A mastermind is a peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members.(Wikipedia)
Have you ever thought about being in a mastermind? What about running a mastermind?
Being a part of a mastermind group is one of the most impactful things you can do for yourself, your career or business. It helps elevate you to greater levels of success because you are surrounded by people who are there for the same reason as you – to be better together.
The support, idea swapping and accountability are just the beginning. Life-long friendships are formed and bonds are created that support you long after the mastermind meeting has ended.
I’ve been a part of masterminds and can’t say enough good things about how God used them in my life. The people became lifelong friends. And the encouragement helped me do things; quite frankly, I would’ve given up way sooner without their support.
As a coach, I believe everyone needs to be in a mastermind because it offers brainstorming, accountability and propels you into your God-given calling.
Where did the concept of a mastermind begin?
Napoleon Hill wrote about masterminds in his book, The Law of Success and Think and Grow Rich. These books are considered the gold standard for entrepreneurs. In his books, Hill discussed the idea of the Mastermind, which referred to two or more people coming together in harmony to solve problems. (Wikipedia)
He says, “An understandable definition of the mastermind is this: It consists of two or more people who work in perfect harmony for the attainment of a definite purpose.”
His research showed that the world's most successful people were a part of a mastermind group. They took time to learn from each other, meet regularly, have conversations about a variety of topics and support one another.
In this post, I will share the key components of creating/running or being a part of a mastermind.
THE POWER OF A MASTERMIND
Accountability
A mastermind holds each member accountable in the most enjoyable way! One of the interesting things about humanity is that we don’t want to let others down, so accountability to keeping our word keeps us moving forward on our goals.
Feedback
When you get feedback from others who are going after the same goal or in similar areas of interest, their unique perspective provides priceless feedback. You are able to solve your problems faster than doing it on your own.
Network
There is no question that as you build trust and relationship with people, you will begin to form a network of like-minded people. You will have opportunities to grow and contribute in areas you didn’t have before.
Support
Sometimes the road you are on feels isolated … and being a part of a mastermind gives you a connection to others who may be facing similar challenges or have already gone through them. The encouragement you receive from these trusted confidants will help you to keep going and not give up.
HOW DO YOU FIND A MASTERMIND?
The first key to finding a mastermind is to decide what you want to get out of it. What is your goal for joining a mastermind? Is it to find community, get insight into a place you are stuck in your business or get more visibility? What size group is best for you? Is it a small intimate group of 10 or do you thrive in larger groups of 100? Look to your mentors or people you follow on social media that are doing things you want to do or are doing. Start to research and see if they offer a mastermind. Ask others if they recommend a mastermind that would meet your requirements and help you reach your goals. You can ask in Facebook groups, your peers, or do an internet search.
“Always associate yourself with people who are better than you.” Warren Buffett, Founder of Berkshire Hathaway
WHAT ARE THE BENEFITS OF CREATING A MASTERMIND?
If you are willing to lead a group of people in an area of expertise (you don’t need to have all the answers) then you could lead a kind of mastermind. Look for those that have similar questions, goals or interests. By surrounding yourself with others who are further along than you, you will be challenged to take your game to another level.
When you create and run a mastermind you are setting yourself up as the go-to person which opens doors for you to have more influence. But it also gives you the opportunity to reach more people and make an impact on the world in a positive way.
You provide a networking opportunity for those who are looking for connection by giving them access to each other.
Having a high touch point offer means you can also charge a higher dollar amount for members to join. But it also means you need to deliver a higher quality experience.
You can take applications and determine who is the best fit for your mastermind.
ELEMENTS OF A SUCCESSFUL MASTERMIND
Basic set up
An application process will make sure you can find those that are the right fit. Find people who are positive, like-minded, driven, motivated and hopeful.
Set a length of time the mastermind will meet. Is it weekly, twice a month, quarterly or yearly (at a weekend getaway)?
Determine how many people will be in the mastermind. For online masterminds, I recommend keeping it capped at 15 people. Make a list of people that you want to reach out to that will be a good fit.
Either virtual or in-person masterminds include a set amount of time per meeting. Depending on how often you meet you can do it between 1-3 hours. If you meet once a week on Zoom it maybe 1 hour once a week or twice a month. If you meet in person, you may choose a desirable location spot for a week or weekend. It can also be a mix of both.
Assign a leader and timekeeper for the group (if you aren’t leading it).
Set up mastermind rules so everyone has the right expectations. They can be as simple as being committed, provide support, attend gatherings or calls, etc.
A private Facebook group or Slack channel will give the mastermind members an opportunity for ongoing connection, encouragement, and support.
