Entrepreneurship
How to Start the Mastermind Group You Need
9 steps to take initiative and reach your business goals
When I started my own business, I heard a lot about mastermind groups. Everybody talked about them with such reverence that I dismissed them as elusive and magical gatherings only used by start-ups or “serious business people”. Certainly they didn’t apply to me.
Eventually, though, I gave into the temptation. And you know what? This is me, now, eating my words.
Since I created my own mastermind group, three months ago today, I’ve made 10x last year’s earnings.
And the year is only half over.
I caveat this by saying it wasn’t the joining of a group, but rather the follow-through of accountability and hard work that got me there — but the group forced me to take the time necessary to focus on my business.
When is the last time you set aside specific time to build your business? And how often do you check in on that progress?
A mastermind group might be the factor that takes you from running a side hustle to finally being able to ditch your dream job. Isn’t that worth exploring?
What is a mastermind group specifically? It’s a group of like-minded business owners who meet regularly to push themselves and each other to meet their business goals. It’s a form of accountability, a support group for business owners, a brainstorming session, and a great resource.
Can’t find a group that suits your needs? I built the kind of group I needed, and you can, too.
Here are the 9 steps I followed to build the support I needed to improve my business, earn 10x the profit, and grow as a business owner.
1. Decide on the structure you need
Will you meet monthly, weekly, or somewhere in-between?
Your sessions should be far enough apart that you can make progress toward your goals, but frequent enough to keep you on task.
How long should the group last? One year? A few months? Set a specific timeframe to start off with a finite goal in mind so you know when you’ve reached it.
What is the structure of each meeting? Your time, and the time of every participant is precious — especially when you’re trying to build a business. The length of time for a group meeting matters just as much as the frequency. My group meets monthly for one hour. So far, we’ve been able to accomplish what we set out to with that amount of time. Other groups meet more frequently for less time, and some meet monthly for four hours.
How will you rotate the “hot seat”? Even though groups should be small, from three to eight people, the meeting time should provide for at least one brainstorming session. It’s a chance to air challenges, and for the group to brainstorm to help resolve those issues. Every member should get a chance to have this benefit, so set a reasonable time and rotate through every member.
Brainstorming ideas and providing valuable insight take time, so make sure the meeting is long enough to accommodate. If participants feel rushed, they may not put as much effort into those brainstorming sessions and everybody will miss out on one of the biggest benefits of a mastermind group: the collective insight.
Once you have an idea of the type of group you’d like to run, it’s time to build that group.
2. Identify the types of members you need
For a mastermind group to work well, the people participating should have shared knowledge on some level, diversity of experience, and similar goals.
Do you want entrepreneurs of any type, or is it important to you to have industry insight? What level of business development should each person have, or does it matter?
How experienced should these people be in the skill itself, versus running a business?
Since I wanted hyper-focused business growth, I chose participants who had similar goals, who worked in the same industry but were not competition, and who had specialized training and experience.
Does your industry have certifications or accepted standards? If so, do you need to work with others to get through that process, or are you more advanced in your career? Recognize where you are in that process, and build your group to fit those needs.
Finally, you’ll want participants to be noncompetitive.
This is important. To feel comfortable sharing business “secrets” or fears, you’ll rest a lot easier knowing these people are not your direct competition.
The editors I chose for my mastermind group work in genres very different from my own and do not compete against each other for the same authors. We trust each other and speak freely.
3. Decide whether to pay into the group
Some mastermind groups use an entry fee, which is forfeited if members leave earlier than the goal date. I chose not to include this, but some people do find success with paid groups. It’s the whole “you get what you pay for” motivation, if you need it.
If a paid group is something that intrigues you, I recommend looking into Dorie Clark’s book, Entrepreneurial You, (no, I don’t get anything recommending this, I just found it to be a great resource), along with other business resources on how to start such a group.
4. Find members
Contact people you know who fit your group’s needs and ask if they’re interested in committing to focusing on their business for a year (or six months, etc).
Professional organizations are an excellent place to find members. While I was attending in industry-specific conference, I took a chance and posted in the general forum that I was looking for people interested in forming a mastermind group, and I listed the specifics.
Funnily enough, later that day the forum exploded with talk of mastermind groups — one of the presenters spoke about how helpful they could be and everybody was eager to give one a try. Despite the excitement, I held fast to the specific requirements I needed, and I found people who are a great fit.
To this point, don’t be afraid to vet potential participants.
This is a big committment. If you’ve identified what will work, and someone who is interested doesn’t fit with the overall group goals, it’s OK to politely decline. The more focused the goals and intentions of every group member, be more beneficial the group will be to everybody.
5. Set ground rules
Figure out where to be flexible, and where to stick to your guns on issues such as attendance, participation, acceptable behavior, and the level of formality.
Let members have a say on some of these bylaws. It will give them buy-in, and they may bring up some great recommendations you might have missed.
One rule I highly encourage is an agreement to confidentiality. This is where the noncompetitive nature of this group comes in.
It is incredibly freeing to know all members agree to keep your involvement and your business’s secret struggles, well, secret. Rather than try to save face, or find euphemisms for what’s going on, I know I can air my dirty laundry to this group and get advice on how to clean it up.
None of your leads converting to clients? Show your fellow mastermind members your communications with those leads and they’ll likely identify where things went wrong — so you can make them right.
Confidentiality means you can talk money, talk real frustrations, and talk big, ugly fears, and know you don’t have to come up with the solution all on your own.
6. Establish communications
Determine how you will meet for your mastermind group: In person? By video? By phone?
Video meetups make it easy to stay on schedule, and it really does make a difference to see each other’s faces regularly.
In addition to how you’ll communicate during the meetings themselves, what about communication outside that sacred time slot? How will you manage mid-month check-ins, agenda distribution, random questions, etc?
A messaging app can be a great help. We use one that allows different topic threads so we can keep our discussions from getting confused. Some groups may not have as much out-of-session communication, but for us it’s an incredible resource to be able to bounce ideas off each other in real time.
7. Send a welcome letter/packet and include the set ground rules
This way everybody is on the same page from the start.
It doesn’t have to be fancy, it just has to have the basics: who is participating, how often you’ll meet and for how long, what to expect, and how you’ll communicate.
8. Time management
Once you’ve set everything up and hold your first meeting, honor that time.
Use a stopwatch and do not waste a minute. All of you agreed to set aside that time block, and if the meeting frequently goes over time, some participants might not be able to continue.
Additionally, a timer keeps the meeting focused, to ensure everybody has equal chance to talk, and a chance at equal benefit from the group.
9. Keep your ego in check
It can be hard to hear where you’re going wrong. Constructive feedback sometimes stings. And admitting you don’t know something can make you feel vulnerable. Take it all in stride.
If all members go in with an open mind and the intent to build each other up, not tear each other down, you’ll all come out better in the end.
That’s it! That’s how I set up my own mastermind group. Mostly, you have to determine what sort of group will fit your goals, and then go for it.
Commit to improving your business by dedicating regular time to focus on your business itself, and not just the billable work. You may find improvements beyond your intial goals.
Things I didn’t expect from starting my own mastermind group:
- Consistent focus is everything
- These people become friends
- I was capable of faster growth than I knew
- I am now proselytizing mastermind groups like all those other “business-minded” people
I could be embarassed to be eating my words like this, but I’m too happy with my results to care. I’m a believer. And I cannot wait to see what the rest of this year brings.
So if you can’t find a group to join, start your own. It will likely be worth it!
