Being part of a group can be a great way to learn from others and increase your skillset, as well as learn more about yourself, your strengths, and your weaknesses.
Mastermind groups give you the chance to connect with other people on a professional level and form strong professional relationships.
Whether it takes place online or in person, it can help you progress your career and boost your business. However, if you’ve never joined a mastermind group before, you may want to consider a few things before committing to one.
Keep reading to learn more about what a mastermind group is, and things you should consider before joining.
What Is A Mastermind Group?
A mastermind group of people that meet on a regular basis, online or in-person, to discuss personal development, and business ideas, and provide each other with help and support.
Most mastermind groups have between 5 and 10 people. This number can vary, but there are always more than two people in the group, and a group moderator or admin.
Mastermind groups need an admin or group moderator to ensure that the session sticks to the schedule and doesn’t go too far off track.
Moderators also make sure the session starts on time and doesn’t run over too late, to ensure that nobody is inconvenienced.
The moderator will start the meeting, allow people to talk, and keep track of the whole session, ensuring that everybody gets a chance to talk and that all of the main points are covered.
In a mastermind group, you’ll be given the opportunity to talk about a variety of different topics relating to the industry, niche, or type of group.
It’s a chance to ask any questions you may have, give and receive advice, and make meaningful business connections.
Some groups can connect you with people on the other side of the globe, and other groups will connect you with people in your local community.
You may notice some similarities between mastermind groups and business coaching – however, coaching is generally on a 1 to 1 basis where you’re on the receiving end of advice, but mastermind groups are a group effort where you exchange ideas and information.
What Should I Consider Before Joining A Mastermind Group?
To get the most out of a mastermind group, you have to be committed, participate on a regular basis, and give as much as you receive when it comes to advise help, and tips.
Keep reading for some things you should ask yourself before committing to joining a mastermind group.
1. Do I Have Time To Commit to the Group?
Mastermind groups require commitment, and in some cases, missing a session without notifying the admins or moderators can result in you being kicked out of the group.
Some mastermind groups will only last a few weeks or a month, and others can be a year or two, and some are indefinite. It’s important to find out how many sessions the group will be, and how long each session will take.
If you’re working a full-time job and have other commitments outside of work, you may benefit from joining a more flexible mastermind group where you can choose which sessions you’d like to attend. Most sessions last between 60 and 90 minutes, but others can be hours long.
2. How Will I Benefit From Joining?
Each mastermind group is different, so it’s important to learn more about the group before you join. Learning about the members and their backgrounds can give you an insight into what you’ll be discussing and learning about.
You can learn a lot from the members – a mastermind group is a place where you can ask questions and discuss ideas, where you can get a motivation boost, and learn more about different industries.
If possible, speak to the admin beforehand and ask them how they feel you’ll benefit from joining. This will give the admin chance to discuss topics they’re likely to cover, events they may have scheduled, and if they have any guest speakers lined up.
If you feel that you won’t benefit from a mastermind group, don’t be disheartened, as there are countless different mastermind groups out there that you’re sure to benefit from joining.
3. How Is It Structured?
Different mastermind groups will have different structures – some will be online, and some will be in person. If you’re a busy person that doesn’t get much time to yourself, you may benefit more from joining an online-only mastermind group, as you won’t have to worry about childcare or transport.
However, you may prefer the social aspect of an in-person mastermind group – it’s generally easier to form more meaningful connections in real life than through a computer screen or mobile phone.
However, in-person meetings usually limit you to people in your community, which can be great for some but disappointing for others.
Some other mastermind group structures can include online forums, Whatsapp, Facebook groups, Zoom calls, or educational meetings.
In 2024, many people prefer online video meetings, as these can be conducted anywhere, and can connect you with people all over the globe.
Another thing to consider is whether you want to join a formal or an informal group. You’re sure to find a group that matches your personality, where you can be yourself and get all you can from it.
4. How Much Will It Cost?
Before joining a mastermind group, you must check how much it’s going to cost you. Some groups are free to join, but others can cost you a fair chunk of money.
Most mastermind groups will cost between £50 and £100 per year, but some can cost upwards of £1,000.
The good news is that many mastermind groups allow you to ‘try before you buy, and attend one or two sessions before paying or purchasing a membership.
From then, you’ll either pay per session, pay every month, or pay for a yearly membership.
5. How Big Is The Mastermind Group?
Some mastermind groups can have a handful of people, whereas other groups are much larger. If you feel overwhelmed in big groups, you may want to choose a group that doesn’t have a huge amount of members.
When you’re online, it can be easy to get distracted when there’s a large group – there’s background noise, it can be difficult to talk and be heard, and make meaningful connections and it can be quite overwhelming.
However, a larger group gives you access to a much wider network, and ultimately an abundance of collective wisdom.
Think about how large you’d want the group to be – you can afford to be picky, as there’s sure to be the perfect mastermind group for you out there.
Mark is a multi-award winner in business networking and relationship building. He is passionate about coaching and mentoring business owners and professionals through 1-1 & group coaching, team performance workshops and group mastermind sessions.