Wondering how to start a mastermind group? Everywhere you look, online influencers and educators are directing their audiences and followers to apply to their mastermind groups. This growing trend offers a new and exciting business opportunity for anyone running an online business.
If you’re an aspiring entrepreneur or freelancer interested in starting a mastermind group but don’t know where to begin, then you’re in luck. This article will provide you with all the necessary information. Within this post, we will lead you through 10 essential steps for establishing and sustaining a thriving mastermind group, offering suggestions on finding members, facilitating active discussions, and monetization. So, let’s dive in.
In this blog post, we’ll walk you through:
- What’s a mastermind group?
- Types of Mastermind groups
- Benefits of a mastermind group
- 10 steps to start a mastermind group
1. What’s a mastermind group?
A mastermind group is an organization of individuals who regularly exchange ideas, knowledge, and experiences to boost each other’s personal and professional growth. individuals in this group can come from diverse backgrounds, industries, and skill sets, but are united by common goals and objectives. Members provide advice, guidance, and constructive feedback to one another, while also gaining from the wisdom, insights, and perspectives of their peers.
The term “mastermind” was coined by Napoleon Hill in his book The Law of Success and this concept is later explained in detail in his next book Think and Grow Rich. The story behind it is that Hill was inspired by the power of collaboration and the impact that he believed it can have on personal and professional growth. He believed that by bringing together like-minded individuals who had a common goal and by pooling their collective knowledge and expertise, they could achieve greater success. Hill referred to this group of individuals as a “mastermind group,” and the concept has been widely adopted by the personal development and business communities ever since.
Much has changed alot since Hill first coined the term in 1928 but the methods are still applicable to this day. The world has gone digital. With the invention of the internet, people are now more connected than ever. It’s easier than ever before to start a group online, recruit like minded individuals and build with your community. Creators these days are using existing social media platforms like facebook or messaging apps like whatsapp and discord to organize their groups. New applications like Hawker are arising that are specifically tailored towards creating communities and mastermind groups and monetizing them.
2. Types of Mastermind groups:
Mastermind groups are usually categorized based on three things: structure, focus, and members. Some common types of mastermind groups include:
2.1. Professional Mastermind:
These groups consist of professionals in similar industries who come together to discuss business-related topics and offer support and advice. An example of this would be a group of stock investors coming together to discuss the current trends in the market.
2.2. Personal Development Mastermind:
This type of mastermind group focuses on personal growth and self-improvement. Members come together to share their experiences and support one another in achieving their personal goals. An example of this would be a group of individuals who want to become better public speakers and work together at doing so.
2.3. Entrepreneur Mastermind:
Entrepreneurial-focused mastermind groups bring together individuals who are starting or growing their own businesses. Members can discuss challenges, share insights, and offer support to one another. Dan Sullivan’s “10X Ambition Program” is a prime example of an entrepreneurial mastermind group. Designed for startups seeking growth and expansion, Sullivan focuses on building a self-multiplying company. If you have found success in product-market fit and have a clear vision for the next 2-3 years, joining this program could take you to the next level and beyond your startup phase.
As a member, you will have exclusive access to the renowned coach himself. Four times a year, participants attend a one-day boot camp with Sullivan and the following day, receive guidance from a program advisor to establish quarterly goals and objectives.
2.4. Niche Mastermind:
These groups focus on a specific niche, such as real estate, technology, or marketing. Members come together to discuss industry-specific topics and offer support to one another.
3. Benefits of a mastermind group!
- A mastermind group allows people with similar goals and interests to connect and collaborate.
- Members can bring their challenges and issues to the group, and the group can work together to find solutions.
- Members can learn from one another and benefit from the collective knowledge and expertise of the group.
- Members can motivate and inspire others to reach their goals and keep each other accountable.
- Being part of a mastermind group can help boost confidence and self-esteem, as members support and encourage one another.
- Members can gain new perspectives and ideas by discussing and sharing their experiences.
- Mastermind groups can lead to new business opportunities, as members can refer clients and work together on projects.
- Members can grow personally and professionally through the experience of participating in a mastermind group.
4. 10 steps to start a mastermind group:
Step 1: Define the Purpose of the Group
The first step in determining the purpose of your Mastermind Group is to understand what you want to achieve. Are you looking to network with other like-minded individuals, find support and encouragement, or exchange ideas and strategies? Knowing the purpose of your group will help you identify the right people to join, and set you on the right track towards success. In order to define the purpose of a mastermind group, it is important to consider the goals and objectives of the individual members. This could include anything from personal development goals, such as improving public speaking skills or overcoming fear of failure, to professional goals, such as starting a new business or advancing in their careers.
Step 2: Set Clear Objectives
Once you have determined the purpose of your group, it’s time to set clear objectives. For example, if you are creating a Mastermind Group to help you earn a living as a full time freelancer, your objectives might be to:
- Network with other freelancers in your field
- Learn best practices and benefit from collective knowledge
- Share your business challenges and get additional opinions
- Learn new strategies for setting up and growing your business
- Develop new relationships that can help you get refferals
Also, make sure your objectives align with your purpose. It’s important that your objectives align with the purpose of your Mastermind Group. If your purpose is to network with other like-minded individuals, then your objectives should reflect that. If your purpose is to find support and encouragement, then your objectives should reflect that as well.
