But don't confuse this with a networking group, which is often comprised of people in the same industry who meet to talk shop, socialize and trade leads. A peer group is different in that members are from diverse, noncompetitive industries, and can openly discuss problems and concerns that they wouldn't air among a group of competitors. Keep in mind that you should join a peer group whose members' experiences and concerns are similar to yours.

The benefits of membership in a peer group are:

1. Learning from the mistakes and successes of others.
2. Receiving unbiased feedback. The other members have no stake in your business, as opposed to a board.
3. Exposure to new ideas. Owners in other industries may have solutions that you can apply to your market.
4. Avoiding the loneliness or isolation that can come from working for yourself.

Action Steps
The best contacts and resources to help you get it done

Small business organizations

Several peer group organizations are geared specifically to small business owners and operators. In addition, many nationwide and international organizations also offer programs designed for smaller businesses.

I recommend: The CEO Clubs, normally an invitation-only membership, offer an entrepreneurial membership that's open to everyone. Vistage International's Vistage Small Business Program includes problem-solving meetings for the owners, presidents and CEOs of small companies. Direct peer-to-peer learning is the focus of the Entrepreneurs' Organization (EO), a global organization.

Organizations for women business owners

Female business owners face unique concerns, such as work-life balance and overcoming gender stereotypes that exist in some industries.

I recommend: The National Association of Women Business Owners (NAWBO) boasts chapters nationwide where women who are sole proprietors, partners or corporate owners can meet and exchange ideas. Ladies who Launch is a nationwide organization with local chapters for women who want to start or expand a business or creative project to come together and share experiences. The Women Presidents' Organization has local chapters nationwide that hold monthly meetings for about 20 women business owners.

Minority owner organizations

Many organizations geared to minority business owners focus on networking and access to financing rather than peer support groups and roundtables.

I recommend: Several Small Business Development Centers (SBDC), such as the Milwaukee SBDC, offer minority roundtables for peer-to-peer problem-solving. Find the SBDC nearest you to see if it offers roundtables. The Minority Business Development Agency has centers nationwide and offers an online forum where minority business owners can exchange information and ideas.

An organization for young presidents

Starting out in business at a young age can be difficult. Earning respect and proving that you're qualified to be in the top spot isn't easy. A number of peer groups geared to younger business leaders have emerged to help with these and other matters.

I recommend: Within each of its more than 175 local chapters, the Young Presidents' Organization (YPO) offers a forum for about a dozen young business leaders to share experiences and consult each other in confidence.

Online groups

If you can't devote the time to a weekly, monthly or quarterly meeting; if you don't live in an area where likeminded business owners meet; or if you can't afford the dues for a peer group, consider joining a free online group. Community forums for small business owners provide access to peers around the nation without leaving your office.

I recommend: The Small Business Information Forum is an online community where you can ask questions and share ideas with other small business owners.

Regional organizations

A regional group can help you address challenges specific to your geographic area.

I recommend: Check with your local chamber of commerce to see if they offer business roundtables or peer group meetings for members.

Helpful advice for making the most of this Guide

• •  Peer group membership can range anywhere from a few hundred to several thousand dollars a year.
• •  No solicitors. Most peer groups strongly discourage drumming up business at events. Over time, you may naturally gain business from your new contacts, but let it happen on its own.
• •  Don't fear intimacy. Join a group with approximately 10 to 15 members. Any more, and you can't develop strong relationships. You also want to join a group with dedicated members who show up regularly.
• •  Try before you buy. Before shelling out the bucks to join, a reputable group will allow you to sit in for at least part of a meeting to get a feel for the chemistry of the group.