How to Start an Online Investment Club
Investment clubs are great ways for people to share knowledge, increase financial intelligence and participate in investments that are not normally available. With the Internet and technology, it is possible to start investment clubs with people who do not live anywhere near you. However, starting an online investment club has its unique challenges.
- Advertise that you are looking for members to join your online investment club. You can put classifieds in local newspapers, craigslist or on investment forums. Consider designing your own website that will serve as a place your members can visit, and advertise there as well.
- Talk to friends and family in person and ask if they would be interested in joining. The best people to join your club are those you know and trust. The friends and family can be either local or out of state, as long as they are willing the Internet as primary means of communication.
- Call each person that expresses interest and visit with personally. If you do not know the person, conduct an interview to get to know them better. Everyone in the club will be investing each other’s money, so it is important to find members who are enthusiastic and trustworthy.
- Schedule an online meeting with the members who will be joining the investment club. The meeting can be on Skype, in a chat room or with software specially designed for online meetings.
- Begin the first meeting once all members are present. Spend some time introducing people if not everyone knows each other. The meeting also serves as a time to discuss the operating agreement. The operating agreement is a very important document that governs how the investment club will be run.
- Determine that every member is comfortable with each other, and with the operating agreement. This may take several meetings, especially if the club is large. Draft the operating agreement and fax it to everyone involved to have them sign it.