What is a business mastermind?
Found yourself asking this question recently? You’re not alone. The rise of business masterminds is huge and for good reason — they can make a significant impact on the growth of your business.
A business mastermind gives you one key thing that as entrepreneurs and business owners, we are all craving…the support of other like-minded individuals.
Inside a mastermind, you will surround yourself with people who not only support you, but who are determined to create an impact in their business and lives. It’s by surrounding yourself with people like this that you will find the opportunities and support that will help skyrocket your biz.
What is a mastermind?
Think of a mastermind first and foremost as a group of business owners who get together on a regular basis. Simple as that.
Digging in a bit deeper — members of a mastermind meet at a predetermined time for a set duration. They discuss their business successes, failures and strategies. They may also talk about their overall feelings towards what they are facing. This can be in their business or personal life.
A mastermind is a safe space for entrepreneurs and business owners. It is a place where you can speak honestly and expect the same in return. It is a true give and take of ideas and advice, not a one-sided conversation. Expect to help brainstorm and provide feedback to others if you join one.
How does a business mastermind work?
Business masterminds will vary from group to group. The overall goal of a mastermind may also be slightly different. In general, in masterminds every person will have a chance to share their thoughts and issues they are facing. In return, other members are free to provide support, strategies or tools that they feel may help.
There’s no right or wrong way to run a mastermind. The most important thing is to ensure that it is a collaborative discussion and that everyone in the group feels seen and heard.
If you are considering starting a mastermind there are a few things you can consider while planning:
- Will you meet online or in person?
- Will the structure of your meeting be regimented or laid back?
- How often will you meet? It is best to meet once a week or once every 2 weeks.
- What time increments will you meet for?
Benefits of a mastermind group
So, what can you gain from joining a mastermind group?
The short answer — A LOT.
Seriously, mastermind groups are a great place to not only feel heard and seen but to be held accountable (we can all use a little bit more of that). The best mastermind groups ensure that members hold each other accountable for their goals.
Think of a mastermind as a place where members drive each other to reach the best version of themselves.
Some other pretty awesome benefits…
Build your network
As a business owner, this is one of the MOST important things you can do. Ever heard the saying your network is your net worth? While everyone’s situation is different, this saying definitely rings true in many regards.
Being surrounded by people who are goal driven, aiming to be their bestseleves is contagious. Better yet, you have a solid group of people who are ready to lift you up and push you when you need that extra little kick in the behind.
Share your ideas
A mastermind is a safe place to share your ideas. Whether that be your exit strategy from your current 9-5 into your own biz, figuring out how to best structure your offers or even how you’re hoping to balance your work and personal life. Great mastermind’s will brainstorm with you and provide feedback and actionable ideas to help you.
Elevate your skills
The best masterminds have a mix of members from different industries and different skill sets. Meaning, you have the opportunity to learn from a variety of people.
Support
Lastly, and almost most importantly, a mastermind is a place to go and get support. A safe place where you can celebrate your wins, share your losses and get the real and raw authentic support you didn’t know you needed.
When do you need a business mastermind?
Every business leader or entrepreneur can benefit from joining a mastermind. But, in order for these masterminds to be effective you should consider a few things before jumping into one.
- Do you have the time to commit to a mastermind?
- If not, are you willing to carve out that time?
- Do you have a clear idea of what you want to achieve?
- Can you be vulnerable enough to share within a mastermind?
How to find a mastermind group
It’s easy to get stumped on how to find a perfect mastermind group. But, if you start to look around, you’ll notice that opportunities are everywhere. You just need to seek out the right one for you.
Talk to your network
Reach out to your connections in your business. Ask them about any potential business masterminds they know of or if they would be interested in starting one.
Use social media to reach out to your online network to start putting the feelers out there. The more people you can ask, the better chances you may find one.
Search online
The power of the internet is right in front of you. Utilize search engines like Google to look for local meetups in your area or look for opportunities that are virtual. The opportunities are endless online!
Set standards and expectations
It’s not enough to join just any mastermind. You are making a decision to not only uplevel your business but your personal life as well. Set expectations and set them high. Make sure that the quality of these meetings is something that is worth your time and energy. Remember, you don’t have to join the first group you come across. Take your time and find the one that works for you.
A business mastermind can help to move your business forward through the power of connection, accountability and support. Remember, it’s not a magical cure but a place where you can connect with like-minded people who can be a sounding board for ideas, thoughts and feelings.