The initial first meeting is a great way to clear the air and start to establish some basic guidelines for the way your option investing club is going to be run and what your goals are going to be.
You’ll want to make sure that the majority of the members are thinking the same way.
There are several other administrative issues that you’ll want to discuss at your first meeting. These administrative issues include:
· Meeting times: All members should agree on (1) the days and time that you’re going to meet (most option investing clubs meet once each month), (2) the place that you’re going to meet, (3) the length of the meetings (most meetings last about two to three hours), (4) the organizational format that each meeting is going to take.
· Number of members: Agree on the size of the option investing
club. Studies show that a good size for an option investing club is approximately 12 to 15 members. When you limit the size of the club to this many members you’re still small enough to hold meetings in member’s homes.
· Meeting place: You might want to come up with alternative meeting places, such as local library or café, to use as an alternative meeting choice.
· Club name: You’ll want to come up with a name for your option investing club. You don’t need to make this decision on your first meeting but members should come to the next meeting ready with several ideas to share for a club name.
Once you’ve agreed on all of the above issues you’re ready for your second meeting where you’ll be taking care of more of the finer points of investing, such as legal details and tax issues.
To prepare for some of the more detailed information and decisions that you’re going to have to make you should assign tasks to option investing
club members to come prepared to the next meeting with the following information and data:
· partnership agreement forms
· information for preparing a mission statement
· banking information
· legal forms, such as tax information
· information about forming a partnership
· local bylaws about option investing
· broker information
· accounting information
· option investing information and articles
· a listing of current members, including phone numbers and addresses
When attention is paid to all of the above details your option investing club will be off to a good start.
Delegating duties is a great way to involve all members and to get tasks completed in a timely fashion.