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How Mastermind groups can uplevel your business

27 April 2011 9 CommentsBy Sarah Shaw

Have you ever been a part of a mastermind group?  Or had a one-on-one mastermind partner?  If so then you probably know about the benefits.  If not, this is definitely something you want to explore.  More minds bring bigger ideas……which turn into bigger profits!  I have been party to several incredible mastermind groups over the years, as well as some private ones.  These sessions have given me huge insights into avenues that I might never have explored……or even thought of.  Sometimes the simplest idea can lead to the biggest leaps.

It really takes a great leader, one who can teach you how to get to the nitty-gritty and ask direct questions that will really make a difference for you and your business.  Learning how to distill down the questions is an art and one that can take time so be patient and kind to yourself through the process. 

I truly believe that participating in a paid mastermind group is the way to go.  You have a stronger commitment to the group out of the gate and will do more when money is at stake.  I'm not sayin' it has to be out-of-control-expensive…… but one you have given more thought to than just signing up for a freebie.

I encourage you to read these helpful tips from my experts and get ye a mastermind partner or group!!

1. Find Your Weaknesses

Why Masterminds are great: A masterminding group is a fantastic place to have others with complimentary skills pick apart your business ideas and objectively look at your company. Think of the weak point of your business and have the group pick it apart. If you dread accounting and budgeting, have the group focus on that instead of the entire business in general. Don't waste time with the big picture, find your pain point and have it addressed by the group!
Thanks to: Anthony Adams of Dallas Gutter Installation.

2. Mastermind to increase success

Why Masterminds are great: Upon joining an online community and collaborative effort, I quickly recognized the precious few who complement my business and offer infinite creative ideas. We quickly joined forces to video conference and mastermind. Together we found and developed new routes for each of our businesses as well as referred speaking and other opportunities. We then met in person to further define our next best steps. We are now moving toward an international program combining the best of everything to date.
Thanks to: Elinor Stutz of Smooth Sale, LLC.

3. Masterminds are great!

Why Masterminds are great: I'm in 4 masterminds. Each is made up of completely different people, all of whom bring their own perspective to business. I've gotten so many great clients, resources, tips & ideas; one MM group helped me come up with my "Ask Lizzy" teleseminars. Tips - make sure the mastermind group can help you (if you're a jeweler, a tech group won't be as effective). Make sure you come to meetings w/ a clear idea of where you need help. Listen to the other members & help when you can - it's a 2-way street!
Thanks to: Lizzy Shaw of Lizzy Shaw Public Relations.

4. You Don't Know It All!

Why Masterminds are great: My one best tip on how to use masterminding to grow your business is first be humble enough to admit that you do not know or have all the answers to achieving the highest level of success for your business. This takes some acknowledgement and a truthful assessment of your own personal strengths and weaknesses. Next, surround yourself with people who have the intellectual and professional strengths that you do not have and allow them the creativity to exercise them. Lastly, be willing to listen.
Thanks to: Kevin Benton of Kevin Benton Ministries.

5. Ten Heads are Better than One

Why Masterminds are great: It's great to know that you have a built in "Board of Directors" when you have a Mastermind where everyone is invested.What's even better, are the connections you make.JV's, accountability calls in the car, shared FB and Tweeting, help and support when times get tough and when you want to celebrate!I've been part of two Masterminds,and I'm fortunate to have made great friends and life-long connections.A Mastermind can only be as good as what you are willing to give,and giving up isn't an option.
Thanks to: Robin Samora of Let's Make You Shine .

6. Save Yourself Panic and Pain

Why Masterminds are great: Using a mastermind partner is the secret of all great achievers. When you have a key person or persons to count on for just the perfect time-proven advice, you speed up your learning curve. Ultimately you achieve better results when you follow the insights of those that have a broader and deeper perspective than you have developed. The best mastermind partner is someone who shares your values, understands your business and whom you admire professionally and personally.
Thanks to: Maria Olga Pinochet of Kore Access, Incorporated.

