How Mastermind Groups Saved My Business

 

Want to know one of the best ways to get ahead of your competition?

 

Hang out with them. 

 

I’m not talking about stealing intellectual property. I am talking about meeting like minded business owners in a respected space that offers solutions to complex challenges and innovative strategies to scale your business. 

 

Sounds dreamy, right?

 

Enter mastermind groups. You know I love ‘em. So much so that I regularly attend masterminds with authors who I admire. I also created my own mastermind for small business owners. 

 

Don Miller, who I’m with in the above video, is a world famous author and speaker. He’s someone I’ve admired for years, and a while back I had the opportunity to attend a mastermind retreat with him and other fellow authors. (Footage here isn’t from the retreat. Let’s face it, what happens at the retreat stays at the…well, you know.) These days, I consider Don a friend and someone to learn from.

 

Before I learned of mastermind groups I used to wonder where in the world small business owners went to have some open, honest and dialogue. I had worked with business and speaking coaches, but where were my fellow business owners? Were they enduring the same challenges as I was?

 

Yup. 

 

I found out for sure when I attended my first mastermind meeting. I didn’t know what I was walking into. Various scenarios ran through my mind. Maybe it was like a support group for entrepreneurs. Or a twelve step program. Or maybe an intervention secretly arranged by my loved ones for workaholics. Fight Club?

There was nothing to fear, and everything to gain – for my business and my sanity.

Small groups, more attention

Mastermind groups are usually under fifteen attendees. This allows each member to have a turn hashing out what they’re dealing with. And, each member is vetted to ensure the group is a good fit for them.

Affordable coaching

If you don’t have a business coach, how do you really know if you’re on track? Ends up, masterminds are the most affordable business coaching platforms out there. Each individual attendee benefits. When one member speaks, the group listens intently, and then validates, makes suggestions, even empathizes. You get the perspective of each member, too, so it’s as if you’ve hired twelve or so coaches.

Share small business challenges and successes

Have you ever felt as though your challenges were only happening to you, or that others couldn’t possibly compute your excitement about successes along the way? In a mastermind, you’ll be reminded that even though you’re the one at the helm of your ship, there are other captains out there on the horizon, just like you. 

Collaboration & Generosity

I love that every time I’ve attended a mastermind, each attendee has left with an actionable plan to implement that very day. I’m talking about a new blueprint and a map to take steps to scale. Tangible stuff. Applicable, real deal material. That’s so incredibly unique. Usually, the competition would never share their secret recipes, but there is a generosity that comes naturally in the mastermind setting. There’s a feeling that we’re in it together, and that’s a big relief.

Create new opportunities through growing your network

I have met some amazing humans both attending and hosting mastermind groups. Some of them, I’ve even partnered up with in order to create streams of passive income. Deep friendships have been created and we’re all constantly making new connections that potentially grow our business.

As a result of masterminds, I’ve built and sold two companies and created two other current businesses. Time is precious, and even with that I am sure to attend and host masterminds several times a year.  This is my friendly suggestion to find and register for a mastermind, or even start your own. 

Wishing you health and wealth.

-Mike

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