I believe one of the most productive ways to grow your business fast is through joining a mastermind group.
Although most people are familiar with things like coaching or even group coaching, masterminding and being part of a mastermind group is still a fairly new concept to many.
So What is Masterminding / A Mastermind Group?
The idea of masterminding has been around for over 100 years but I first learned about the mastermind concept a couple of years ago through reading Napoleon Hill’s book Think and Grow Rich.
At its core, a mastermind group consists of anything between 2-50 individuals (but typically around 8-10 people) who meet on a regular basis. The group then combines the collective knowledge and experience of all these individuals with the core purpose to help each other succeed.
It is a place where you can surround yourself with people who you can learn from and who can help you build your business (and vice versa). Within these groups you can openly share obstacles and challenges in your business and then receive answers, feedback, support and encouragement from all the other members to help you move past these obstacles and challenges. It is also a perfect place to share and celebrate your successes – something that many solo-preneurs lack in their business – we often do not have people who understand and celebrate our business successes with us.
How Does a Mastermind Group Work?
The members of a mastermind meet regularly. This can be weekly, monthly, quarterly or yearly, depending on the group structure and needs. These meeting can be over the telephone or in-person.
A mastermind group can consist of only peers meeting regularly (typically free) or the group can have a leader who provides more structure and guidance (typically paid). Both types of groups are beneficial.
In my experience however, groups that offer the most benefit are paid groups since they have a leader / coach who can provide deeper training that is applicable to everyone in the group. Paid groups also have a clear advantage in that the members tend to participate much more in order to benefit from their investment.
How Can Masterminding Grow Your Business Faster?
Masterminding helps to spark new ideas on how to grow your business faster. This business growth usually happens when you hear yourself “think out loud” by sharing about what you do and growth also happens by listening to others where they either show you the way or just share about what happens in their own businesses.
Therefore, participating in a mastermind often gives you immediate results, because you leave each session with more wisdom, having a better perspective on your own business, feeling supported and being motivated to take bigger risks.
Your group also keeps you accountable and focused. This is something that we all could use more of in our businesses and our lives. Although it’s true that you can set your own goals and then try to keep yourself on track to achieve them, your commitment and desire to implement stuff is taken to a whole new level when you know someone else is also going to keep you accountable.
This added accountability is often the key to implement things faster – to not procrastinate on doing things. And we all know that when you take action on your goals and implement things, you get results. And with every result you get, you move closer to what you want to achieve in the end. So the faster you implement, the faster you grow and for me, that is one of the biggest benefit of a mastermind group.
Whether you are starting a new business or own a well-established business, you can benefit from the stimulating input that mastermind groups have to offer. When you surround yourself with other like-minded people who support you to reach your bigger goals, it becomes one of THE fastest ways to grow personally, and to grow your business. The saying of “two heads are better than one,” really comes into play during masterminding as it becomes easier to find solutions to overcoming the obstacles keeping your business from moving forward.
So, tell us in the comment box below what your thoughts are about mastermind groups. Have you ever joined a group and how did that work for you?
To Your Success!
