I have had pretty good success with a mastermind group. In fact is was my first ever mastermind group and I am disappointed that I had not started earlier. I have had so many people asking me what is a mastermind group and I thought maybe many more people are sitting there hearing all about mastermind groups but don’t actually know what it is. I am going to give you a quick rundown about what a mastermind group is and how you can get started with one.
What is a mastermind group?
The thing is, the concept of a mastermind group is not new. In fact is has been around for almost a century but only seeming to becoming very popular now. A mastermind is a group of individuals who get together in order to discuss their successes and challenges together. They use each others intelligence, skills and expertise to help one another.
Masterminds are a great way for you to extend your network. You may find that one member has connections to the exact type of clientele that you want. Through networking and collaborating, you may be able to form some sort of partnership benefiting your business as well as someone else’s.
It is also an opportunity for you to learn from one another. You may have a serious weakness that is not allowing you to progress the way you want but another member has that particular skill. By getting together, you can improve your skills that may not have been possible if you didn’t join the mastermind.
It’s also a great way to get a different perspective into your business. When working alone, you may be so used to only seeing the business your way and having an extra set of eyes and ears reviewing your business may open up opportunities that may not have been visible to you before.
From the mastermind group, you should really be able to improve your overall attitude towards building your ideal life, valuable feedback from peers, an additional support network you may not have had before and a desire to want to work harder towards your success.
What normally happens is the group is formed and it is agreed how many people will be in this mastermind group. I advice that you do not have too many people so you can create an intimate surrounding and so that when you do meet, you are all able to commence and end your meeting in reasonable time. If you have 20 people in your mastermind group and you only have 1 hour, it means everyone would only get 3 minutes talk time which is hardly enough. Larger masterminds do work for those who have been doing it for a while but if you are new, it’s best to start small so you have control.
The group would meet every so often (monthly, weekly or whatever is agreed). You do not want to leave it too long because it can be quite hard to stay on track with such big gaps in between meetings. I would suggest weekly, but it is totally down to the individuals in your group.
Each person will get enough time to talk and discuss their issues and everyone chips in to help and then you move on to the next person. It’s an exclusive community where your expertise can help someone else just as much as someone else’s expertise can help you. The groups is meant to help you grow and put all your plans into action. In short, they hold you accountable.
Each member of the group will want to start their business, grow their business and grow their connections and although life can get in the way, people are not one the same page can hold others back.
In some masterminds, there is a ‘hot seat’ for each member where this one person discusses their challenges and each member is focused on brainstorming to help this member overcome their challenges. It’s a great tool for accountability also. You tend to set tasks for in between each meeting so you can go over your tasks at the following meeting. You can create an accountability system that works for your mastermind after a group discussion.
It’s a good idea to have a structure for everyone to follow so you are all on the same page. It will actually make each meeting easier as you will all know what to expect. Use a collaborative tool that allows you all to have access to documents in between meetings. You can use things such as google doc’s, or Evernote.
What type of people should join a mastermind group?
Everyone is the mastermind group should have the desire to succeed. It should me made up of of people who want to partner up with like minded people and people who are willing to give support as well as receive it. Everyone in the group should be willing to talk freely and be willing to work towards their desire for success and willing to work against their fear of failing. Think about it, if you are too scared of failing, chances are you will not move forward because you fear overrules everything else.
It’s best to have a group of people with a variety of skill sets so you can get insight into your businesses from various perspectives. Having a variety of people from different backgrounds can add extra expertise rather than having everyone from the same background.
You want quality people in your mastermind. What this means is that everyone needs to be on the same page. If you have someone who is not as fussed as you about success or whatever it is you are trying to achieve, you may find that it may bring down the morale of 1 person or two. It’s a good idea to ensure that each person agrees the foundation of the group, what is expected and what to do if they feel that the group is no longer for them.
What do you discuss in mastermind groups?
You will normally discuss your current challenges in business and how you are struggling. Other parties of their mastermind may help you with their expertise so that you can get yourself out of that situation and grow. You have to chip in too in whatever way you can. You can’t take take take.
The mastermind is about each person being supportive and not holding back information because they are worried that someone will be more successful than them with that information.
You also share your successes and how you did it and how others can replicate your success. You can also talk about your goals and members of your mastermind may be able to chip in and help you achieve those goals.
How are mastermind groups formed?
Normally one person expressed interest in a mastermind group and they approach like minded people who may be interested in joining such a group. Others are normally invited in until you reach the maximum amount of agreed members. Some groups vet new members to ensure that they can contribute something in the way of skills and/or expertise. Upon joining, you will all agree on your proposed meeting dates and times. You will then hopefully watch each other grow.
If you do not want the hassle of starting one of your own, you can ask people if they are in one or know of one, check places like eventbrite/meetup.com or .co.uk depending on where you are in the world. Or maybe ask in some of the Facebook groups or pages you are a part of.
Can you form a mastermind online?
Yes you can! In fact my mastermind is online. We formed ours in a Facebook group and you can do that too. We have weekly in depth calls and we all help and motivate each other to meet our weekly goals. I can definitely say that I have been on top of everything that I want to do and I can definitely see the growth since starting the mastermind group. There is accountability and quite frankly, I don’t want to be left behind when everyone else is succeeding.
They normally say that as you grow, you need to join another mastermind with people who challenge you if you feel you have outgrown your current mastermind. I definitely feel that you need to be surrounded with people who challenge you. You may find your members grow with you and there is no need to change.
I say start your first mastermind and then when you are in the situation where you have grown to a certain point, then see what feels right at that moment. Less talking and more doing!