15 Nov How to Start a Mastermind Group
The word ‘Mastermind’ has been thrown around a lot in this industry.
In my experience, Mastermind groups completely changed my life.
But, I’ve also joined programs that called themselves ‘Masterminds’ but really didn’t function as one.
I want to share with you 5 mistakes that people make when they either start or consider joining a mastermind group.
In understanding these mistakes you will be able to create a great mastermind yourself, or join one that is the right fit for you.
Mistake #1: Unqualified people in the room
A Mastermind group needs to have very clear qualifications. The quality of the Mastermind is not just determined by the leader, it’s also determined by the quality of the people in the room. In my experience the relationships that I made in the room were just as valuable, if not more valuable, than the relationship I made with the mentor.
Make sure to create a Mastermind group that has clear criteria. This will ensure the members have a great experience and their expectations are met.
Mistake 2: Not designed for connections
I’ve seen so many Mastermind groups that call themselves a ‘Mastermind’ but really are just a membership group. The purpose of a Mastermind is to create deep long-term connections with high-quality people.
If you see a program that calls itself a Mastermind but has more than 50 people, I would really question whether it is a Mastermind. In my mind, the best number is usually around 30 people or less.
If the program is large, the facilitation needs to be designed to create connections. This can be achieved but must be very consciously designed into the program.
Mistake #3: Too much ego
My personal experience has been that when there is too much ego in the room the experience is not fun and it doesn’t function well.
The best Mastermind groups are ones where people can let their guard down and be vulnerable.
Mistake #4: Low level commitment
The best Mastermind groups I’ve been involved in require a high level of commitment.
This commitment could be in the form of financial commitment or attendance. If a Mastermind group is not a significant financial investment they won’t value it enough.
Usually the higher the price the greater the commitment.
Mistake #5: Too short
Quality relationships take time to build.
In my opinion a Mastermind group should function for at least 6 to 12 months. The best relationships I’ve made have taken time and so when you’re designing a Mastermind group it should require people to commit for a significant period of time.
This enables deeper relationships, collaboration and greater results.
These are the five frames that I have used to design the NEW Mastermind group that we are opening up in 2023.
It is for established Expert business owners who want to connect with high-level entrepreneurs and get access to high-level networks.
Now onto the Expert Edge Podcast this week…
On the Expert Edge Podcast this week I shared some helpful and detailed strategies for how you can create your own Mastermind group so that your business grows and you enjoy the journey even more.