A mastermind group is a group of two or more people who come together to collaborate and give feedback in order to move forward in reaching their goals.
Being a business owner working from home can be very isolating a times, which I don’t have any problems with. Being an introvert on top of that doesn’t really help with getting out and socializing. Today with technology it makes it easy for me to work from home and be at home, and still have valuable connections.
In this post, I share my own experience with mastermind groups, plus I give five easy steps on how you can start your own group.
Currently, I’m involved in two mastermind groups. One is with two close friends, very informal, and I’m not sure we would even classify it as a “mastermind” group, even if it started as one. We use a walkie talkie app, called Voxer and talk every day. We didn’t start out as close friends, but we have developed very close relationships over the years. We talk about business and personal life – really about anything. We lift each other up when we are not feeling our best, give each other advice on situations and even give some tough love when one of us needs it.
I’m also in a year-long, paid mastermind group which is facilitated by someone who has become a mentor – Hailey Dale from Trunked Creative. At the end of 2016 when I was creating my goals for 2017, joining a paid mastermind group was one of my goals and when her group came into my email inbox, I took it as a sign I had to join it.
Some of the benefits of a this paid mastermind group are:
- It’s an investment, so it helps me get the work done and pushes me to move my business forward the right way and with the right work because it’s with someone who has a business I’m striving to achieve.
- We meet in group settings over zoom and I get to collaborate with other like-minded women who are at different stages in their businesses.
- I can ask the group for feedback as well as provide feedback
- It holds me accountable to my weekly goals.
- It’s a place to celebrate what I was able to achieve.
- I learn a new skill through a monthly workshop.
- We have studio hours once a month where we all work together.
- I meet with Hailey once a month to strategize and get guidance on moving my business forward.
- We have a private Facebook group where we get weekly prompts, hot seat days, implementation days, etc.
It can seem really intense, so don’t join one if you’re not ready to show up. You’ll just be wasting your money. I’ll definitely be sharing my experience at the end of the year, plus give you all the info on this group when it becomes available for next year. I’m pretty sure I’ll be in it again!
If you are ready to be a part of a mastermind group, a good place to start is organizing your own group or to join an existing one. If you’re ready to organize your own, you can follow the below steps, plus print out the group worksheet by filling out the form below.
1. Find your people.
Mastermind groups are usually small, typically between 4-5 people max. You should be looking for like minded individuals who are striving to achieve similar goals, but don’t necessarily have to be in the same brand, company or industry. Using Facebook as an example, take a look at your friends list to see if there is anyone you connect with who seems to have the same values and goals as you. Ask in the Facebook groups you participate in if anyone is looking to join a mastermind group, plus include what you are looking for in participates and a group.
2. Define your group’s purpose / mission statement.
If you are organizing a group for business support, I recommend keeping it formal at first, especially if is with people you didn’t previously know. Use the worksheet to define what your group is all about and it’s mission statement.
3. Group guidelines.
Determine what your group is and what it isn’t. If you are establishing a formal mastermind group, your guidelines may include not complaining, self-promoting, etc. It may be a group for like-minded business professionals who get together to collaborate, give and get feedback, celebrate wins and work through challenges in order to reach their goals. Mastermind groups don’t work if you don’t show up, so you can create a penalty system with either a monetary fee (i.e. $5-10) for missing meetings where the funds are collected for something fun at the end of the year. Another option is using a strike number and you are out kind of thing.
4. How will you be meeting and how often?
The easiest way to meet is virtually with a zoom or a Google hangout session. Some groups do choose to have a local mastermind where they can meet in person at least once a month. Most groups meet once a week, but you can also do twice weekly if you are meeting online. Having a private Facebook group also allows you to stay in touch during the week to continue conversations, post any insights that come up, additional challenges, weekly goals and wins, etc.
5. Meeting agenda.
Typically, mastermind groups run in two ways – one member will be in the hot seat each week or each member has an equal amount of time to share for a shorter time period. It could look something like:
- Start the meeting with wins from each member
- Each member is in the hot seat for 10 minutes where they can use their time for what works best for them. (i.e. share a struggle for 5 minutes and receive feedback for 5 min, 10 minutes to share what they are working on, etc.)
- End the meeting with any announcements, resources and weekly goals for each member