What exactly is a mastermind group? A mastermind group is a place to learn, teach, receive and give support, and brainstorm. The members of the group also provide accountability to each other. They often have weekly or monthly meetings.
A mastermind group might consist of loan brokers, owners of ISO's, executives at different funding companies or others who have similar goals to each other.
Consider these benefits of a mastermind group:
1. New ideas. Two heads are better than one. Ten heads can be even better. If you need help finding a solution to a challenge, a mastermind group can be a great help.
◦ You can also learn from each other. Everyone in the group has something to teach the other members.
2. Support. Do you need emotional support or encouragement? Do you need an expert to help you with something? A mastermind group can provide that, too.
3. Access to new partners. Maybe you need a business partner or a loan. Maybe you’re looking for a play dates or help with homeschooling your child. Mastermind groups often have members that are looking for opportunities.
4. Social circle of like-minded people. Many of your mastermind group’s members will be just like you. You all have a lot in common. You can add significantly to your social circle by joining or starting a group.
5. A new level of thinking. A mastermind group can expose you to others that have achieved much more than you have. All of a sudden, your goals might seem a little small and conservative. You’ll strive for greater levels of success when you’re part of a mastermind group.
6. Accountability. Everyone in the group knows what you’re working on. They’ll hold you to your plans.
There are many mastermind groups already in existence. You might be able to find one online. Take a look around and see if there’s a group that meets your needs.
If you can’t find a group, you can start one!
Creating a Mastermind Group
These tips will help you get started:
1. Decide on the topic and purpose. When you advertise or contact prospective members, it needs to be clear what type of person you’re looking for. Is your mastermind group for internet marketers or stay at home dads? What are you hoping to accomplish with the group?
2. Seek out members. They should have something to offer and should receive benefits from being part of the group.
◦ Be picky. Your mastermind doesn’t have to be big. Focus on quality over quantity. Seek to build a high-quality group with high-quality members.
◦ Look for people with different skills. The members should be similar, but not clones of each other. For example, your group might be focused on real estate investing. It would be nice to have a builder, a banker, and a broker in the group.
◦ Members should have similar levels of commitment. Try to ensure that everyone has the same level of drive as you do. A group with both super serious and very casual members will be dysfunctional.
3. Determine the frequency and format of meetings. How often will you meet? How will the meetings be conducted? Will one person run the meeting? Will it be the same person each time? These details should be decided by all the members.
4. Expect everyone to contribute. People shouldn’t be allowed to just gain a benefit from the meetings. They should be expected to provide value to others, too. Give everyone a chance to speak.
Attend a mastermind group. Most are happy to allow prospective members to sit in on a meeting. Try as many groups as you can find that fit your needs. In the end, you might have to start your own group.
A mastermind group can greatly speed up your progress, regardless of your objective. Get started with one today!