You have most likely heard your peers talk about masterminds and you wonder:
- Should I join one?
- What is the right mastermind for me?
- What difference will it make?
What's in this article
What is a mastermind?
A mastermind is a group of peers who regularly meet in order to give each other guidance, advice, and support. These groups are essential to growing a successful business and achieving goals while maintaining sanity. The functions and sizes of a mastermind vary a great deal; some masterminds have tens or even hundreds of members, and some others only a few. A great mastermind size is when each member can get space to share their ideas and challenges. This often requires that the bigger masterminds are carefully managed and split into smaller groups for discussions. Some meet often and others only a few times a year. Some are free and some charge a premium price.
A true mastermind group is like having an objective board of directors, a success team, and a peer advisory group — all rolled into one.
Why is it important?
Entrepreneurship is lonely. Most entrepreneurs have no colleagues or partners, which makes growth and running a business lonely. Even if you have a team, there are certain things you won’t be able to share with your team, at least when it’s still a work in progress.
Leadership is tough. Building a business and becoming a leader is tough and you need to surround yourself with other likeminded people who can guide you, inspire you and support you on your journey.
Decision making is hard. We are often too close to our own challenges and have difficult to see other alternative options and opportunities. A mastermind group helps you broaden your view and make great strategic decisions.
The goals of a mastermind
The first goal of a mastermind is to help members navigate complex and difficult business challenges and issues using the collective experiences and insights of a group of peers who understand what you go through and are willing to offer you advice and support.
It’s a place where you and your peers get together to discuss difficult decisions, and share your experiences. While there certainly can be an element of teaching in a mastermind, each member in a great mastermind group contribute to the experience and shares uniques skills, experiences and learnings.
The second goal is to create connections and friendships that can open doors, introduce you to new opportunities and help you expand your circles.
1 You learn new things
Imagine having regular conversations with smart people who share what’s working for them, and what’s not working. The amount of new skills and learnings you get alone is a reason for being part of a mastermind group. But unlike training programs, masterminds are not only for education but also for sharing your own experiences, so you need to be prepared to share your skills and knowledge too.
2 You develop connections and friendships
You meet new people and can create amazing new friendships and business opportunities. If you feel like your current circles are not feeding your creativity and fulfilling your needs for advanced conversations about the journey you’re on, then you need to look for new circles.
3 You develop productive habits
Your mastermind group is likely to keep you productive and help you kill procrastination. Sometimes the only thing you need is that someone to help you decide between two or three important strategies, and when you bring these challenges to your mastermind, your pals are most likely to offer you that help. Also, if you commit to doing something important in your business, your mastermind pals are likely to keep you accountable.
4 You develop in your leadership and management skills
Working together with your peers will develop you in your leadership and management skills. If you are leading a mastermind, you will learn how to effectively lead and manage a group and if you are a part of a mastermind, you will learn how to work with brilliant team members. You also learn to prioritize the right activities and people.
5 You develop in your communication
Sharing your challenges with your mastermind friends will help you become a better communicator. Sometimes it’s hard to put your ideas and thoughts into concepts and effectively communicate the value and benefits of your concepts. A group of peers will help you formulate your message so it makes sense before you go out and public with it.
6 You get fresh insights and perspectives
Every business owner gets stuck and the best way to get unstuck is to have a group of thinkers a doers with great insights and new fresh perspectives. Sometimes just sharing an idea or thought out loud to your non-judgemental peers is enough for you to make a decision. And sometimes your group engages in your ideas by challenging you to think bigger, broader, or deeper. Either way, you will gain so many great insights and perspectives out of working with your mastermind pals.
Free or paid mastermind?
I believe masterminds should be paid, and should also have certain criteria for accepting new members. Free mastermind groups rarely work since people tend not to invest time and engagement in free communities. Also, free groups are often seen as an opportunity to pitch services and products, which is not why masterminds exist. For sure, you might find amazing clients and opportunities within your group, but the focus should not be on pitching your products to your mastermind pals.
A mastermind that charges a premium price attracts serious people. When people pay a premium price for something, they are more likely to take advantage of it and invest their time to engage. The right price also attracts the right type of people to your group depending on the level of skills and advancement, and the type of people you want to be surrounded by.
Some masterminds might work even if there’s no official charge, but they are most often based on a long-term friendship or partnership. Some other masterminds that have no official charge might have a yearly fee that is being used for joined activities such as a get-together in an exotic place once every year.
I’m a beginner, is mastermind for me?
In my opinion, no. The reason masterminds work so well is that the members bring their skills, expertise and experiences to the table, and discuss topics that are relevant to the other members. If you’re a beginner, you should rather join a program that helps you put together the bits and pieces of starting, building and growing a business, and once you have gained momentum, then you can join a mastermind that feels right for you!
Mastermind with people in the same niche or different?
There are many benefits of being a members of a mastermind where the members run different businesses, which could lead to less competition and a great outside perspective that you might miss in your business. I am part of two masterminds where most members run completely different businesses.
But there are also many benefits of joining a mastermind where other business owner runs similar businesses, or operate in the same niche.
Our Growth Expert Mastermind is a group of Business Coaches who use Avenue tools to grow their businesses and help their clients win. The benefit of being part of a group of peers who do similar work as you are the depth of knowledge being shared in the group, and the depth of understanding and interest for your business model and challenges. Also, it’s not uncommon that members of Growth Expert Mastermind co-operate in client cases, and publicity opportunities!
Would you like to read how to join our Growth Expert Mastermind?