A mastermind group is a small group of people who share information, education, and support. As an expert in your niche, starting a mastermind group is a lucrative and promising venture. If you have a good following already, starting a mastermind group is almost a sure thing. But, if you are not quite established you can still start one; it will just take more work to get members.

* Understand the Purpose – If the purpose of your group is to earn revenue while helping others, establish that from the start. Otherwise you can easily start small mastermind groups on Facebook for free. Setting everything up from the start with a vision for what you want your mastermind group to be like is essential.

* Set Goals for the Group – What do you want to accomplish with the group and what do you hope individual group members will accomplish? These goals will directly determine the type of content you’ll need for your mastermind group, plus even dictate the potential platform you may need to use.

* Narrow Down the Target Audience – Try not to reach too far with the audience in terms of the mastermind group. Casting a wide blanket will just cause confusion. A mastermind group by definition is a small group of like-minded people sharing resources and information.

* Establish Rules and Procedures – When you set up the group, you want to establish strict rules and procedures to ensure that the group works together to reach the common goals. If no one in the group understands the expectations and standards, then you may not have much participation.

* Set Limits – Don’t open your group up to an unlimited membership. If it grows too large, it will be difficult to have a real mastermind situation. The number of members you can handle will depend on your platform and what you plan to do personally for the group. Remember not to bite off more than you can chew.

* Decide Your Platform – Depending on your goals you can pick different platforms of delivery, such as NewRainMaker.com or aMember.com. Or if you want to offer the group free, you could use Facebook’s private groups feature.

* Get the Ball Rolling – Once you set it up, get the ball rolling by planning some promotions like a blog tour, pay-per-click ads, and free giveaways, up until the day of launch. Blog about it, talk about it, and bring it up when you can. Give a sneak peak to super affiliates.

* Promote Your Group – Once it’s established, even when your group is full you should actively promote it. In this way, you will always have a list of people who want to be in the group at your fingertips so that it will never be empty.

Mastermind groups are wonderful for getting support and giving support. But as the leader of the group, the resident expert, you will be relied upon to provide direction for the mastermind group. Take it seriously, and remember to cover the areas that will interest your members most, depending on your audience.