Are Masterminds Right for You?
This article is reprinted from a guest blog post I did for Leah Severson, lseverson.com
When I first became a coach in 2014, someone told me that I should join a mastermind group. I had no idea what that even was – the only masterminds I knew about were the villains in movies who hatched evil plans to take over the world. I soon learned that masterminds can be good too. According to the Success Alliance, mastermind groups offer a combination of brainstorming, education, peer accountability and support to sharpen your business and personal skills. A mastermind helps the collective group achieve success.
Leaders throughout time have seen the value of colleagues discussing trends, ideas, current events, business ventures, and challenges. Some of the greatest minds of our time were part mastermind groups - formal or informal. Dorothy Parker and the Algonquin Round Table, Franklin Roosevelt and the Brain Trust, Martin Luther King Jr. and the Southern Christian Leadership Conference, and Thomas Edison and the Vagabonds, just to name a few.
Mastermind groups are a great way to build your tribe and hold yourself accountable for your goals. It's like having your own personal advisory board. It’s a community of 6-8 entrepreneurial professionals who are smart, driven, and committed to growth. Groups typically meet once a month to solve challenges, offer guidance, and help each other reach our highest goals.
What are the benefits of being in a mastermind group?
· Access to experts
How do I find a local mastermind group?
While you can use Google to search for masterminds in your area, the best way to find your tribe is to talk to your network. Who in your local network has been part of a mastermind? In my network, many business coaches have masterminds – they group like-minded entrepreneurs together to help them grow their businesses. High-profile leaders like Tony Robbins and Dave Ramsey have mastermind groups, which provide resources and support, but are very expensive. You might have to do a little research to find the best fit for you.
How much does a mastermind group cost?
It depends. Mastermind fees can range from $500 to $50,000 per year. Quite a range! In the Indianapolis area, you may find more reasonable prices. My mastermind fees are currently $3,000 per year – that’s $500 per month – for women solopreneurs.
Are mastermind groups worth it?
Yes. And I’m not just saying that because I am a mastermind facilitator. Research shows us that paying a monthly fee for a mastermind group is essential, as it demonstrates that you’ve got “skin in the game” and you’re committed to working toward big goals. As the saying goes, “Those who pay, pay attention.” I’ve seen success for myself as both a mastermind member and a facilitator. Before I joined a mastermind group, I was doubting decisions, feeling directionless and doing a lot on my own. The connection, accountability and safety of a mastermind group is like fuel in your tank – no need to drive on fumes anymore. It propels you forward in a way that working by yourself cannot. It’s a monthly shot in the arm for your business and your personal life.
How do mastermind groups work? Each mastermind has a facilitator and roughly 6-8 people in the group. Some mastermind groups can be hundreds of people or as few as four. As a mastermind facilitator, I’ve found that six is an ideal number for my groups. It allows everyone to share each month and receive feedback from the group. Each member gets time to share successes, action items, issues and needs from the group. The facilitator’s job is to ask questions that prompt solutions and ideas, promote discussion within the group, and keep the agenda on track. The success of the group is dependent on everyone being engaged in the process.