After taking a look at popular mastermind groups that have a high registration fee, everyone asks the same question: what is a mastermind group and what does it do?
A mastermind group is a group or gathering of like-minded people who get together and provide each other advice and support towards a common goal in mind. This means that the group members can help you solve your business problems as well as provide new ideas and perspectives for your business.
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Other than unbiased guidance and advice from group members, it also helps you network and cross-promote your membership to more people in the community. In addition to this, with shared knowledge and support from the mastermind group, you can ensure the growth of your business in the future.
In this article, we’ll go over various ways you can create and run a mastermind group for your membership site.
Ways to create and run a mastermind group
Here, we’ll go over five different ways you can create and run a mastermind group efficiently.
#1. Find like-minded people
The first thing you want to do when starting a mastermind group is reaching out to people in your network. This way, you can find people with the same interests as you or people who have an easier time relating to you. You can ask prospective group members if they’re interested in discussing a common topic or problem with you in hope of solving a common problem or achieving a goal together.
Start by reaching out to people on your social media platforms. You can ask your colleagues and staff members to join your mastermind group and anyone else you know who might be interested. You don’t want to leave anyone out just to later find out they wanted to join but didn’t know about your mastermind group.
Ideally, you want to look for people with similar interests as you when finding a group member. This can help you relate more to your group members and help understand their advice and ideas better. It’s also important that your group members also have the same success levels as you so there’s no competition between group members. Similarly, it’s also important that you don’t let people who are your competitors join your mastermind group. Since you want to have unbiased advice and support from group members, having competitors join isn’t useful.
Other than this, you can look for people that are willing to commit to you and your ideas for the future. People that have diverse skills sets are also very useful to your mastermind group and can help broaden your approach to new ideas and execute them.
#2. Create standard rules for the group
After you have a great, qualified group of people ready to commit to you, the next step is to set some ground rules for the mastermind group. This way, everyone in your group knows what they’re not supposed to do and what they should be doing.
Answer simple questions such as:
When are meetings held? How often meetings are held? How long should the meetings be? How are new members added to the mastermind group or what are the eligibility criteria to join this mastermind group?
Answering such questions can help point existing group members or newly joined members in the right direction. It answers all the basic concerns a group member might have when they first join and helps them get more familiar with the mastermind group quicker.
An important role of the group leader is to set some ground rules and make them clear to new members when they first join. Let’s take a look at various rules you should mention to all new members that join your mastermind group:
- Commitment required. You want to make it clear to your members about the level of commitment required. This way, you ensure none of the group members are wasting your time or anyone else’s time. You can set rules for kicking members out of the group for being absent from meetings and make it obligatory for members to attend all meetings. In addition to this, you can advise members to follow important assignments and demote members for not doing their part.
- Meeting schedules and working. Holding meetings for group members can be a challenge, especially if they don’t follow a set timing schedule for meetings. You need to create ground rules for meeting schedules and inform group members of the time each person has to present and speak their part in the meetings. This can help give group members a sense of direction for upcoming meetings and helps differentiate good group members from the bad ones. You can also let group members ask questions between meetings or hold a brief Q&A session afterward for answering questions and addressing concerns.
- Advantages of joining the mastermind group. When mentioning all the important stuff, it’s also important to mention the benefits group members will gain by joining your mastermind group. This may include achieving better results, helping with business problems, sharing ideas, and getting unbiased advice on new ideas and projects.
- Logistics of the mastermind group. Lastly, you want to mention how members can obtain information and have access to content. Members also may want to know how they can share their ideas and the tools they need to keep up with other members in the mastermind group.
#3. Define goals and aims of the group
Now, with a well-setup mastermind group that has some ground-level rules and qualified group members, you can start defining the goals of the group. By sharing your vision with members, you can get additional feedback on any new ideas that you might have thought of. This helps you get a different perspective on your ideas and helps refine them into successful plans and projects for your business.
You can also take a look at different ideas or gain new ideas from other members of the mastermind group. In this way, it helps you use your member’s solutions or genius ideas in your own business. It’s also important to set clear goals for the mastermind group so that everyone has the same end result in mind.
This means that by setting goals that need to be achieved, you tell your members what they need to do instead of aimlessly talking about various problems. As a result, all group members of the mastermind group will be on the same page, working towards the same goals as you. This not only boosts the efficiency of the entire group but also helps your mastermind group work through problems faster.
#4. Setup the required tools
Since you have a group of individuals who need to constantly work together and share ideas, you need various tools to achieve this. Let’s go over a few tools that are “must-haves” if you want group members to easily communicate and work together:
- Videos conference tools. You need video conferencing tools for boosting communication between members while also increasing productivity. This way, you can decrease travel time and costs for all members which means more people will be willing to join your mastermind group.
- A membership site plugin. You need to have a membership site for your group members so that it provides more value to them. It not only helps gain more loyal members for the group but also helps manage all your content and resources.
- File sharing tools. You always want to have a robust file-sharing tool for your mastermind group members. This way, it’s easier to work across different platforms and different members. For instance, one member could be using an iOS device while the other members may be accessing your content from their desktop. It also saves a lot of local disk space by uploading all data onto cloud storage. Members from anywhere around the world will have quicker access to any past data of your business
#5. Share and grow together
Once members are setting into your mastermind group, you want to share information with all members so that everyone grows together. This way, it keeps members coming back for more and they will join your mastermind group every time their subscription period ends.
While it can help you overcome many challenges in your business, you can also help others accomplish their well-thought-out goals. It also helps you give a different perspective on solving various problems. This means that by pitching ideas to other members, you might find something useful and use it in your own business. You can also listen to the problems and solutions of other members and help implement those into your business and other group member’s businesses.
A mastermind group might be exactly what you need to take your business to the next level. You can gather new ideas, help solve business problems quickly, and ensure a better place for your business in the future.
We showed you how to create and run a mastermind ground efficiently and how it benefits your business. Hopefully, you’re in a good position now to take the next steps.
Do you have any other ways that can be used to create and run a mastermind group that you’d like to share? Let us know in the comments section below.