Step 3: Choose a platform:
Choose a platform that is easy to use, intuitive, and has a user-friendly interface. It’s important at this time to think about what features you need in the platform that will be hosting your mastermind group. For instance, if most of your members are constantly on the go and require a mobile friendly platform with minimal features, then WhatsApp will probably be your best bet due to ease of use. If you intend to scale your group to a wide audience and hire moderators in the future, then you should pick a platform with built in monetization tools to help pay for these costs. Platforms like Hawker, have built in monetization tools that allow you to charge your members a monthly fee to gain access to certain private channels.
Step 4: Find Members:
Start by reaching out to people you know who are interested in the same area as you. Look for people who share your goals and values and are committed to helping each other grow. You can also use social media, online forums, and professional associations to find potential members. Find members who:
- Have similar goals and interests to ensure that everyone is aligned and can contribute to the group’s objectives.
- Have Different perspectives, skills, and expertise to bring new ideas to the table.
- Have a positive and supportive attitude.
- Are available and committed to participating in regular meetings and discussions.
- Are respectful and willing to listen and consider the opinions of others.
- Are professional in their approach and conduct themselves in a manner that is respectful and appropriate for the group.
Step 5: Establish Ground Rules:
Establish clear guidelines for your group to follow. This includes rules for attendance, participation, confidentiality, and communication. Having clear ground rules will help to build trust and foster a positive group dynamic. Some common ground rules that you can set for your mastermind group are:
- All information shared within the group should remain confidential and not be disclosed outside of the group.
- Members should be committed to actively participating in the group and contributing to discussions.
- Members should communicate in a respectful and supportive manner, avoiding criticism or negativity.
- Members should approach discussions with an open mind and be willing to consider new ideas and perspectives.
- Members should be punctual and respect the time allocated for meetings, avoiding distractions.
Step 6: Schedule Meetings:
Decide on the frequency and length of your meetings, and stick to your schedule. Consistency is key to building momentum and keeping your group focused. When forming a mastermind group, it’s important to consider the nature of your meetings. With limited time each month, it’s crucial to make the most of it and ensure that everyone gets a chance to contribute.
To achieve this, have a clear meeting structure and communicate it to all members. Consider assigning different members to present their problems for the group’s feedback, or allow each member to share their challenges or insights. Additionally, you can set aside time for goal-setting and accountability, ensuring that everyone leaves each meeting with actionable steps to work towards. By having a structured approach, your meetings will be more productive and valuable to all members.
Step 7: Set an Agenda:
Before each meeting, set an agenda and send it out to your members. This will help keep the meeting focused and ensure everyone is prepared. When setting an agenda include the following things.
- Set a clear purpose of the meeting so that everyone knows what to expect and what the outcome of the meeting will be.
- Brainstorm with the group members and list out the key topics that will be covered during the meeting.
- If needed, assign a specific time frame to each topic so that everyone knows how much time will be devoted to each discussion.
- At the end of the discussion, ensure that clear action items are assigned to your group members.
Step 8: Encourage Active Participation:
Encourage all members to participate and share their thoughts, ideas, and experiences. This will create a sense of community and help everyone learn from each other. Here are some ways by which you can foster active participation in your mastermind group.
- Encourage open communication and ensure that every member feels comfortable speaking up.
- Use brainstorming, role-playing, or problem-solving exercises to keep members engaged.
- Clearly outline the objectives of each meeting and the expected outcome.
- Encourage members to ask questions and provide feedback during the meeting, share their experiences and knowledge, and actively engage in group discussions.
- Recognize the contributions of each member and provide incentives to encourage their continued participation.
- Encourage members to work together and collaborate to solve problems, find solutions and connect outside of the meeting and build relationships.
Step 9: Create a System for Feedback:
Encourage members to provide constructive feedback and suggestions to each other. This will help everyone grow and achieve their goals faster. You can gather feedback by:
- Sending out surveys to members to gather their feedback on the group’s functioning and their individual experiences.
- Holding periodic open discussions in the group where members can voice their opinions and provide feedback on the group’s effectiveness.
- Setting up individual meetings with group members to gather their feedback
- Creating a digital feedback form that members can fill out anonymously
- Setting up a rating system where members can rate their satisfaction with the group
Step 10: Encourage Accountability & Evaluate Progress:
Hold members accountable for their goals and progress. Encourage members to set achievable goals and track their progress, and offer support and guidance along the way. Regularly evaluate the progress of your mastermind group and make changes as needed. This will help ensure that your group is on track and achieving its goals. Do this by leading by example. Show your commitment and be an example of accountability and participation for the rest of the group. Motivate members to work together to make decisions, rather than relying on a single leader to dictate.
In conclusion, starting a mastermind group can be a great way to connect with like-minded individuals and achieve your goals. You can easily start a group for free and harness the power of collaboration and support from like-minded individuals. So go ahead, take the leap, and experience the benefits of a mastermind group for yourself!