Episode 87: The Power of Masterminds for Your Business
Masterminds are something that can really help to accelerate your business and provide you with support along the way. In this episode, we’re talking about the good, and not so great, things about masterminds for your business.
Here’s the scoop from Episode #87:
2018 is right around the corner, and you’ve probably been working on goals and plans for the year. And as part of that, you’ve likely been thinking about how to make sure your big plans happen.
One thing that can really help with meeting your goals is a mastermind group. It’s been something that we’ve personally used over the years with varying results.
So, maybe you’ve been wondering about masterminds or you’ve been part of them in the past and want to find a new one. Let’s dive in and talk masterminds.
What’s a Mastermind?
It might seem like the mastermind world is a big secret world. What it really is, is a mix of accountability, support, and idea-sharing to help one another achieve success. Think of it as peer-to-peer mentoring where you work together to solve your problems.
A mastermind group is focused not just on your success, but on that of the group and bringing your best to everyone involved is essential.
Why You Need a Mastermind
The reasons why you need a mastermind can vary depending on where you are in your business. Here are some reasons why you may need a mastermind:
- They’re a business lifeline no matter where you live. Whether you are in a bigger city or in a small town, this still applies. Even in a big city, you may not be connected with people who are like-minded and share the same perspective.
- Speaking of perspective, they can provide different ones that relate to your business, along with ideas and accountability that you may not have had otherwise. Sometimes we forget that there is more than one way to solve a problem or approach a situation.
- It’s a sounding board. We can definitely think of a few occasions when we have come up with what we thought were good ideas, but when we ran them past our mastermind, they helped us see that whatever the idea was, just wasn’t a good one. Or, conversely, helped us to create something that is truly amazing. (Ahem, like the Double It Mastermind.)
- You get to know people who know, like and trust you (and vice versa) that really want to contribute to your vision.
Things to Figure Out
The most important thing before you get into a mastermind of any kind is to get clear on your goal because not every mastermind is the same.
The key to a mastermind being a good fit and a valuable use of time is being with the right people. For us, that’s been with people that have business values that are aligned with ours and are at a certain stage of business.
Consider who you want to mastermind with:
- Do you want to mastermind with other people who do what you do? We don’t mean exactly the same, but are they service based businesses or course-based or product based?
- Would you prefer a variety of industries?
- Think about who you mesh with and if you’ll be okay with sharing the ins and outs of your business with these people.
Don’t make the mistake of focusing purely on revenue as a measure of who to mastermind with, as it can be a poor indicator of fit. It’s only one factor to consider and we’ve personally found that their business model was more important to us than how much someone was making. (Unless they were just starting out.) If you aren’t clear on what you want and where you are going, it can derail you.
Option #1: Paid Masterminds
Many times a paid mastermind requires a financial investment so definitely dig into all of the details before you commit. Sometimes the financial investment can outweigh what you will get out of it so make sure you know what you are in for.
Questions to ask:
- Do you get 1:1 time and support? This is so important because if not, then what are you getting?
- How many people will be in the group?
- How are they screening people for fit?
- How often do you meet?
- What are the requirements for participating in the group?
- How is the group structured or run?
Even if it’s only a minor investment, asking these questions upfront can save you a headache later, as there’s nothing more frustrating than paying to be in a group that’s not a fit. And if you get invited to a group, don’t feel you have to accept.
Also, don’t OVER INVEST. A mastermind isn’t a quick fix. You are still going to have to do the work, focus on your goals and show up for yourself and everyone else. And yes, you will get something out of this, but the more you pay for it, the harder it is to get something back.
Option #2: Create Your Own Mastermind
- For the best results, we recommend brainstorming who you’d like to mastermind with and go from there.
- Starting a new group is always easier than trying to find an existing one and then trying to get invited. People generally are pretty tight-lipped about who they mastermind with, and these groups tend to be a little bit secretive. We know, but it is what it is.
- The biggest thing with an unpaid mastermind is to ensure that there are clear rules of engagement and expectations from the get-go. How often do you meet or check-in. So if someone starts to flake, the rest of the group and call them on it to make sure they are engaged.