As one decade comes to a close and a new one begins, it's prompted a review of all that I've achieved in the past 10 years. The big one is that this business started in the first year of this decade. My, how time flies.
For maybe half of that time, I've reaped the benefits of a mastermind group to help this business (and myself) grow.
If I had to wind back the clock and give myself some advice in that first year starting out, it would have been "Surround yourself with good people who will become great advocates for you". For me, those good people have mostly come via a virtual mastermind group.
But the thing is, when I joined my first mastermind, they weren't such a big thing. Now, interest in them is at an all-time high.
People have begun to see how powerful it is to be part of a private and elite group, where you can tap into the collective wisdom of the master minds.
I've gained so much from business, leadership and marketing masterminds, that a few years ago I started my own online marketing mastermind groups for entrepreneurs and small business owners.
If you've been in business a little while now and you've reached a point where you feel you've plateaued and are struggling to get to the next level, then see the 12 reasons why you should join a mastermind in 2020.
1. Your advocates for growth
The best mastermind groups are filled with people who have your best interests at heart when you're in business. They don't look at you as a transaction for their own business or direct competitor, but rather as a business peer who they share an exclusive experience with.
Paid mastermind groups have the advantage that the person running them has carefully selected the people who are to be in it. This is what's drawn me to invest in different types of masterminds over the years.
The people who I've been in a mastermind with are always advocates for my work, recommending me to others without me ever having to ask.
Having a cap on the number of people inside a group is also key to a successful mastermind. It's not about just any ol' person joining, but select people who can build strong relationships and have a shared purpose.
2. Ideas and solutions outside your niche
When we team with others, we gain ideas and solutions we night not have found ourselves by working alone.
When we're in business for ourselves, yes, we can reach beyond our own imagination. But we can go bigger again because of the ability to tap into the ideas from those in the group. This expansion of ideas means we have more opportunity for our business to grow beyond what we originally set for ourselves.
The benefit of having other business owners in differing niches is also key. They bring a different perspective and, in marketing terms, ensure you're not marketing like everyone else in your niche but become a disruptor so you can stand out.
Previous masterminds I’ve run have included business coaches, authors, gardeners, healers, branding consultants and organising experts. I've also worked with real estate agents, mortgage brokers, mindset coaches, leadership coaches, travel companies and more. Think about how each of these markets in a different way.
3. Commitment to your goals
A goal is more likely to be achieved if publicly shared and then having accountability around it.
One of the things that will wane fastest during the year is your energy. When you can feed off others' energy, you get so much more achieved.
How many times have you started a project, only for it to fizzle out partway through? Maybe this year you had things on your list that didn’t come to fruition.
As entrepreneurs and business owners it's also all too easy to get stuck in planning or coming up with ideas, but not actually implementing them.
Make the next year different.
4. Direct and indirect transformation
The transformation after a mastermind can be quite profound. There's the financial transformation in your business, which we'll get to soon. This is the direct transformation you can see as your business grows.
But if you ask anyone who's been in a mastermind, they'll tell you that it's so much more than that. The benefits of a mastermind group is that they transform as a person as well.
When you're surrounded by people who focus on their mindset, you tend to look at he world through a more positive lens - with one of hope. This, in turn, changes your worldview.
What I love about masterminds is you’re going through shared experiences that show you what’s possible when all feels too hard. Nothing is ever impossible when you have the minds of others showing you what you can truly achieve.
But it's not just about business either. I've had mastermind participants who have seen changes in their marriages, health habits and life goals.
5. Create deep friendships
My experience of masterminds is you often create connections with others that run deeper than you may have elsewhere online.
Some of our online friends offer good advice here and there, sometimes confuse us more and then there are others that just never go deeper than a few nice comments when needed.
When you're in such a close-knit group, everyone wants to see the other do well. This positivity runs through a mastermind and propels each person forward.
Even simple things like showing up on mastermind calls to share wins - no matter how small - can help you see the progress you’re making that otherwise you might not have stopped to notice.
Being around positive people is good for the soul and mental health too. Remember, you are the average of the five people you spend the most time with.
6. Support when you need it
When I started out online, I was a mum blogger. Whenever I had a parenting question, I could post in Facebook or tweet out my issue and someone would respond - regardless of what time of the night... or morning, it was.
Being in business circles hasn't offered that same level of support. You can ask a question, but you can't always guarantee you'll get a response. And with how much noisier the online space is now compared to when Is started out, that can be an issue too.
The benefit of a mastermind group is having the chance for instant support when you need it from an exclusive group of like-minded people who understand what will move you forward (rather than a bunch of Facebook friends giving you well meaning but often ill informed advice).
Often having Facebook group support as a bonus to being in a mastermind, this becomes your little patch of the world where you can step into to wash away any worries and inspire you to move on to the next thing. Don’t dwell on things in your business by yourself and remain stagnant.
