What is a Business Mastermind?
Being part of a supportive business mastermind group can really help you grow your business more quickly than working alone, and often makes the journey of being in business more enjoyable.
Keep reading to find out more, or watch this short video:
What is a Business Mastermind Group?
Business mastermind groups are usually a group of business owners and entrepreneurs who are at a similar stage of business or are working towards similar goals. At the core of how masterminds work is the philosophy that you benefit from the collective wisdom, experience, skills, and network of everybody in the group.
How do Business Mastermind Groups work?
Groups come together for regular meetings, providing support to one another and helping each other achieve their business goals. In a typical meeting, each person spends time in the spotlight, where they get the opportunity to share the progress that they have made since the last meeting. There is also usually time allocated for everyone to have time in the spotlight: the opportunity to share challenges you’re facing, ideas you want to discuss or to ask for advice. At this point, everybody else is invited to share their ideas with you.
Who leads a Business Mastermind group?
Business mastermind groups are quite often led by a business mentor or a business coach. You can also create your own Business Mastermind group. Mastermind groups work best when they are lead by someone in the group who is good at facilitating meetings.
How much do they cost?
This really depends on the what stage of business you are at and what type of group you want to join. They can be free (where you partner with others to create your own group) or can cost anywhere up to £10,000 a month.
I’d suggest you only consider joining one as an investment rather than a cost. As a member of one of my groups recently said, the return she gets is at least tenfold. I agree I’ve usually had a great return on my membership of the groups I’ve been part of – in terms of money, support, product development, my personal development and avoiding making costly business mistakes. Business Masterminds are generally only a cost if you join one that doesn’t meet your needs properly or you don’t fully commit to the experience.
Joining a mastermind group is only worthwhile if you’re fully committed to making it an investment from the start:
- Committing to attend most meetings.
- Getting to know and being supportive of others in the group.
- Doing what you have said you’ll do between meetings
- Coming prepared with feedback.
Before deciding whether to join a mastermind group it’s worthwhile getting clear on what you want from this type of support and then research which group will be the most suitable for you e.g. doing a google search or asking colleagues. Start approaching people you know already who run or are in mastermind groups for recommendations and to find out how they could help you.
Investing in yourself could be one of the best decisions you could make. By contrast, not getting the support you need to grow your business could cost you more than just your business.
If you have any questions, please do share these plus any comments you’d like to add below.
Often described as one of the most authentic and inspiring souls you can meet, Alisoun is on a mission to empower business owners and entrepreneurs to grow fulfilling profitable businesses that make a difference in the world.
Alisoun’s keynote talks, training, mentoring, and best-selling books Give-to-Profit: How to Grow Your Business by Supporting Charities and Social Causes and Heartatude: The 9 Principles of Heart-Centered Success have favorably changed the good fortune of thousands of people worldwide. She loves doing humanitarian work, fundraising and living by the beach in Scotland.
Alisoun is also the founder of a business training academy and has written the following free resources:
- Ebook: 101 Ways To Attract Great Clients, With Heart, Integrity & Social Impact (click here)
- Ebook: 52 Ways to Raise Funds for Charities and Social Causes Through Your Business (click here)
- Ebook: The 9 Secrets to Signing Up Clients Without Selling (click here)
- The Online Course Creator Checklist – download here.
You can connect with Alisoun here: