If you’re currently starting a business or have been in the industry for several years – you may have heard of mastermind groups and how they’re revolutionising networking.
As you go through your business journey, you will hear that your network is your net worth and this is entirely the case. Along with having the knowledge, you must know how to connect with like-minded people.
In this blog, we will walk you through what a mastermind group is and the benefits of joining a niche mastermind group for personal and business development as a whole. Read on to learn more!
What is a Mastermind Group?
Rather than having a 1-to-1 mentor by your side to help you with every aspect of your life (a business coach for example) – a mastermind group is totally different. Rather than one person, there will typically be around five to six members in each mastermind group.
In these niche mastermind groups, you will either hand out advice to another person or receive some words of wisdom from another member. Participants can range anywhere from completely inexperienced to experts in their field.
However, if this is a new program added to your list of experiences, you will most likely be the recipient of the advice. This will contribute and add a detrimental amount of knowledge to your arsenal.
Not only will this be an educational experience with golden nuggets of information. It will also help you to open up about personal worries, brainstorm business ideas and many more.
Overall, a mastermind group is a meeting of minds where many people are looking to level up their life. Coming together to achieve personal and career goals, while creating memories and lasting friendships. No planning – just completely off the cuff.
Key Benefits of Joining a Mastermind Group
Now that you understand the principle of what a mastermind group is, what you talk about and share in the meetings. We want you to be able to recognise the mastermind group benefits and the reasoning behind why people are gaining so much knowledge in their chosen field. Here are some of the advantages you will notice when going through a mastermind group:
Connections
Depending on whether you’re entering a mastermind group for personal reasons or your career path will ultimately determine what you get out of it. For example, there could be multiple business owners in the current career that you’re in whom you could gain some valuable advice.
On the other hand, if it’s personal development, it depends on what goals you have. If the goal is to lose weight – you may want to join a fitness, health and nutrition mastermind group to get the best advice from people who’ve been in your situation. Or, people who have acquired so much knowledge on the subject over many years.
This is why bringing your phone or a notepad to write down numbers or social media handles of other people is so vital. Because if you were to meet someone who you want to stay in touch with and learn from, but didn’t have this equipment – you may never see them again.
These connections that you build will always bring opportunities in the future also if you’re looking to develop long-lasting relationships rather than selling someone your advice. Long-term success over short-term gains is essential.
Having Support Rather Than Learning Alone
Taking time to learn on your own is fine, and growing under your own initiative is important. However, having people by your side and peer or peers to learn and grow with – it will make the process speed up considerably.
Although independent research is crucial, you will learn from the elite within your mastermind group. Whether these are challenges and mistakes other business owners have made or what works – you will have a head-start in your own business or life. You will know what to do and what not to.
Dealing with stress alone can make or break someone. It can be the difference between someone carrying on with their business idea or completely quitting. On the flip side, with collaboration mastermind groups, you have like-minded people who will push you but also aid you with your struggles with their recommendations.
Sparking Ideas
As an ambitious person, you’re always trying to think of ideas that could help someone or a specific niche of people. However, when you’re thinking and writing these ideas down on a piece of paper – you begin to doubt yourself.
You will begin to ask yourself whether that is just a silly idea? Will this help anyone? Is there something that I can add to make this better?
However, if you present these ideas to other people and talk through the logistics of your plan of action. You will learn the general reaction to the idea and whether it can be a possible viral product/ service.
Or, if ideas are being talked about in the room by other group members, this may spark an idea within your brain to begin something beneficial for you and others. After hearing about other people’s successes and failures – this can be simply taken into your own business in the pre-production process.
Accountability Taken
“Procrastination is the thief of time” was once said by Charles Dickens. Meaning that we as humans often lose motivation and lack discipline. It is easier to leave something for another day. Even though you know it should be done today, the urgency isn’t there.
With group mentoring mastermind groups being a regular occurrence within your daily life – these people who you need to live up to will be constantly keeping you accountable.
If you feel yourself procrastinating, you now understand that you’ll be behind within your group. Therefore, there is more of a reason to strive for more.
Whether it is a CEO, someone in your position or even someone who is a complete beginner – these groups will help you stay accountable and keep your goals intact. Every situation can be turned into a positive and this will be made clear.
If you’re an ambitious business owner and looking to join a mastermind group, whilst currently turning over between £100k to £2m – consider applying for our mastermind elite today!
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.