One thing I do want to add is that it's not always business support you might need. I've run and been in masterminds where personal challenges happen to a fellow mastermind member and the group come together to help them through it. As I mentioned, the connections run deep.
7. Gain clarity, confidence and focus
I've been in group programs where there's certainly a clear purpose, but there's no flexibility for my business and needs. This is where a mastermind differs.
You can
- gain clarity on what it is you want, so you make better decisions for you and your business,
- confidently go after your unique goals and
- ensure you sustain laser sharp focus on that goal through the power of sharing it and gaining accountability.
We can second guess ourselves a lot when it comes to our business and, in turn, not actually move forward. Having someone focusing in on your business for a select period of time, providing the clarity you need to see what your next move is and then assisting with finding the confidence to ensure you go after it, is where growth will happen in your business. It's part of the mastermind group benefits.
Doodling on a piece of paper every day or spending countless hours researching online isn’t creating any real change in your business. Encouragement to take action and then following through on that action will.
It's also good to join a mastermind that has a clear vision for itself and its members too. For example, mine is about increasing your online marketing results and ease at which you do business through storytelling, strategies and systems.
8 Brainstorming new ideas and gaining feedback
When creativity has come to a standstill, you need to step outside your world - or office - and be inspired by the people around you, the people who can see you and your business from a different perspective.
You've likely heard someone say: "I wish you could see yourself the way I see you". This is really what a mastermind does - it helps you see yourself the way others do but someone will actually TELL you rather than keep it to themselves.
If you need to brainstorm new business ideas, get a fresh perspective on something you've been going around in circles with or garner honest feedback on your project, then the mastermind is aimed at doing that.
9. Ability to follow up and follow through
Ever been in a group program where no one really knew what your goals were or if you'd followed through on them?
That's the complete OPPOSITE of a mastermind, which is another one of the benefits of a mastermind group. It's instead about dedicated focus on YOUR business to celebrate wins and work on challenges so you don’t remain stagnant.
But it’s also
- showing up each fortnight to share what it is you want to work on and having to stop and think about that, knowing others will be able to see whether what you’re doing is moving you forward or merely keeping you spinning your wheels. No, your homepage doesn’t need another makeover!
- Then it’s writing it down in the Facebook group so you’re committing to it. There's science behind why writing down your goals works.
- Then you're telling others, which provides the accountability.
Three key steps to achieving your goals and building your business.
10. Access to resources
Resources come in all forms. There are the resources from your fellow mastermind members and then there are the resources provided by the person running the mastermind.
The Client Pathway Library is my example, along with masterclasses and get it done days inside The Online Marketing Mastermind.
But imagine when you also have access to your fellow masterminds resources in their area of speciality? Suddenly all areas of your life are covered.
11. Increased revenue
You may already know that the concept of masterminds was first introduced by Napoleon Hill in his book Think and Grow Rich. He was inspired by interviews with business magnate Andrew Carnegie who had attributed all his success to being in mastermind groups.
The principle was:
"Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose".
The crux of which means... surround yourself with smart people who share in your vision.
There are two key elements to a mastermind - one being economic and one being mind.
The mind side is about how two minds together create a third, invisible force that can produce more power than a single mind alone.
The economic side is more obvious, in being able to grow wealth. This is something I've witnessed in masterminds I've been part of or run.
Part of it is you're in a virtual room with people who generally provide a higher level of thinking and strategies, which yields a higher level of transformation.
Not always, but often masterminds are higher priced, which means participants have a higher commitment level. They're deeply invested in making it work for themselves - and the others in the group. You see, if the others succeed, so do they.
2. Collaborative opportunities
We've spoken about deep relationships that are formed in masterminds, but there are also collaborative opportunities or doors opening to collaborative opportunities with people within your mastermind participants' circles.
Sometimes your mastermind buddies will be within your industry and make perfect collaborative partners for projects that expand your audience and reach so you're both growing.
Other times your fellow masterminders may not be perfectly aligned with your business but they know other people who are. These doors would never have been opened if not for being in a mastermind.
Finding the benefits of a mastermind group for yourself
If you find it easy to come up with the ideas, but struggle with follow through, change your course by first surrounding yourself with good people and discover the benefits of joining a mastermind group for yourself.
You won't get anywhere without action. Being part of a mastermind is about taking BIG action, getting help when those mind stories start trying to "protect you" (ie hold you back) and setting up your business for the long haul so it's sustainable long into the future.
Too many businesses fall over. The stats keep reminding us of that. Often it's because we look for quick wins, short term returns and don't bother putting in the effort to build assets that will repay us long into the future.
Hustling will only get you so far before you exhaust your options or burn yourself out.
Come build with me. I'd love to show you how I've done it and how a decade ago I started my business - even if back then it was without intention - but a decade later am ensuring everything I do in my business matters. Ready to join me in The Online Marketing Mastermind?
Please note: Conversations have already begun with women for the next mastermind. If you'd like to be considered, please book a time to chat.
[…] Mind stories are the greatest barrier to someone being successful in business. […]