So, you’ve been invited to join / have come across a mastermind group and are wondering what the benefits might be. Well, it depends on the make-up and structure of the group, which can take many forms. However, in most cases you will meet monthly or bi-monthly perhaps, with a group of like minded business people to discuss the issues or plans of each others businesses, with or without formal ‘Chatham House Rules’.
So – why might you want to join such a group? Well there are a myriad of benefits but some of the main ones are:
- You are no longer alone. It is a lonely place running a business, there is no-one at your level within the business who you can share concerns with, or who can input at a strategic level. When you are the leader of the business your team looks to you. Who can you look to give advice, share experiences or understand your worries? That’s one of the big benefits of the right mastermind group.
- Why re-invent the wheel? When you are in business for yourself, trial and error is a big part of your business growth. But trial and error is not always the quickest way to learn and can lead to costly mistakes. Why not learn from someone who has already been there and done that.
- A mastermind group will give you access to the board you could never afford. Successful people who have strengths in differing areas, can offer you perspectives you have never thought of. After all – you don’t know what you don’t know right? What I mean by that is, if a subject is unfamiliar to you, sometimes you don’t even know the right questions to ask – let alone the answers.
- It is a brilliant way to grow your network. Contrary to some popular opinions, networking is not a way to reach the maximum number of people, gather the most business cards and attempt to sell your services. Networking is about spending quality time with quality people, getting to know them as they get to know you, and forming relationships that inevitably and easily lead to business
- Mastermind groups give you that perfect opportunity to do what we all know we should be doing more of – working ON and not IN your business. If you spend all your time working IN your business – you are not a business owner – you are an employee with the worst boss in the world – YOU! Your most productive time is that spent working ON your business.
- Jim Rohn says – You are the sum of the 5 people you spend the most time with. That may well be true – but if those people are your family – and they are not successful business owners there is not a lot you can do about that. So – seek out those who you want to spend time with, who you can replicate, who can help your business to grow. What better place than a mastermind group?
- In a mastermind group you have that rare opportunity for ‘future thinking’. In the busy day-to-day of our businesses we all spend the majority of time thinking about the now, or perhaps tomorrow or next week. A Mastermind group allows you – in fact challenges you – to think longer term and put in place actions for the success of the long term plans. Which brings me to the last point….
- Leaving aside the benefits of having a coach (something to be recommended as every Olympic Gold Medallist will attest to), where else can you get people who will seriously hold you accountable for the goals you set and the actions you commit to taking to achieve those goals. Of all the points mentioned above this is perhaps the most important. Because, of course, without taking action nothing ever happens, and it is all too easy – if we are only accountable to ourselves – to let ourselves off.
So – there you have it. 8 Great Reasons to Join (the Right) Mastermind Group. How else are you going to achieve the above?