It can be lonely running a business, even if you have partners or run the business with a family member.

One of the smartest things a business owner can do is develop a support network by starting, or joining, a Mastermind Group. A Mastermind Group is a group of non-competing colleagues that meets periodically to provide support, bounce ideas around, and even exchange leads or come up with joint marketing ideas.

For instance, if you run an insurance agency, you might start a group with an attorney, a real estate broker, a home builder, and a banker. A good Master Mind group has 4-7 members.

You should meet around once every week or every other week, perhaps for breakfast or lunch, and then check in as needed with other members. 

I know one group that has met for the past 10 years. They even meet twice each year for a weekend retreat. At this retreat, they each work together to develop a strategic plan for the business. Members challenge each other to take the plan as far as it can go, and to make sure that the thinking behind each plan is well thought out and realistic.

Another group started out as a Master Mind group with 5 members. As more people asked to join, it morphed into a monthly community breakfast club. Now all of the movers and shakers in the community meet monthly to share a meal, network, and hear a great speaker.

You might consider starting a few Master Mind groups. It's a great way to generate referrals and be seen as a leader among your peers. For instance, a 26-year old multi-millionaire starts what he calls "Business Clubs." The members of his clubs all challenge each other to grow their businesses to amazing levels, and most have hit the million dollar mark in profits over the past few years!

I learned on a recent radio talk show that in Okinawa Japan -- a place that boasts more people over 100 years old than any other -- community members create mini-support groups from a young age. These mutual support groups are always there for each member, providing funds if someone has a financial crisis, providing care if someone is sick, and providing support if someone experiences the loss of a loved one. While these groups are one of many factors accounting for longevity in Okinawa, they attest to the power of support in one's life.

The same philosophy holds true for businesses. If you can find a group of mutually supportive business owners to share your successes and challenges, you have a much greater change of long-term success.

Start now, if you don't already have a Master Mind group! Call four colleagues and ask them to lunch to begin to help each other take their business to a whole new level. What's the risk?