Friday, March 26, 2010

Business Masterminds - Should Members Be From the Same, Similar Or Different Industry?

Congratulations. You've chosen to start a mastermind group to get support and share ideas for marketing your business; or to brainstorm new product ideas; or you are ready for the next step in your business growth.

Would it be best to form a group with members from the same, or very similar, industry? Or should you put together a group of members from different industries? There are pros and cons to both scenarios.

Same Industry

In choosing members in the exact same industry, the challenge can be in getting people to see and try things in a new way. They share a lot of the same problems and the same solutions and it could easily dissolve into gripe sessions. Also, the members might not be as open to sharing their ideas freely if they are worried about them being stolen by perceived competition.

However, this type of group could work very well in a long-distance group situation. For example, a mastermind group of massage therapists might form a group for the purpose of brainstorming ideas to add passive income streams into their businesses rather than trading all their time for dollars.

A massage therapist in Seattle can form a group with members from Tucson, Boston, Miami and Denver without worrying about someone creating more competition in her local market. This also opens the door for possible joint business ventures or product creation.

Similar or Compatible Industries

If members are in similar or compatible industries, look for different skill sets, levels of experience, and a range of ages or niches within the target market when you invite people to join you.

In this way there is a familiarity and shared language and yet the possibility of great diversity in perspectives exists. When you toss out an idea that is important to you and ask for brainstorming, you are best served if you get many and varied ideas to consider.

An example of this type of group could be members who share the wedding industry as their target market but offer different services. The purpose of this mastermind group is to help each other grow their businesses.

The group might include a wedding invitation designer, a musician, a caterer, a wedding shop owner and a party planner. In this group there is plenty of opportunity not for only brainstorming but also for sharing resources and referrals.

Different Industries

In groups composed of members from different industries,you essentially eliminate any threat of competition in the group. You may form a master-mind group because you are all entrepreneurs working alone and have no one to talk to about the challenges of running a fast-growing company.

You might learn about tactics and strategies used in other industries that have not been tried in your own that could put you well ahead of your competition. This type of group can greatly broaden your perspective and allow for some creative marketing ideas.

All three scenarios have something to offer. It is important to choose the one that is the most comfortable fit for you.

By : Susan_Henderson

No comments: