Joining a mastermind group with the right focus is easy, but choosing the right people to join your mastermind group is not always so simple. But if you follow the right criteria, you can connect with an amazing group that helps you take your business to the next level. Follow along to learn more about what to look for when choosing members for your mastermind group.
Fellow mastermind members don’t have to be doing the exact same thing as you. While joining a group made of all financial advisors, all freelancers, or all e-commerce business owners guarantees you some level of overlap, sometimes getting an outside view from someone in a similar industry can be helpful as well.
For example, in my mastermind made up of all online dad entrepreneurs, or “dadpreneurs” as we call the group, each member has a unique business model that doesn’t look exactly like anyone else’s. However, because we all have an online focus, we often deal with similar problems and concerns.
Comparable levels of experience
If you are on year four of your business, joining a mastermind made up solely of brand new business owners might not be entirely beneficial to you and your business. While having a range of newer and more experienced businesses in the same group does offer the benefit of diverse and sometimes out-of-the-box thinking, it shouldn’t heavily slant too far one way or the other.
At the same time, consider levels of success. Even if you have all been in business for five years, if most members all do around $100,000 per year and a couple of members do $1 million, the challenges and problems faced may be quite different and you may not always be able to help each other as much as you’d like.
Keep it diverse
So far we have looked at two criteria to keep your mastermind members similar to you, but they shouldn’t be too similar. If you all look, act, and think the same, you will end up in an echo chamber where new ideas and big challenges don’t show up nearly as often as they should.
While my dadpreneurs group is all similar in many aspects, we come from three countries, very different family backgrounds, different education histories, and a unique path that led us together. While I value that each member of my mastermind deals with similar issues on a daily basis, we are different enough that I always get challenged with new ideas when it’s my turn on the hot seat.
You have to build trust
While I was happy to open up my accounting books to my new masterminds on day one, it takes time to build the trusted relationship that gives you the maximum benefit. To really get the most from a mastermind group, it is best to be brutally honest and expect the same from others. The blunt East Coast stereotypes do well in masterminds. You have to tell it as you see it and keep a thick skin for getting the same raw, honest feedback.
Over time, the relationships solidify the FrienDA (like an NDA, but for friends) where everything that happens in the group stays in the group. Keeping that level of trust and confidentiality alive is vital to long-term mastermind success for all members.
Commitment is key
At a conference a few years ago, smashing successful entrepreneur Pat Flynn shared that in his mastermind, if you miss two meetings in a row you are out. Another group once shared with me that if a member missed a meeting, they had to contribute $20 to the opposing political party’s presidential campaign. But when masterminds work well, you don’t need those rules.
When you and anyone else joins a mastermind, you should plan to attend every single meeting on your agreed upon schedule outside of rare circumstances. An occasional vacation, illness, or work conflict is understandable, but it should not be a regular occurrence. Everyone has to be there and be committed to get the maximum value.
Do not wait: the time will never be ‘just right’. Start where you stand, and work whatever tools you may have at your command and better tools will be found as you go along.Napoleon Hill
You get out of it what you put into it
My dadprenuers mastermind group has a constant chat going where we discuss business and personal challenges. Even outside the call, I get value and contribute to my mastermind every single day of the week. You don’t have to put in that level of commitment, depending on the group, but as with anything else in life: the more you put in the more you get in return.
One thing is certain, you won’t get anything out of a mastermind unless you join and give it a try. Get started instantly with Mastermind Hunt. There’s no telling what can come out of a meeting of the minds.