7. Cross Industry Success

Why Masterminds are great: The best mastermind groups include people from industries other than your own. A marketing technique that an internet marketer uses to build his list can work extremely well for a manufacturer. The accountant's wisdom on retaining clients can be immensely valuable to the e-commerce store owner. There is truth in the statement that you are influenced by the people you surround yourself. In the case of mastermind groups, the quality and experience of the people is important, not the industry.
Thanks to: Michael Zipursky of Business Consulting Buzz.

8. Mastermind To Your Strengths

Why Masterminds are great: One of the most powerful things you can do for your business is to be involved in a mastermind group. The power of accountability and support will be crucial to your success. The best tip I can give is to connect with like minded people with different skill sets that are complementary to yours. In this way, you not only have support and accountability, you also have resources in areas that are not your strengths (i.e. you have great writing skills but not good technical skills).
Thanks to: Danielle Miller of Danielle M Miller Intl.

9. Listen, Listen, Listen

Why Masterminds are great: Listening, doesn't sound hard, does it? Have you ever tried to just listen to another entreprenette? They start talking, your head starts swarming with ideas, and before you know it you are both out-talking the other. This can be great to get excited about something, but if the intent is to take-away something, then you must listen. Refrain from trying to "one-up" the conversation, or expand on a topic, just listen. Listening can uncover amazing new ideas, strategies and partnerships.
Thanks to: Angela Nielsen of One Lily Creative Agency.

10. Giving = Receiving

Why Masterminds are great: In this day of networking groups on every corner, a Master Mind is so much different. Anyone who attends a Master Mind expecting to come out with "leads" is sadly mistaken. Business building in a Master Mind comes from paying full attention to the needs of the other members of your group and giving fully. This can be in the form of advice, insight, or most importantly support. It is the full aspect of building a strong and trusting relationship. And you know what? The business comes tenfold.
Thanks to: Cheri Ruskus of Victory Circles.

11. How do you keep them going?

Why Masterminds are great: How do you keep your Mastermind going? The fast answer is to ensure that everyone is getting their needs met. In one of my current Mastermind teams we frequently ask, "is this still working for everyone?" We take that question seriously and continually recommit to the team. There are times where there are just a few of us, but that provides an opportunity for deeper discussion, advice, and problem solving. You will get out what you put in, so play full-out and help others reach their goals!
Thanks to: Pete Winiarski of Win Enterprises LLC.

12. Mastermind Your Way To Success

Why Masterminds are great: Consider the character of your mastermind partner. They must be ambitious, confident, a team-player and creative? Creative people are resourceful; they will find a way to success. Failing to recognize the creative intellect of others will delay your goal. Keep your mind accessible to all ideas extracting only what you need for constant growth. Read books together that support your goal to increase your knowledge. Believe in yourself and your partner. This is how you mastermind your success.
Thanks to: Jacqueline Piper of Beyond Style.

13. Team Up to Beam Up

Why Masterminds are great: Building the Masterminding relationship enough to where one knows how to support the other is key. Having someone of like mind who is 100% confident also makes projects and businesses manifest quicker. The key agenda is to keep each other focused on a similar end vision. Knowing a bit about the demeanor of each other will enable one to key in where there partner hasn't.
Thanks to: Vickens Moscova of Trendsetter Entertainment.

14. Mastermind Your Way To Success

Why Masterminds are great: Masterminds are some of the best ways to grow your business for a variety of reasons. Here's a tip that will accelerate your growth even more. We all enjoy it when we are the one whose business is being worked on, but if you stay tuned in when it's your turn to help the others in the group, you will very often get more nuggets and tips for your business than any other time. Always think about how you can apply to your business what others are doing and you will skyrocket in growth and profits.
Thanks to: Diane Conklin of Complete Marketing Systems.

15. Free Your Mind

Why Masterminds are great: I belong to a mastermind group as part of my yearly membership with a business group. It is a fantastic way to help your business to grow. We meet monthly and the group is fantastic at helping you figure out problems, make suggestions and follow-up. It's the best investment you can make in your business. The group has given me several ideas on how to build my image. I would recommend that business owners find a mastermind group to mentor you in areas that you are weak in.
Thanks to: Derrick M. Guest, CEO of Griot's Roll Film Production .

