A mastermind group is a valuable source of inspiration, instruction, advice, motivation, and practical help in your pursuit of success. Regardless of what you’re trying to achieve, there are many benefits for joining or forming a mastermind group.
What is a Mastermind?
But first, what is a mastermind group? You might have encountered this term before. Especially if you are into personal development and entrepreneurship (as most of my followers are). Wikipedia defines it as a “peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members”. The main idea of this group is solving problems with the help of other members and the experiences they bring to the collective. And by doing so, all members benefit as they willingly learn and grow from each other.
Mastermind groups work when members engage each other with respect and genuine trust. This is important as they challenge each other to be better versions of themselves and raise each other up from within. Through the use of intelligent discussions and brainstorming sessions, participants can create smart solutions to particularly hard problems.
Aside from what was mentioned above, there are a lot more benefits from joining a mastermind group. That’s just the tip of the iceberg. Participants of such activities have reported improvements in their mental and emotional health as well as an increase in business opportunities.
Here are the steps in forming your own mastermind group:
1. Determine What Your Mastermind Group is for
When you form your mastermind group, you probably have a particular purpose in mind. Is it to bring together people who are into homeschooling or animal welfare? Is it to promote a particular advocacy or cause? Is it to help each other’s businesses through networking? Whatever your purpose, write down the group’s mission, vision, and values statements to serve as guides on what the group does.
Here is an example of these statements for a sample professional accountability group:
- Mission: To help each other achieve mastery in their professions by providing learning and accountability in developing skills, habits, and expertise, as well as provide a network that would further give opportunities for growth.
- Vision: Every member becomes the best in their chosen field
- Values: Perform Excellently. Work with Integrity. Collaborate cooperatively.
The purpose of your mastermind group will also determine what type your mastermind group will be:
- Interest Group — A group founded on a common topic of interest like fitness, animal rights, and homeschooling.
- Advocacy Group — A group formed to promote an advocacy or mission. (Example: An environmental conservation group that aims to plant 1,000,000 trees in deforested areas.)
- Business Network Group — A group where its members help each other grow their respective businesses, regardless of niche.
- Goals & Accountability Group — A group that holds members accountable to each other for their goals, business-related or not.
2. Write the Rules for Your Mastermind Group
When people are clear about their commitment, they are more inclined to take on the challenge and get excited about being a part of something. This is why it is important to have clear expectations for everyone in the group from the very beginning if you are to have a successful mastermind group. If the rules and expectations are clear, people participating in the group will not see what they do in the group as “work,” but an opportunity to become a better version of themselves.
Here are some possible commitments that applicants to our sample professional accountability group must agree to before they can be accepted
- Commit to meet every week until the end of the calendar year, at which point we can choose to continue or not.
- Build up others as they build you up.
- Be willing to accept constructive feedback and advice.
- Be willing to be accountable to others and hold others accountable.
- Be competitive. But at the end of the day, be supportive.
3. Gather Members
A mastermind group can have anywhere from two to fifty members, or even a hundred members.
However, when you first started out, a smaller group might be better. You can individually deal with each other more easily and more deeply if there are only a few of you. On the flip side, imagine having to deal with each member of your fifty-member group. It would take a long time and it would be tiring.
Another advantage you’ll have with a smaller group is you can meet and discuss things more frequently, online or offline through SMS.
You also have to consider the qualifications of your members. For our sample professional accountability group here are some possible qualifications:
- Similar experience level (e.g., middle management)
- Similarly motivated towards achievement and self-development
- Similar values, beliefs, and ethics
4. Schedule Regular Meetings
For consistency’s sake, schedule your mastermind meetings on the same day, at the same time, and with the same order of business every week. For our sample professional accountability group here is a possible order of business:
- Welcome remarks with an inspirational quote
- Restatement of the group’s mission.
- Each member gives a short update on the happenings of the previous week
- Hot seat — Members raise and discuss critical questions and offer feedback.
- Everyone states their goals for the coming week.
If your meetings predictably happen every week, members can work their individual schedules around your meetings and avoid absences. However, absences will happen. So make sure that the meeting pushes through even if one member can’t make it.
Monetize Your Mastermind Group
The first goal of your mastermind should of course be helping the members within the group. But did you know that you could turn your mastermind group into an actual business?
If you want to learn how you can form your own mastermind to share your knowledge, expertise, passion and monetize it, then make sure to register for a FREE webclass hosted by Tony Robbins and Dean Graziosi!
The training is about 90 minutes long, so set aside the time to watch the entire thing. If you know anything about Tony Robbins, then you don’t want to miss anything on this webclass.