Like too many entrepreneurs, I tried to build my first “real” business as a lone wolf. I wore all the hats and never asked for help.
“Let me just teach myself video editing real quick instead of paying this freelancer 100 bucks.”
Then I attended Tony Robbins’ Business Mastery, a five-day odyssey—what I can only describe as an MBA through a firehose. What Tony said on day one flipped a switch in me:
“The secret to wealth and happiness is to become a team player.”
A-ha! Tony pointed out that every successful entrepreneur in history had help.
I took that to heart and on the final day of the event I joined forces with four other business owners to form a mastermind group.
That was two years ago and our dream team still meets like clockwork every two weeks. Each of our businesses have grown. We’re more productive, and I think happier—in my case, wildly so.
To me, there are four main reasons to grow your business with a mastermind group, which I get into below. But first...
What is a Mastermind Group?
A “mastermind group” is a term coined by Napoleon Hill: any group of two or more people who come together for a common purpose, one that's clearly defined, like advancing your career or building a business.
Typically, the group meets weekly, every other week, or monthly and each member gets a set time (10 to 20 minutes) on the hot seat where they are the focus of discussion.
During that time the member is encouraged to share a bit about what’s going on in his or her life, especially challenges and goals.
Then, the mastermind members, acting as a hive mind, bring to bear solutions, encouragement, and whatever is needed to turn each member into a super ninja warrior of achievement and fulfillment.
It’s a profound experience, if you’ve never had the pleasure.
4 Advantages of a Mastermind Group
I’ve enjoyed a laundry list of benefits from my own mastermind group, which all fall into four categories:
A mastermind group is a business owner’s personal brainstorming machine. It's a group of like-minded people that act as a hive mind for YOU.
It's a place to crowdsource solutions and create a plan for growing your sales.
I've been part of a mastermind for two years and without it I never would have thought to create an online course, try new marketing, or rebrand my website.
In ours we trade best practices on sales, marketing, and lead gen and I've learned a bunch of new practical skills like how to set up a customer relationship management (CRM) system and hire a sales rep.
"Two heads are definitely better than one and by brainstorming as a team and sourcing ideas from each other, you have a better chance of coming up with a strategy that will allow your business to overcome a setback or challenge." —Richard Branson
My peers and I help each other set clear goals and create a fire inside of us to go after them.
In my case the biggest benefit has been clarity on why I'm in business and what I want out of life. I have a clear vision that I’m executing on every day.
My mastermind has helped me ruthlessly prioritize my life, which helped me recently exit one of my businesses to redirect that energy into my coaching work, which is now thriving.
Advantage 1: Ideas
When you join a mastermind group you expand your network four or five times and you can leverage each other's contacts.
A mastermind gives you access to new, reliable freelancers and new software tools.
And in any mastermind based on trust you'll be introduced to new clients, which means cash in the door.
“Your network is your net worth.” —Tim Sanders
Being part of a hive mind like this, you have a significant advantage over business owners who struggle alone.
I've been part of a business mastermind for the last two years and my peers have sent me not just new clients but invaluable resources.
For example, one of my group members recently paid $10k for marketing training, and was able to share some lessons with me, at no cost to myself. What I learned revolutionized my marketing.
I would not be connected to (or even know about!) these invaluable resources if not for my exceptional mastermind peers.
Advantage 2: Connections
In my own mastermind my peers have been a huge source of mental and emotional support.
They give me clarity on my challenges and mental blocks so I can go past them.
When I have a dark night of the soul, my mastermind is there to set my head straight. And when any member falls down, we help them get back up fast.
“You are the average of the five people you spend the most time with.” —Jim Rohn
Think about it: teams generally run circles around individuals. In a mastermind you also get accountability and motivation—a structure that helps you stay on track.
Do you struggle with procrastination? Not as part of a mastermind.
Or maybe you're comfortable in your business—a dangerous place to be. The mastermind will help you set new, exciting goals, and keep your energy high.
Advantage 3: Support
It's not unrealistic to grow your business 50% inside a mastermind in one year, or even 2x, 3x, 5x your sales.
Masterminds deliver results because they help you set clear goals AND stay on track.
You'll reach new audiences through your expanded network, and that means new leads, clients, and sales.
You'll get unstuck, and push past those insidious comfort zones.
In a great mastermind you'll enjoy work and life more because you'll make more of an impact, and SERVE more clients.
For example, a man in my mastermind recently lost a major client, but we were able to help him focus on moving forward, and he signed several new clients for revenue far greater than what he lost. He's on track for his best year yet.
I credit my own results in large part to these mastermind meetings every two weeks.
Advantage 4: Results!
Should You Pay to be in a Mastermind Group?
All you need to start a mastermind group is your own dedication and the willingness of one single friend.
I’ve started several groups where money did not change hands and three of the four fizzled out quickly. Why?
As with most things in life, you typically get what you pay for. The benefit of being in a paid mastermind is that you know that every member in the group is serious about showing up and doing the work, which is rarely the case in free masterminds.
Plus, a paid mastermind often includes a strong facilitator to help the group achieve escape velocity and create tangible value (I have OWNED that role).
Paid groups usually take steps to screen members and ensure that everyone is compatible.
There are no shortage of paid masterminds you can join. They range in price from $500 to $100,000 annually.
The price tag of the mastermind will tell you a bit about the membership. If you’re just starting out you probably don’t need to shell out thousands of dollars a month to be around business owners doing $10 million in annual revenue—you won’t relate to their challenges.
It’s best to do your homework before getting into a paid mastermind, but look for one that feels right and stretches the comfort zone of your budget juuust enough.
Stop struggling alone like most entrepreneurs. A mastermind group is the ultimate mentorship, where you’ll grow much faster than you would alone. Find yourself one to join now.