The basic philosophy behind an investment club is simple; you gather a group of like-minded people, meet on a regular basis, discuss the market, make decisions and carefully monitor the results. The success behind the club is the “brain power” of the individuals who come together and share their knowledge to guide the club.
A different name is used in the business world; it an be called an advisory board, a board of directors, a mentor group, a business support group, or any other term that you can agree to. The process is simple:
- Gather 5 to 7 people to serve; they should be people that you get along with and also have respect for their accomplishment in business, with their family and life in general.
- The group should represent a variety of professions
- The purpose of the group is to share their knowledge and to offer directions and opinions, based on their experience, as you grow your business. Each member should be invited, in person, and each should agree to a confidentiality agreement. ( to be drawn up by your attorney). Other items to be included in the document may include the removal of a board member, etc.
- The group should meet at least every other month and more frequently, if necessary, during the formation stage of your business.
- Breakfast or dinner meetings ( your expense) should be planned for at least the next six months.
- Prior to the first meeting a packet should be put together giving the current status of your business and a plan for future growth and distributed to each member.
- The benefits are not only for you, although, at the beginning you will be the major recipient. In the future, as your business grow, there may be an opportunity for the board to get paid and possible participate in the ownership of your firm. They will also meet the rest of your team and there exists the possibility that they will find other ways to mutually benefit each other.
This is a strong recommendation for you to implement. I ask that each business I mentor to form such a group.
Take one step at a time to reach success!
Have a great day!