Attendees - who included the town's MP Nic Dakin - at an open meeting held at Glanford Park voted overwhelmingly in favour of the trust idea.
"The hard work starts for us now, drawing up a constitution and registering with the Financial Services Authority," said Luke Thornhill, a member of the Iron Trust working group who chaired the open meeting.
"We have had lots of feedback from fans, including many who were unable to attend, and will use this to ensure we go straight in with a clear view of how supporters view the club and how they think things could be improved."
Attendees at last week's meeting heard from Jacqui Forster, from Supporters Direct, as well as former Wednesdayite vice-chairman Peter Shaw on how the Sheffield Wednesday trust as worked in practice.
"We followed with an engaging question and answer session, where the main concerns were whether the senior management at the club would engage with a trust and overlapping with the existing Official Supporters Club," added Thornhill.
"We have already met with the chairman and he is receptive to the idea of regular meetings with us, and we hope we can work with the current supporters club. We feel a key difference is our core aim is building up a shareholding and a dialogue."
The trust cannot sign up full members until they are incorporated in the new year, but are asking anyone interested in joining or volunteering to email theirontrust@gmail.com.
A trust website is being designed, but in the meantime you can follow them on www.twitter.com/irontrust or www.facebook.com/theirontrust