The Do’s and Don’ts of Business Masterminds

Here’s a real truth: I would not be where I am today in my business without my mastermind group.  Being a part of a real mastermind group with other business owners, all focused on success, made a world of difference in my journey.  I can honestly say that being a part of a great mastermind has been one of the “secrets” of my success.

I remember a few years ago, I was in the middle of promoting my first program as an affiliate (and I had no idea what I was doing). I was a few days out from hosting a webinar about it when one of my fellow mastermind members shared a great idea for the topic and how to position the offer in a real, authentic way.

It was so impactful that I ended up being one of the top 5 affiliates in the whole launch! I sold 10 times more programs than I had hoped to when I originally set my goal for the promotion.

That is just one of the many examples that come to mind when I think about how my mastermind has helped me to grow my businesses.

But, as I mentioned in my last article, not all masterminds are created equal.

That’s why I thought it would be useful to put together a list of DOs and DONT’s when it comes to joining or participating in your first business mastermind — so that you can be sure to get the best experience possible.

If you’re finding yourself intrigued by the possibility of what a mastermind can do for you, download this Mastermind Mindset Worksheet to get in the right headspace to get great results from being part of a group.

I’ve pulled it straight out of the amazing “starter pack” that I give all of my Business Class members before they join one of our mastermind groups.

Not part of a mastermind yet? Keep your eyes peeled in your inbox, I’ve got some exciting news heading your way next week.

DO try a peer-led mastermind.

Although there are benefits of being part of an expert led mastermind, it is not the only option. I’m a big fan of finding a group of peers to form a mastermind with (see below).

It is extremely popular right now for coaches of all sorts to offer paid “mastermind” groups. And while I’m certain that some of the content in those groups is good and valuable — it is not a true mastermind; it’s group coaching.

There’s nothing inherently wrong with group coaching, but it’s a completely different experience from a true mastermind group, so be very clear on what you’re getting before you invest in one of those groups.

DON’T join an industry-specific group.

While there may be some benefit to belonging to a group of all copywriters, or jewelry makers, or health coaches, I believe you will get a lot more value if your first and main mastermind include people from other industries.

We all have a tendency to get stuck in our own echo chambers; we read the same books, follow the same experts, and link to the same websites as everyone else in our industry. This can create a sea of noise and sameness that makes it difficult to stand out for your potential customers.

But when we surround ourselves with smart business owners from other industries, suddenly we’re tuned in to what they are saying, doing, linking to, quoting, etc. We’re exposed to an entirely different perspective on business.  And this can only be good in helping us stand out in our own industry.

I’ve seen it over and over again: what’s commonplace for marketing in one industry is novel and unique in another. And when you open yourself to the possibilities of what other industries have to teach you, you create the potential to synthesize something entirely new that your customers haven’t seen a hundred times before.

DO follow a strategic structure in your mastermind.

Just getting a group of entrepreneurs together to talk does not a mastermind make.

An effective mastermind follows a strategic structure — a bit like Robert’s rules of order, but less stuffy! — to ensure that the time is used wisely and appropriately.

If you ever worked in corporate, you know the drudgery of a pointless meeting. People talking over one another, no one in charge, nothing gets decided….

On the other hand, when you’re hanging out with a group of people you like, it’s just as easy to start talking about something totally unrelated, and before you know it, an hour has passed and you haven’t made any real progress….

I’ve taken my years of experience of being in a mastermind to create the format used in the Business Class masterminds (which includes how often to meet, for how long, what to talk about, etc.). I even provide worksheets for every call.

This ensures that the meetings are productive and supportive for everyone involved.

DON’T join a group that’s way out of your league (or you’re out of their league).

While it might be tempting to want to join a mastermind of people who are already earning seven figures with their biz when you’re just starting out, I find it’s much better to find a group of people at the same level of business as you are.

This is because there are different strategies that work at different levels of business.  For example, I always tell people not to try to bring in affiliates for a program until you’ve successfully launched it two or three times. Earlier than that and you could be setting everyone up for failure — and burning business bridges you can’t afford to burn!

Regardless of industry, there are common struggles and situations that you want people in your group to relate to/have experience with.  If you’re too far ahead of the rest of your group, you’ll spend all your time “teaching” from your experience, instead of getting the help you need.  Likewise, if you’re too far behind the rest of the group, they may be talking about struggles and solutions that aren’t appropriate for your business.

You want to find the Goldilocks group that fits juuuuuust right.

DO look for a group that offers outside support.

One thing I noticed right away when I started participating in and running my own masterminds is that they are a LOT of work.  Especially when you’re just starting out, it can be really daunting. Unless someone in your group steps up to be the leader — or you have an uncommonly diligent set of people to share the work — things can get missed and fall by the wayside.

There are lots of logistics involved in running and maintaining a mastermind. People leave, and you need to fill their spots. There are issues of timing and structure and scheduling. That’s why my team is so valuable in making sure each group has the resources they need.

For example, in Business Class we have access to tons of applicants if someone in your group leaves/isn’t the right fit, or if you want to be placed in another group. Whereas if you’re going it alone, you might have trouble finding people to fill a vacancy or finding a group that has that Goldilocks fit.

No matter what kind of mastermind you decide to join or where you find the group, I want you to be sure it ticks all the right boxes to make it the most powerful experience possible for you. Take a moment and click here to download my Mastermind Mindset Worksheet to discover if YOU are ready to take the plunge and join a business mastermind!


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