How to Start a Mastermind Group, Part 1 – Determine Your Purpose
Mastermind groups are used by the ultra-successful to help them become even more successful. If you're wondering how to start a mastermind group of your own, this 5-part series will show you how to do it!
Are you trying to do something different with your life, but feel like you've hit a wall with what you can do on your own? Have you done everything right? Gotten up early and stayed up late, reading, writing, recording and going to conferences?
If these things describe you, join the club of thousands of beginners who feel like they're spinning their wheels.
If you can relate to what I just described, I have a solution for you. A way for you to get ahead and tap into a resource only the most successful people seem to understand.
In order to break down this series on starting a successful mastermind, I've broken it down into manageable chunks.
Part 1 – Determine Your Purpose
If you want to download all five parts, enter your email below and I'll send you an easy-to-follow guide with complete instructions, tools, and resources. Plus, I'll send you an early notice about my next mastermind group!
Before we talk about how to start a mastermind, or even how you can use a mastermind to grow your business, let's get on the same page from the beginning.
What is a Mastermind?
A mastermind is a group of people who get together for a specific purpose, on a regular basis, to help each other achieve their goals. Mastermind groups keep each other accountable, provide encouragement and feedback, and provide needed support.
A mastermind meeting isn't social hour, it's about business, but it is incredibly fun. Every week when I see a mastermind-related event on my calendar, I get excited. My mastermind meetings truly are one of my favorite parts of my schedule.
Why You Should Join a Mastermind
I'm not saying you can't be successful if you don't have a mastermind. But, every person who is successful has one. (Tweet that).
When I worked in Corporate America, I used to share my goals of making money online with my coworkers. Many of them were aware of my blog and podcast, and knew I was looking to swim my way out of the sea of cubicles. However, when I'd share my entrepreneurial goals, they'd look at me like I was nuts.
People actually do that?
My co-workers would ask when I told them about Skype calls and affiliate marketing.
A mastermind group is a place where you can talk about the goals you have without being judged. It's a safe environment where you can talk about what you want out of life without being chastised and made fun of.
Why You Should Start a Mastermind Group of Your Own
My first true mastermind was started by my friend John Phillips. He and I met at New Media Expo 2014 at meetup held in the smoky bar of a Las Vegas bowling alley.
About a month after NMX, I got a call from John asking me if I'd be interested in joining his group. He didn't have the details worked out, but he knew he wanted me to join.
Fast forward to eight months later. Many members of that group are making hundreds and even thousands of dollars per month in their side business. John surrounded himself with people who were traveling the same path as him and the rewards have been incredible.
If you change your friends, you can change your life (Tweet that)
When you surround yourself with positive people who are focused on achieving their goals, there is no stopping you. When you create a system of accountability, encouragement and one where you can use the resources of everyone involved, the world is your oyster.
Now, mastermind groups are a large part of my business. I've started several groups and introduced people from around the country to one another, and I love hosting them.
In this article, we'll look at not only how to start a mastermind, but how I host mine as well. You can read the high points by themselves, or, you can check out how I do it as well.
So, how do you harness the power of a mastermind? How do you start one and how do you make it successful?
Let's take a look.
Purpose: Why You're Starting a Mastermind
This is your mastermind. Be selfish. You're in the drivers' seat and you're the one giving the directions. Once you get other people in the car, things can change. But, for now, you're in control.
Before you invite your first co-mastermind member, determine the group's purpose.
The purpose of your mastermind could be to help each member start a business. If you're all in the same industry, you could leverage partnerships and even refer each other customers.
Your mastermind could be there for accountability. You could set things up where each person states their goals for the week or month, and everyone has an assigned accountability partner. This works great if everyone is clear on their goals and you each know the direction you're headed.
Coming together for collaboration is also an excellent purpose for your new mastermind and one of my favorites. If your goal is to collaborate with like-minded people, you can be less particular about who becomes a member. By connecting with people from a wide variety of backgrounds and industries, every time you share a new idea, you'll get a wide variety of responses.
How I do it: The first mastermind group I started began with business in mind. In September of 2014, I sent a small group of people this message:
A few things about this invite I want to point out.
- It's the truth. It wasn't a gimmick or a sales pitch. I really did have a hand full (or two) of people asking me similar questions about online marketing and business.
- I said I knew other people who were like who I was messaging. I implied they weren't alone in their struggle, which they weren't, and that I could connect them with those people.
- I didn't send this message out cold and it has no link. If your first message contains a link, you're doing it wrong (Tweet that!). Everyone I sent this message to was already in my audience. I'd interacted with them before, and they knew who I was, what I was all about, and what I stood for. They also knew I was walking the talk and that I could produce results.
Not everyone I asked decided to join, but because I targeted a select group of people I knew I could help, I got about an 80% close rate. Blanket messaging doesn't work. People see right through them, and generic messages won't help you grow your online business.
Once you know the purpose of your mastermind, you can move on to the next component, getting the right people on board.
To Read “Part 2 – Meeting Your Members” Click Here
Or, download the entire How to Start a Mastermind Series plus the Checklist, by entering your email below!