What is a mastermind group and how your business can benefit

By 21st April 2021Uncategorised

What is a mastermind group?

A mastermind group is a way to meet other like-minded entrepreneurs, to discuss business issues and to benefit from the collective wisdom of the hive mind. A mastermind group is likely to be online at the moment, although it hopefully won’t be too long before we can be face-to-face again.

Why would you pay to join a mastermind?

Some people might think that it’s a bit odd to pay money just to meet up for a chat with other business owners, but that’s because they don’t understand the value that discussing your business issues, hopes and plans with others can bring. Mastermind groups can provide a supportive community where people give and receive feedback, share actionable ideas and support and encourage each other. It’s all about building people up, encouraging them when they need motivation and holding each other accountable to targets and planned actions.

Four entrepreneurs who would benefit from a mastermind

  • The ‘I recently started in business’ entrepreneur

When you start out in business, for most people, you don’t know what you don’t know. You quickly find out that there’s a great deal you don’t know. It can be overwhelming. You most likely didn’t start your business because you wanted to spend your days dealing with paperwork, admin and finding new clients, but if you don’t keep on top of the basics of running a business, it can get out of control fast. When you join a mastermind, you can draw on the collective experience of the group and sidestep some of the pitfalls that others may have fallen into when they started out.

  • The ‘I’m having a wobble about being in business’ entrepreneur

We all have moments when we think ‘Why did I think it would be a good idea to go self-employed?’ and wonder why we gave up the security of a monthly pay check. At those times when you are having a wobble, your mastermind colleagues can keep you focused on your Why? and help you figure out what your need to do next to set you back on track.

  • The I’m too busy to attend a mastermind’ entrepreneur

If you are run ragged by the demands of your business, you may think it’s a bit crazy to add a mastermind group into the mix. However, the group can help you to stay accountable and set challenging yet achievable targets. They can also stop you disappearing down rabbit holes and they can offer solutions to common business issues that you might not have thought of. All of this can save you oodles of time and stop you from running around looking busy whilst actually achieving very little. Now, that’s a win!

  • The ‘I know it all already’ entrepreneur

Clearly no-one knows it all about being in business but people who think they have it all figured out can still benefit from a mastermind group because each person in the group brings completely unique experiences to the table. This means that no matter what stage you are at in business, there are always things to learn, better ways to do things that save time, money or frustration, so gaining outside perspective on what you do is invaluable.

Summary of the benefits of a mastermind group

  • Get an accountability buddy who can help you stay on track with your goals.
  • Provide another entrepreneur with the accountability they need to be successful.
  • Gain clarity on your business direction.
  • Exposure to different business approaches, systems, processes etc.
  • Bring issues to the group for help brainstorming solutions.
  • Set clear targets between meetings to help meet your business objectives
  • Increased motivation and creativity to achieve more.

Step Up to Success for female business owners provides mastermind groups as just one of the many business benefits of an online community for entrepreneurs. At only £24/m, it’s a great investment in your business’ future.

Contact us here and check out some of our customer success stories.

You can also connect with me on LinkedIn.

Leave a Reply