Joining a mastermind group could be just what you need to propel your business to the next level. Learn what a mastermind is exactly and how to find the right one for you.
Whether you are just starting out as an entrepreneur, or if you’ve been running your own company for decades, you are bound to have a lot of questions. There’s so much you need to know, and it’s as industry changes, the information can seem overwhelming. Wouldn’t it be great if you had a group of people who you could volley your questions over to and get them answered?
That’s the value of a mastermind group, y’all. It will give you ideas, direction, and confidence that will fuel your business forward at any stage in your business.
What is a Mastermind Group?
A mastermind group is basically when a group of people gather together to mentor and help one another solve their business problems.
The phrase “mastermind group” was created in 1925 by author Napoleon Hill in his book The Law of Success. Then, he explained it more in his follow-up book in 1937 called Think and Grow Rich.
There are lots of different types of mastermind groups. Some large companies create mastermind groups for their management teams. Entrepreneurs can (and should) also take advantage of these group meetings to interact and hold each other accountable.
Masterminds for entrepreneurs can be in-person or solely online. There are also masterminds that mostly meet on the internet but do in-person meet-ups a few times per year also.
What to Do In a Business Mastermind
When you join a mastermind group, everyone in the group is basically agreeing to participate in problem-solving discussions and helping brainstorm ideas. Everyone in the group comes with their individual strengths and expertise. Each person shares this knowledge with the group so they can all learn from each other. Here are some examples of things people do in mastermind groups:
- 30-Day Challenge – members all do the same challenge together (sales challenges, or output challenges). They encourage each other as they go through the challenge together, sharing what works for them.
- Book Study – Go through a self-help book together and discuss how it’s helping or other philosophies.
- Create Smaller Sub-Groups – Split up into smaller groups. Maybe some people want to focus on social media advertising and others want help with business to business communications. Splitting up into smaller groups allows the focus to be narrowed, so this can be a great strategy for many entrepreneurs.
- Individual Teaching – Members take turns leading the group in an area of their expertise. For example, if one person is an accountant, they can teach the group about how to track business expenses.
Each mastermind group will have a different focus and run a little differently. There really isn’t one standard way to operate one. If you join one and don’t think you are getting much out of it, leave it and either start your own or find another one.
How to Join a Mastermind Group
Now that you know what it is, how do you join one? You can find them pretty easily online or just ask someone that is close to you in your particular niche if they have heard of anything like a mastermind. If you have ever wondered “how do I find a mastermind group” here are the best places to start:
- Facebook Groups – Facebook makes it easy to search for current groups. Just type “online crafters mastermind” into the Facebook groups search bar. Then, join the ones that appear the most active.
- Ask other business owners – Talk to other business owners in your niche. Ask them if they are in any active mastermind groups. Most people are more than happy to share their group with others.
- Twitter – The hashtag #mastermind is a really popular one. Also, look for specific hashtags like #socialmediamastermind or #marketingmastermind
- Ask leaders in your field – Reach out to someone you look up to or admire. Email them or message them on social media and ask if they know of a mastermind they can join. Chances are if they are a leader, they might have a mastermind you can join for a fee.
- LinkedIn – LinkedIn is another social media channel for professionals. They have the option to join or create professional groups. This is a great way to become more comfortable with the platform. LinkedIn is a strong networking tool that lots of professionals don’t utilize to its full potential.
How To Start A Mastermind Group
Are you having trouble finding a mastermind group in your niche? Even though this concept has been around since the 1920s, it is still a relatively new idea and chances are there might not be a group that meets your needs. If that’s the case, then just start your own group. I did! I started a Craftpreneur Mastermind to support other creative minds who were wanting to take their business to the next level with their products and services. It has everything I was needing (and looking) for. When you start a business mastermind, you will have more control over the direction of the group. And if you had trouble finding one for your niche, chances are others need it too. Follow these steps to start your own mastermind group.
- Decide where to have it. To start one, you first need to decide where to have it. Will it be an online group? Or do you want a locally-focused one that meets in person?
- Find people to join it. After you decide the location of the group, you just need to find a few people to join. Begin talking to others in your niche on social media or network with them at your chamber of commerce. Once you have a core group of about 3-4 people, you are ready for the next step.
- Establish a focus for the group. Finally, create the group’s rules and establish a focus. Will you meet only in person? How often will you meet? What will the group’s goals be? This is supposed to be a peer-to-peer mentoring group, so you don’t necessarily need a leadership team. However, as things come up, you might want to ask for volunteers to plan events.
What to Teach
After you have your group together, what will your focus be? This depends entirely on your group’s niche. For example, if you are a group of freelance writers, you might want to teach time-management skills and host brainstorming sessions. If you still want a few ideas, here are the most popular topics that mastermind groups cover.
- Accounting – Learn how to budget and what a good ROI is.
- Marketing – Dive into social media marketing, how to network and what branding is.
- Self-Confidence – Grow your self-confidence and learn how to sell your products without anxiety.
- Personal Challenges – Overcoming negativity, imposter syndrome, and how to choose a healthy inner circle of influence.
Is a Masterclass the Same Thing?
No, a masterclass is not the same as a mastermind group. When you join a masterclass, you are basically enrolling in a course taught directly by a leader in that field. For example, Ron Howard teaches a masterclass about movie directing, but he doesn’t offer monthly meetings and direct feedback on videos. Masterclass students learn from the teacher. On the contrary, everyone in a mastermind group teaches each other. It’s cooperative and a group effort. There is never just one single teacher.
The Benefits of a Mastermind Group
There are so many benefits to joining or starting one. Just check these out!
- Group Brainstorming – you’ll create more ideas as a group than you would alone
- Expanded Expertise – as members share their knowledge, everyone wins
- Cooperative Support – when one member embarks on a project, everyone supports them.
Everything in life is better when you do it together. Learn and grow together by joining one of these fantastic groups. If you can’t find one, start one yourself!
Apply for my 2022 Makers Mean Business Mastermind, would love to see y’all there!