There are plenty of perks to working for yourself. The freedom and flexibility means that you can work anywhere and anytime, and there are no bosses to pander to, office dynamics to juggle, or tired meetings to sit through. The downside is that you miss out on the opportunity to get together with like minded business owners to brainstorm problems and ideas you maybe having and ultimately this may put the breaks on you growing your business at the pace you want.
The solution to this is to join or create a business mastermind group. Getting together and brainstorming with colleagues creates a shortcut to business success, helps you from feeling lonely and it’s great to be surrounded by like minded people
So What is a Business Mastermind Group?
In a nutshell, a business mastermind group are a group of entrepreneurs and business owners who are at a similar stage of business or are working towards similar goals. Business mastermind groups core philosophy is that you benefit from the collective wisdom, experience, skills, and network of everybody in the group.
How does a Business Mastermind Group work?
Business mastermind groups are regularly scheduled meetings which are ran via an online platform like Zoom or Skype or in person. During these meetings, each person in the group will have the chance to discuss what’s going well in their business, but will also have time allocated for each business owner to discuss challenges they are facing, feedback they need and to get strategic support and direction from the other members involved in the business mastermind group.
Benefits of a Business Mastermind Group
There are numerous benefits of having a business mastermind group, but here are my top picks:
Benefit #1 – Networking
Meeting up with those who have businesses that complement your own can be a great networking opportunity. You want to make sure that everyone in the group can add value. Try to pick the group members so that they each have their own niche expertise and are at different stages of their business journey. This will ensure that there is a wide range of knowledge at the table and multiple social circles so that you can all pool your contacts and expand your network.
Benefit #2 – They won’t hold back on hard truths
While friends and family can be great sounding boards for ideas, they often hold back when it comes to what they really think. If your mastermind group is built on respect and constructive criticism, you will immediately know if you have brought up a bad idea. This is extremely valuable when it comes to growing a business. Many strategies you enact will be a test of trial and error, and if someone in your group has already tested a strategy and it didn’t work out you can save yourself a lot of time and headaches with that information.
Benefit #3 – They will support your wins and commiserate your losses
In small business there are constant wins and losses that often go uncelebrated or unprocessed due to nobody being around when they happen. Having a mastermind group means that you can share all of those little wins and setbacks with your group and get valuable praise and feedback. Too often we just keep going along without acknowledging our progress, which results in us feeling stagnant. When you share your wins you acknowledge your growth you become aware of the progress you have made.
Benefit #4 – You are not alone
One of the most valuable things about being part of a business mastermind group is that you are reminded that you are not alone. When you are working from home or by yourself it can sometimes feel as if the world is on your shoulders and there is nobody there to ask for help. If you have a group you trust and can rely on for feedback and support you will never feel alone in business.
Who Leads a Business Mastermind Group?
In my experience, business mastermind groups are often ran by a business coach or a business mentor who has been in the business world for sometime, has sound business information to provide the group and is also good at facilitating meetings in order to keep the group dynamic on track.
How Much Does a Business Mastermind Group Cost?
The cost for a business mastermind really depends on what stage of business you are at. For example, there are a variety of mastermind groups you can join for free, but these mastermind groups are typically not organised, have no leadership and is more a networking group vs the true essence of a business mastermind group.
The other side to this, is that some business mastermind groups can cost anywhere up to $20,000 for six months. I’m a firm believer you pay for what you get. You go free – you won’t get much, but if you choose a higher ticket mastermind most businesses will get a tenfold in this investment. Why? Because it’s not just about what you learn, but who you surround yourself with and the connection you make.
Investing in yourself and your business is what is often needed in order for businesses to go from a hobby to a business empire.
Before joining a mastermind, remember to do your homework. Ask to speak with other people who are already in the mastermind. This is an investment and you want to make sure you invest accordingly.
As a business coach, being in a business mastermind group has been key to my growth and success and I would suspect it would be the same for your business too.
If you have no idea where to start looking for a business mastermind group, I suggest you head to Facebook Group: Australian Business Collaborative
Have an awesome day,