One of the most productive methods of growing a small business is through the use of mastermind groups. Mastermind groups combine the collective knowledge and efforts of a group of individuals working together to benefit a common cause. Mastermind groups have been highly successful in establishing many major enterprises in the business world today. The core purpose of these groups is to help each other succeed.
Benefits of Mastermind Groups
Mastermind groups can be divided into two categories — free and paid. Although both types of groups are beneficial, paid groups have a clear advantage in that individuals tend to participate much more in order to benefit from their investment. Through a mastermind group experience, you can do the following things:
1. Learn new business strategies and glean novel ideas from others
2. Get workable solutions to common business problems that may arise
3. Be held accountable for your actions to fellow group members, which motivates you to fulfill your business obligations
4. Gain encouragement and inspiration from fellow business owners to progress in your business endeavors. As others share their progress and successes, it will motivate you to move forward to do the same.
5. Increase your circle of friends and supporters to offset feelings of being alone in the fray. Through mastermind groups, you have the opportunity to share your vision and dreams with like-minded individuals and enjoy their company, input, and support toward your success.
These basic elements of mastermind groups can help you grow your business much faster and more effectively than if you were to work on your own.
How to Get the Most from Your Mastermind Group
The key to getting the most out of a mastermind group is finding the right group for you. By keeping in mind your personal objectives for joining a mastermind group, you will have a better idea of what kind of group best suits your purpose. The following offers five tips on how to choose a mastermind group and get the most from your group experience.
Tip #1: Small is Good:
The size of your group is important to getting the results you desire. With large groups of 100 members or more, it can be difficult to get to know each other or establish long lasting friendships. In addition to benefiting from others’ business knowledge and expertise, mastermind grouping is also about building relationships and friendships. Having a smaller group between 5-25 people makes this aspect of it more feasible.
Tip #2: Take Your Group Seriously:
As mentioned earlier, mastermind groups can be either free or paid. Free groups have great potential, providing all members are committed to taking the group seriously and participating to the fullest. Unfortunately, if these aspects are lacking, you may fall short in your group experience. Members of paid groups, on the other hand, will more likely value their group in order to get the most from their investment.
No businessman likes to waste his time or money on something that gives little return. Whether you decide to join a free group or paid, make sure the members are wholehearted in their participation so that you will get more from your experience.
Tip #3: Meet Regularly:
To truly benefit from a mastermind group, it’s important for your group to meet regularly. This may be once a week, once or month, or quarterly, depending on the needs of your members. Some meetings could be in person, others by Skype or phone. If you are in a group of well-established businesses, monthly or quarterly meetings may suffice. Business startup groups may opt to meet more frequently, such as once a week.
During these meetings, you can glean new ideas and share suggestions from each other’s experiences that can be of great benefit during this crucial phase in your business. The start up phase of a business is often the most difficult. As such, you will appreciate all the inspiration and motivation you can get from your fellow business owners.
Tip #4: Be Open to the New and Avoid Criticism:
One of the quickest ways to kill a potential mastermind group is to criticize suggestions and ideas from others. You may not agree with every idea proposed, but it is important to encourage an atmosphere for sharing. When you encourage others to share their thoughts and ideas, great things can happen. A “not so good” idea may provide the spark for a brilliant idea to come.
Tip #5: Hold Each Other Accountable:
Positive peer pressure can be a tremendous asset to fellow business owners. Be sure to hold others accountable for the goals they are trying to reach. If a group member mentions wanting to meet a specific goal by the next meeting, be sure to inquire about the status of that goal when you next meet. This will encourage faster progress in the objectives each member wants to reach.
Mastermind groups offer an incredible opportunity for business owners to grow their business in a professional yet enjoyable setting. Whether you are starting a new business or own a well-established enterprise, you can benefit from the stimulating input that mastermind groups have to offer. If you are looking for a way to increase your potential for business growth and expansion while making fruitful relationships to benefit your future, then mastermind groups are what you seek.