Being a part of a mastermind group has been the biggest and most life-changing blessing for my blog and business. A mastermind group is group of like-minded, go-getters that hold each other accountable to the goals that they set for themselves and for their businesses.
This idea of a mastermind group became popular among the elite of the elite business makers with Napoleon Hill’s book, Think and Grow Rich (highly recommend you read this book – good stuff!). And even though there aren’t really any “real rules” for a mastermind group there are things that make up a successful mastermind group.
Keep it Small
I’ve been a part of mastermind groups of all different sizes and I will tell you that the most successful ones have all been small – around 3-5 people. The challenge with a larger mastermind group is that you might end up with too many alphas or too many hands in the pot. This will create too much drama and not enough action.
The sole purpose of a mastermind group is accountability and it’s difficult to hold 12 people accountable but a whole lot easier to hold 3 people accountable.
Keep it Honest
This is actually hard if you’re in a group with folks that you haven’t previously connected with. I was in a mastermind group for only a couple of weeks because I quickly realized that one person in the group was inflating everything and putting themselves up on a pedestal.
Keep your mastermind group honest by selecting not only those that you’ve had a connection with before (they don’t need to be your best friend, just someone you’ve emailed with or worked alongside before) and those that put others before themselves.
Along with keeping things honest, you should set up “house rules” before the start of the mastermind group. This will help everyone know what to expect out of the mastermind group along with what the mastermind group will not tolerate – like dishonesty or drama.
Common items to include in your House Rules:
- An end date – will the mastermind group end after 6 months or a year?
- What is expected of all the members.
- What to do if someone is not getting along with another member.
- How many times a week you’ll meet and how you’ll meet (Google Hangout, Skype, Phone Call, etc.)
When it comes to mastermind groups, you must be willing to give and receive real feedback. Meaning that “oh that is so awesome” isn’t valuable feedback but, “you did a great job, but I think that if you add a few more details the product will sell better” is valuable feedback.
Along with holding, each other accountable you need to be willing to give valuable information that will help each other build strong businesses.
Related Resource: Building a Framework [eBook]
Communication is key in a mastermind group and personally, my favorite form of communication is via phone or video calls. It seems to solidify not only the relationship with the group but also seems to make the accountability part more valuable. The old saying that “a man is only as good as his word” rings true when it comes to actually “voicing” whatever it is that you’re planning with your business and then having to account to them for it.
Whatever method of communication you chose, it’s important to set up regular “check in” times like once a week, or once a month in order for the accountability to work. You can use Facebook, text messaging, email, or Slack (my personal favorite) for keeping up communication in between check-in times or to share important wins or resources that you stumble upon.
Is it important to set goals?
Yes, it is important to set goals and by setting goals, you’re holding yourself accountable for the things you accomplish with your business. When you set these goals, you should share them with your mastermind group. You can keep a spreadsheet in Google Drive with all the members’ goals listed out or keep them in a Facebook Group doc. Totally up to you, but I suggest writing down and tracking your goals no matter what.
Related Resource: Make Over Your Mornings [eCourse]
These are just some of the things that have worked well with the different mastermind groups that I’ve been a part of. If you’ve got any amazing tips for those looking to start a mastermind group, share below!
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