Mastermind groups are the perfect way to increase your skill set while being supported by a group of like-minded individuals.
It’s a great way for you to learn more about yourself, including your strengths, weaknesses, and goals.
People from all kinds of different industries can benefit from mastermind groups – whether you’re an entrepreneur or simply want to grow as a person, you’re sure to reap the benefits.
A quick internet search will bring up countless options for mastermind groups both local and global, and it can be tough knowing what to look for in paid mastermind groups.
Keep reading to learn more about mastermind groups, and what you should look for when joining one.
What Is A Mastermind Group?
A mastermind group is a group of people that regularly meet – typically once a week or once a fortnight. It can take place in a physical space or a virtual space, whether it be Zoom, chatrooms, or even online messenger.
You’ll find that most mastermind groups have between 5 and 10 people, and there will always be at least one admin.
Mastermind groups need admin to moderate the group – to ensure that the meetings start on time, flow smoothly, and stick to the schedule.
The admin or admins will start the meeting, give everyone the chance to talk, and ensure that the meetings don’t run over too late so people aren’t inconvenienced.
Joining a mastermind group gives you the opportunity to discuss personal development, help others and receive help, set goals, and receive support in reaching your goals.
In your first session, you’ll be expected to introduce yourself and be given the chance to discuss your hopes and goals for future sessions.
It’s a great opportunity to make meaningful professional connections, which can be beneficial in any career, industry, or niche. You’ll have opportunities to ask questions and be expected to give as much as you receive.
This is one of the key differences between mastermind groups and coaching – coaching is one-to-one, and you’re on the receiving end of help and advice, whereas mastermind groups are a joint effort where you exchange help, ideas, and information.
You can find mastermind groups that are for those in a local area or mastermind groups that can connect you with people all around the globe.
There are mastermind groups inclusive for all industries, and mastermind groups that only focus on one particular industry – for example, business.
What Do I Look For In a Mastermind Group?
There are plenty of different types of mastermind groups out there – some will focus on one particular industry, and some will be inclusive to all industries.
Some will be under £50 for a membership, and others can cost hundreds of pounds. Some will take place in person, and others will be predominately online.
If you’re unsure what to look for when you’re hoping to join a new mastermind group, then keep reading for some tips.
How Much Does It Cost?
Most quality mastermind groups will cost you to join, whether it’s a subscription or you pay per session.
Many groups will allow you to try a session for free before you commit to a subscription, which will allow you to get a feel for the group and decide whether it’s right for you.
The cost of mastermind groups can vary – some are free to join, but most will cost between £50 and £100 per year. However, more exclusive groups can cost upwards of £1000 per year.
Before committing to a group, it’s important to know the frequency of payments and to check that you can afford to join.
If you’re on a budget, look for groups that aren’t too expensive and that meet once a fortnight or once a month – as you can still reap the benefits of joining the group without having to pay as much.
Online Or In Person?
Due to the recent pandemic, more and more events are occurring online, from work meetings and university lectures to mastermind groups.
Meeting online is a convenient option for many people – you don’t have to worry about childcare, travel, or what clothes to wear.
However, some people prefer face to face interactions – it’s easier to build meaningful connections in person and leave an impression, whereas online, you’re just another virtual face.
Face to face meetings is also generally for local people only, which can limit your connections. When you’re looking for a mastermind group, consider whether you’d prefer to meet online or in person.
Some groups will implement a mixture of both, so you can meet online but also join the meetings on video platforms such as Zoom or Google Meet.
How Many People Are In The Group?
When you’re looking to join a mastermind group, you may want to find out how many people are in the group. Some groups can have a large number of members, whereas others can be more intimate.
In larger groups, it can be easier to get distracted by background noise, and it can be difficult to get a word in. However, a larger group means more people to connect with, more discussion, and ultimately more help.
Smaller groups tend to run a lot smoother and can be a lot less overwhelming if you’re not a fan of large groups. Either way, it’s important to consider what size mastermind group you want to join.
What Resources Does The Group Offer?
Different groups will offer different resources, so it’s good to know what each group offers while you’re looking to join a paid mastermind group.
Typically, mastermind groups will provide you with handouts and worksheets related to topics covered in the sessions, which enable you to learn more about these topics outside of the group setting.
Many mastermind groups will also enrol you on various different courses, to expand your knowledge and help you grow both personally and professionally.
Mastermind groups will give you the opportunity to connect with various different people, including businesses owners or business coaches that can help you develop.
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.