldwide. She is extraordinarily passionate about helping self-employed people to create the life and business they want.

Q: What is a mastermind group?

Greenstreet: A mastermind group consists of 4-8 people, usually your peers and colleagues. The purpose of a mastermind group is to brainstorm, problem-solve and to find creative solutions. A major benefit of mastermind groups is the emotional support, keeping your attitude positive. Some mastermind groups have an educational component where you learn new ideas and techniques. Mastermind groups can also help you make decisions, and discover where you may be sabotaging your success.

Q: Why should biz owners belong to (or start) a mastermind group?

Greenstreet: I would not be as successful as I am today without the help and support of my mastermind group. It’s like having a sounding board, a research assistant, and a positive attitude charger, combined. Some people feel that business ownership is lonely, even if you have a staff to help you. You can’t always share everything you are thinking and feeling with your staff, family and friends. A mastermind group is a safe place to bring your challenges, concerns, decisions, ideas, and also to get honest feedback.

Q: What are the steps to putting together a mastermind group?

Greenstreet: First you have to decide what type of group you would like to have. Do you want a have members from a certain industry (like Real Estate Agents)?

Q: Do people pay to belong to a mastermind group, or is it free?

Greenstreet: Some mastermind groups are free. For the paid ones, fees range from $100 a year to $14,000 a year. It depends on who is the mastermind Group Facilitator, and what you’re getting from the group. Many groups fail because there is no real leader; having a strong Group Facilitator will help your group.

Q: What is the structure of a mastermind meeting?

Greenstreet: There is no “official” structure to mastermind meetings. In the 15 years that I’ve been running groups, I’ve tinkered with a lot of structures. The one that works best for me is to start by sharing Success Stories. Then each person gets a certain amount of time to bring forth a problem or decision they’d like to work on. We end each meeting with goal setting and action items. Some groups like to include guest speakers, or other activities, depending on timing and what the group wants.

Q: How do you figure out who should be in your mastermind group?

Greenstreet: This is crucial to the success of a mastermind group. You don’t want negative people in your group. You want people who are serious about success (as they define it) and are very committed to participating fully. You want to make sure the people in your group have a similar level of experience so that the group gels. It helps to put together an interview questionnaire, so that you can find out more about people in advance.

Q: Where and how often do people hold mastermind group meetings?

Greenstreet: Some groups meet weekly, some groups meet quarterly. Others meet via teleconference, some meet in local libraries, some meet at retreat centers or hotels.

Q: If you want to join an existing mastermind group, where can you find one?

Greenstreet: The easiest way is to Google “mastermind group” or “find a mastermind group” Sometimes people post mastermind groups on www.meetup.com Also check with your professional association to see if they sponsor mastermind groups.

Q: How to you handle a mastermind member who is standing out in a negative way?

Greenstreet: While misbehavior is rare, it does happen. I suggest coming up with Group Guidelines that lay out the rules. It’s the job of the Group Facilitator to handle disruptive or non-committed members. I would start by taking them aside privately and talk about what you are observing in their behavior. Be prepared, however, that you may have to “fire” them from the mastermind group.

Q: How long should it take for a mastermind group to gel?

Greenstreet: It depends on how often they meet. Groups typically start to gel after the 2nd or 3rd meeting.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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June is a Great Time to Restart the Clock on Your Goals!

by Melinda Emerson on June 1, 2009 in How to Start

June 1^st means there is still six months left to accomplish your goals for the year.

Tip #1: Re-commit to your Top 3 goals

We all have some goals for the year that we have still not accomplished. Make a new list of your goals, and get down the business of getting them done. Be honest, take ownership, acknowledge where you are. Evaluate whether it’s a realistic goal and reflect on the reason(s) why you haven’t fulfilled it already. Build an action plan and get a nudge or an accountability partner. Its all about moving forward–don’t repeat history.

I’ve re-committed myself to getting my new blog up. I have a whole new brand that’s been getting a lot of attention. In order to maximize it I need to have my entire online brand working for me. I also visit my top competition’s website every day.

Tip #2: Clean out the Clutter

You cannot do your best work in a cluttered work environment. Perform a “waste walk” around your office and your house. Get rid of stuff with no home or that you do not use. If the printer is broken get rid of it!

As a reformed pack rat, I can tell you that sometimes you need to bring in uninvolved parties to help part with things, but it is worth it. Your friends will work for food. Invite a few over to power through your clutter. Get 3-4 bins and label them. If anyone picks up something from a bin category – drop it in. It feels good to work in a clean space. Cluttered spaces are draining. Clean your work space at least twice per year.

Tip #3: Do Something to Build Your Skills

Last year at this time, I wanted to have a major footprint in social media, but I really only understood Linkedin and YouTube, so I broke down and hired a social media coach for Twitter lessons and bought a few books on social media. Well, as a wife mother and business owner, time is not something I have in abundance, but still, I knew I needed to update my skills.

Part of being a successful business owner is being a life long learner. Nowadays, I am a social media coach and I have a significant presence on Twitter, Facebook, Linkedin, YouTube. Additionally, I host a weekly talk show on Twitter called #Smallbizchat. Do not run your own business with skills that are out-of-date. Make it a point to examine your skills, invest in yourself and read a book you would never buy. Always challenge yourself to grow. My motto is “Grow yourself to grow your business.”

Tip #4: Create a mastermind group

No one does it alone. We have all had mentors and in some cases sponsors, but at a certain point you need to engage with people at your level to really get something accomplished. A mastermind group is a peer-to-peer mentoring group; a team of likeminded people working together to make everyone better. You meet regularly to discuss goals, resources, successes and challenges. It’s good to get support and let people who do a better job at something, teach you how to do it, too.

Isolation is the enemy of entrepreneurship. My mastermind group helps me and inspires me to be my best. We talk 3 times per month and email resources to each other in between. After every conversation I come away feeling motivated and supported.

Tip #5: Make your workout productive!
If I’m exercising at home on my treadmill, or taking it to the street for a quick jog, this can be time consuming. I make it productive by using the time to brainstorm by running in silence to plan my tasks for the week. Or, I’ll keep up with business trends by listening to podcasts on my MP3 player. Now rather than focusing on how much time it takes to workout, I look forward to this uninterrupted time to be with someone as smart as I am to strategize!

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com

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