The Ultimate Guide To Mastermind
As business owners, many times we have a small team of people or it may be a team of "I". That’s why it’s great to be a part of a Mastermind group. You may be wondering what's the definition of a Mastermind. Have you read the book “Think and Grow Rich” by Napoleon Hill? In this book, the word "Mastermind" was first used. It’s where a group of two or more business owners/individuals come together to exchange knowledge and encourage one another. Simply put, a Mastermind group’s purpose is to be a group of committed business owners who agree to meet regularly and help each other grow in both their business and personal lives.
In this blog I will answer questions about the mastermind definition as well as how you can find one, the top reasons to join and mastermind group and how to start your own mastermind group.
What is a Mastermind?
As mentioned earlier, it’s a group of business owners coming together to support one another with education and help each other resolve problems. All kinds of things are discussed including success/failures, new strategies to reach business goals, as well as give encouragement to each another.
Many Mastermind groups consist of 5-6 people and meet in person or virtually. Having more members in your group might extend the length of your meeting time and could potentially get to long and won’t allow for everyone to share without the meeting becoming to drawn out. The mastermind group should meet at a minimum of once a month based on when it’s best for every group member’s schedule. However, I would encourage meeting at least once a week. Meeting once a week gives your group the ability to set weekly goals and more than likely the group will stay on track.
Masterminds can be entrepreneurs from different industries or the same industry. For example, a Mastermind could consist of a wedding photographer, wedding planner, florist, calligrapher, and website designer. It depends on your industry and how the group would benefit you and your business. Usually the group stays together for one year. To determine the growth of your mastermind, establish individual and business goals. This will ensure your group stays on track and continue to ensure the desired outcome for the individual as well as the group.
Why Did I Get Involved in a Mastermind Group?
In 2019, I decided I wanted to join a Mastermind group after moving to Los Angeles but didn’t know anyone, so I posted in a photographer’s group asking if anyone wanted to join in with me to keep each other accountable. Initially, I didn’t think a lot of people would respond. However, to my surprise I had so many ladies reach out to me wanting to be a part.
My 2020 Mastermind group includes three other ladies:
Reese Butts – www.treichertphotography.com – Jacksonville, FL Maternity & Newborn Photographer
Seraphine Wanami – www.seraphinephotography.com – Boston Family & Portrait Photographer
Lineka Michelle – www.michellelineka.com – Augusta, GA Wedding & Family Photographer
This group of ladies have been fantastic. We started out meeting once a week. However, once the Corona Virus Pandemic started, we began meeting twice a week. Although we live in different states and areas of the country, we have managed to select a day and time that works for all of us. We’re even discussing a Mastermind vacation to do a styled portrait session and learn even more from each other. I love my tribe!
Masterminds are Valuable!
A good Mastermind group can be priceless. If you’re in a great group willing to share and want you to succeed, this group will be priceless. Many paid Mastermind groups require upwards of $6,000 for a six month membership. In addition, to the membership fee there is usually an application fee. You want your group to be committed to the success of the overall group and a group that will push your buttons and encourage you to push forward and grow. I can honestly say the three ladies I mentioned earlier have become close friends. We have spent several hours talking about all aspects of business.
We’ve discussed blogging, SEO, newsletters, customer relations management systems (CRM), critiqued each others websites, and even more. All this information would be costly especially if you’re getting private business coaching, but we have given each other lots of help based on our expertise. We even created a Facebook group to pose quick questions in between our group calls. It’s priceless! Everyone has their area in business of uncomfortableness and Facebook Lives is it for each of us in our group. So, we encourage each other to do at least one monthly Facebook Live. In addition, we show up to support each other during those Facebook Lives. I’m telling you, having your own tribe of supporters is mind-blowing.
Determine the Structure of Your Mastermind Group
Determining the best day and time to meet is one of the first things to do once the group has been formed. The goal is to have every member participate and be involved. My current Mastermind group meets every Tuesday at 11am ET. We meet via Zoom. Therefore, we can share screens and get help on things related to our website or blog.
The structure of our meetings is dependent upon what happening for our members on the meeting dates. However, in general we talk about our wins for the week and what we need help with from each member. Then we talk about dedicated topics that may be beneficial for each member. For example, how to put the Pinterest pin on your website, or what’s the best keywords to use for our photography website. We also read a book and discuss chapters per week.
However, as I mentioned before, the structure of the group is totally up the members of each Mastermind Group.
10 Reasons Why You Should Join A Mastermind
Where can you find a Mastermind Group?
This can be the difficult part. Numerous Mastermind groups exist, but they’re held secretively. If you search Google or another search engine (mastermind groups near me), you may find Mastermind group charging a significant amount of money to sign up to become a part of their group. In addition, you may not sync with the individuals in the group. As a photographer, I wanted to be in a group with other photographers that would push me towards my business goals and keep me accountable. This may be something you’re looking for as well.
If so, here are three options. Option one: You can create your own Mastermind group. Invite other business owners in your industry or has a connection to your industry you think would be a good fit for your group and would be good contributors. Option two: If you’re not sure who to contact to be in your group, you could reach out to me for help. Of course there's option three, look for an established Mastermind Group and request to join.
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