16. The Mind Part of Mastermind

Why Masterminds are great: To get the most from your mastermind group, make sure that you know the minds of the folks in your group. Mastermind with people who are at or above your own level of business energy and experience. You should also make sure that you all share a similar entrepreneurial drive/focus. This creates a win-win for all participating 'masterminders'. Otherwise, you may find yourself in a group where masterminding is frustrating and unproductive for all -definitely not what masterming is about!
Thanks to: Jane Nowak of Kring Financial Management.

17. Avoiding Mastermind Blunders

Why Masterminds are great: When selecting a mastermind make sure you connect with the right group of people.
If your business is just beginning, you can benefit greatly from connecting with others in your industry. They can help you with tried-and-true ideas that work, resources, and connections.
After your business has reached your first major milestone you’ll want to look outside your industry for other successful entrepreneurs who can give you new, exciting concepts that may never have been tried in your world.
Thanks to: Pamela Bruner of Make Your Success Easy.

18. How to set prices and benefits

Why Masterminds are great: Masterminding helped me determine what benefits to offer in my monthly membership program and what to charge for it. I'd forgotten to include things like discounts for training and consulting, and they reminded me of this. They also suggested setting 3 different levels of membership, which was a great idea.
Thanks to: Kathy Goughenour of Expert VA Training.

19. Reach Out and Go Big!

Why Masterminds are great: My vision was crystal clear, but I didn’t know how to make it a reality. I knew it was time to get out of my comfort zone and “go big.” Through a wonderful series of events I found a mentor and a group of people whose ideals and mindset resonate with me. One giant leap of faith later, here’s what’s happened: I’ve discovered my brilliance, honed my skills, developed new products and services, and have helped others do the same. I’ve discovered what I’m made of, and I like it!
Thanks to: Carrie Sharpshair of Arboresque Coaching.

20. Have 'Skin in the Game'

Why Masterminds are great: Having “skin in the game” is key to experiencing the true power of a Mastermind. For lasting results and dramatically increased income, you must invest in a paid Mastermind group with a structured format and a strong mentor coach who can lead, answer questions definitively and give crucial direction and strategy. The financial investment ensures true commitment from members, heightened accountability and reciprocal support—something you’re not likely to find in a do-it-yourself group.
Thanks to: Fabienne Fredrickson of ClientAttraction.com.

21. The Marketing Power of Many

Why Masterminds are great: I am currently working with a local women in business mastermind group and would say that I am receiving sound operations and marketing advice from this group that is helping me grow my business. Advice that I would have otherwise paid a lot of money to a consulatant for.Thanks to them, my marketing will be more streamlined as they have helped me idenify my ideal market.
Thanks to: Bola Ajumobi of Slimy Bookworm.

22. The Magic of the Mastermind

Why Masterminds are great:

The benefits of the Mastermind alliances include developing goal-setting skills, mentoring, accountability, constructive feedback, and priceless knowledge. The group’s organization helps people overcome their fears while creating mutual advocates and focus, in addition to providing networking opportunities, ongoing coaching, and priceless knowledge.
Thanks to: Chad Coe of Coe Financial Group.

23. Prepare for the Most Value

Why Masterminds are great: To get the best of your Mastermind Group, I suggest coming to the meetings prepared. Think about what area you need help in that you can use the people that know your business well. Come with handouts and the specific outcome you would like to get. The more focused you are, the more value you will obtain from your group. You want to keep questions to a minimum so that the time is spent getting your answers.
Thanks to: Christine Giri of Time Tamer Consulting.

24. What's in it for me?

Why Masterminds are great: I joined a Mastermind in 1/11, my close rate went from 30% to 90%. My business revenue has increased by 50% and I have finally gotten my first 10 million dollar client to work with. I have learned to ask others what I can do for them first before I ever think to ask what they can do for me. So when you join mastermind groups do not worry if others are in the same field as you and are a competitor, see how you can help them first and I promise you it will come back to you in revenue to fold.
Thanks to: Jackie Tulos of Infinite Possibilities Marketing LL.