Determine a growth strategy, exit strategy and on-boarding for new members. This is important because it’s their first impression of how the mastermind will run. Make sure they feel the investment has been a good decision.
What to do in a mastermind
Hot Seat – This is where one person gets a set amount of time to present their challenge and others chime in with suggestions.
Group Training – You can bring in guest speakers or experts to train everyone on a specific topic or to meet a common need or goal
Accountability – Create space for members to share where they are on their goals determined at the last meeting.
Fun – If you are meeting on location you can also provide connection and relaxation time.
Resources – Provide a membership site to store content, PDFs, video training, guest speaker contributions, recommended resources, etc. as an ongoing library of support.
Bonuses – Host a monthly live Q&A or guest speaker on Zoom or in the Facebook group.
Brainstorming Sessions – Sessions can be around any element of the current business or to generate new ideas. (podcast name, opt-in’s, social media strategies, fitness program, monetizing products, etc.) Set some guidelines about how this time will run. For example, everyone should explain their current situation and what they’ve already tried. Then others can help brainstorm around that topic.
HOW TO FILL YOUR MASTERMIND
Know who the mastermind is for and be very specific so everyone can support one another. It’s often called “your avatar” or the details of the person you are serving. Are they male or female or both? What age are they? Where do they live? What are their hobbies? Where are they in their career? What problem are you trying to solve for them? What are their struggles?
Create a landing page on your website or through a program like Knowledge Broker Blueprint’s (KBB) Mindmint Software to share the benefits and features of the mastermind. Help them see if it is the right fit for them. You may want to engage a copywriter or designer to help you. It should have a button or form for people to sign up, schedule a call with you or apply.
Once you have the details set, its time to create the various elements to promote your group. Depending on where you are in your business it could involve various strategies (also shared in KBB): creating graphic design images and copy for social media, emails, videos, podcasts or blog posts. You could link your landing page to any of those elements to market it across various platforms.
If you are new, you may want to start with social media. Ask your friends to share on your behalf.
BUILDING TRUST AND VALUE
Members of a mastermind will create relationships with each other and the leader. They will naturally learn to support one another. As a leader, it’s your role to provide space for them to have access to you. But they will get so much value from the network and grow together. Finding a balance is key to a sustainable and growing mastermind.
Having a space like a Facebook group will provide an open door to you and each other. It helps to build trust when you know you can reach out and connect.
4 Pillars to a successful mastermind
Expectations – Setting clear expectations for the time meeting together and between meetings will help keep everyone on the same page. Making sure they are clear before they join will also allow you to filter those who are a good fit vs those who are not. Do they know what they are going to get out of a mastermind as well as what they are expected to contribute?
Trust – Being able to trust the members (and you) is the first step to success in your mastermind. Everyone needs to feel permission to be vulnerable and comfortable sharing their challenges. Knowing what is said there will stay there … and that ideas will not be stolen or shared is key to a successful mastermind.
Commitment – Keeping members consistently engaged will move the needle further, faster. In fact, when people are committed to attending the calls or being fully present in a live mastermind, they will see larger results in a shorter amount of time.
Encouragement – People will get stuck, frustrated and overwhelmed at times so being sensitive to where people are at and supporting them through it will keep people moving forward. Sometimes we need to focus on the mindset of the person to help them get results and not just problem solve. Set a tone in your leadership so people know how to give and receive constructive feedback.
MASTERMIND FORMAT
There are various strategies for masterminds as it depends on what you want to accomplish.
1. Start with an overview and welcome everyone for a few minutes. Set the expectations for the meeting, make introductions and clarify outcomes.
2. Set a sharing time limit per person. If doing introductions … 1-3 minutes per person is appropriate. Make sure everyone has time to share and receive feedback. Assign a timekeeper to give a 2-minute warning when time is almost up for each person.
3. Give each member a few minutes to share their current win since the last time you all met.
4. Member on the hot seat – This is an opportunity for one person to have the floor for a specific period of time. That member will share where they are currently struggling in their (business, goals, etc). The other members will give feedback and recommendations.
5. Accountability time can make up the entire time or a portion of it. This is the perfect opportunity for members to share their #1 goal. It includes the deadline they set and the plan to achieve the goal. Others can contribute their support.
6. Close and encourage them to continue the conversation in the Facebook group. Remind them of the next meeting.
MY PERSONAL RECOMMENDATION
If you want more training on how to build a healthy and successful mastermind, then I highly recommend getting on a call with me so we can put a plan together.
I can consult or coach with you to help you develop your mastermind with 1:1 sessions.
Send me a message and let's get started today!