25. The Mastermind Quantum Leap

Why Masterminds are great: My mastermind members helped me gain clarity about where I wanted my business to be, offered suggestions on services and programs I wanted to create, and gave invaluable tips on how to implement my ideas. Most importantly, they created and held a space for me to step into my greatness and become the leader I am meant to be. Without their support, encouragement, and love, I would not be where I am today nor would I be on the fast track to reaching my goals.
Thanks to: Michelle Salater of Sumer, LLC.

26. Clarity of Purpose

Why Masterminds are great: Busy professionals have no time to waste. If a group dissolves into friendly chatter instead of focused masterminding, it becomes a social event instead of a business development session. I'm a member of a group that values clarity of purpose: the purpose of the group itself, and the purpose of each meeting. I would recommend that clarity for other groups too: a shared vision or mission for the group, an agenda for each meeting, clearly stated goals for each member of the group, etc.
Thanks to: Dr. Deb Brown of South Florida Business Coaching.

27. How to Run a Mastermind

Why Masterminds are great: Here are some good general guidelines to follow in order to get the most out of your meeting experiences.

1. A good rule of thumb is to have about 6-7 people in your group and schedule a weekly meeting.

2. Decide on the length of your meetings.

3. Find a location and/or mode of communication for the mastermind group which works for all members.

4. At each meeting, choose one person to be the focus.

5. Choose an “outline” for your meetings.
Thanks to: David Hooper of Entrepreneur.

28. Masterminding Your Book

Why Masterminds are great: I was introduced to Masterminding 3 years ago. Being a part of a mastermind is one of the reasons I am a published author. I was able to complete my book writing, publishing, and launching in nine months. The idea was sparked in a mastermind session in Vegas and by the time I hit home from the 3day conference, I had a full outline, book title and a list of people to interview.

Masterminding can turn any good idea into a tangible goal. Find a group of motivators and creators to support you.
Thanks to: Lucinda Cross of Corporate Mom Drop Outs.

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9 Comments »

  • Monica Dennis said:

    Precisely what I am looking to learn about, Sarah. How timely! Which is why I emailed you recently. ;-) Hope you saw it!

  • Nancy said:

    I had not heard about Mastermind groups before this article. I am the partial owner of a new artisan run gallery and we really need to increase traffic into our store. We are on a very tight budget as this is a non-profit enterprise. How would I go about finding an appropriate Mastermind group?

    Thanks,
    Nancy

  • Karen at PaperFancy.com said:

    Great idea! How do you find a Mastermind group? I wouldn’t feel comfortable assembling a group of friends.
    karen

  • Cathy Presland said:

    Great article!

    And great timing as I am about to launch a six month mastermind programme in my own business. Some good pitfalls to avoid and it really highlights the benefits.

    I love just listening to what’s going on for others – really reinforces my learning, and also the opportunity for joint ventures and partnerships within the group never fails to astonish me.

    Cathy

  • How Mastermind groups can uplevel your business – The Entreprenette Gazette « cynthiapottinger said:

    [...] How Mastermind groups can uplevel your business – The Entreprenette Gazette. Categories Uncategorized LikeBe the first to like this post. [...]

  • Paul Tran said:

    Love this post! So many people throw the word around, but don’t know how to effectively manage 1 – otherwise it just turns into those pointless meetings in the office!

  • Lisa Tener said:

    What a great array of inspiring answers–I was especially blown away by Jackie Tulos! I’m sharing this with my mastermind team. I just joined a mastermind for the first time–actually two–and it’s been so powerful. I am loving the opportunity to connect with other entrepreneurs in a very focused and intimate way. It’s also exciting to see each person’s business grow. And there’s that accountability part. I think my favorite part, though, is just reading those mastermind principles at the start–it reminds me that the mastermind is bigger than any one of us alone–and that we have more impact because we work as this greater mind to the benefit of each of us and all our clients/customers, as well.

  • Dhane Crowley said:

    Great tips Sarah..

  • Tim Johnson said:

    Great info here.  Very encouraging words of wisdom.  I love entrepreneurs!!

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