Why You Need A Mastermind Group In Business
Running a mastermind group for your business holds nothing but benefits, not only for yourself as a leader, but for your customers and company culture as whole. Today, I’m going to talk about why you should start a mastermind in your business, whether it be with your colleagues, your clients, or the entire community associated with your product or service.
What Is A Mastermind Group?
A mastermind is a group of people that contribute individually to achieve a collective goal together. The goal can be success in a common field, such as starting a business on YouTube (like that of my mastermind) or it can be a broader topic like increasing profit margins or developing new ideas in a niche.
Why Do Mastermind Groups Work?
In the ideal mastermind, everyone is extremely active and highly invested in the group’s success as well as their own. All members deliver feedback, push others to work harder, and learn seemingly through osmosis.
Masterminds work because people learn faster and more concretely than in a closed one-person endeavor. When you’re combining the knowledge of 10, 20, or even 150 people interested in the same goals and processes, it should come as no surprise that the newcomers progress rapidly and the old-timers re-learn the fundamentals constantly.
The closest evolutionary equivalent to a mastermind would be a “tribal system”. Consider reading the book Tribal Leadership for more on this topic. A good tribe or culture is tight-knit and has a solid set of rules or principles on which it stands. This really makes all of the difference. It kicks you in the behind, it puts you into gear, and it gets you results much faster than you would other.
What Are Some Of The Benefits Of Running A Mastermind?
Running a mastermind gets you a ton of people who will potentially pay you on a long-term basis to join a group in return for the time you spend organizing it, delivering content, and teaching your knowledge.
You’re forced to deliver; masterminds are an ongoing thing and people reimburse you on a recurring basis. You’re forced to step up your game every single week and if you don’t deliver the results, if you don’t do what you’re supposed to do – you don’t get paid.
You’re Forced To Deliver
This is how you teach yourself to deliver consistently. Hold yourself accountable. A mastermind puts this mentality to the forefront by basing your revenue on producing continuous high quality content and leadership.
Now, if you just sell a product, for example, you can just ship it off and not offer any support. You can theoretically operate with no accountability – “Here you go, product sold! On to the next sale, on to the next sale”.
But in a mastermind, you need to keep engaging the same clients over and over. There’s many benefits to this as well; you don’t have to sell to new people all the time. You can just keep your existing customers happy and they keep paying you. As long as they keep getting good results from your advice, they won’t leave.
Reciprocity – The Keystone Of A Mastermind Group
This is a win-win situation for everyone. You play the position of both leader and servant – you help and are helped. There’s nothing wrong with being a servant, by the way. Being a servant means you deliver what people need. You learn how to deliver and create value… “In a business, your clients are your boss”.
Now, a point about the size of your group. A mastermind should never be more than 50 people in my opinion – that’s what I’ve seen working best if everyone is active. But, if you do want to make it bigger, make sure that it’s definitely not larger than 150 people. There are many theories that people cannot maintain stable relationships with more than about 150 people, anyway.
Enforce The Rules
You should enforce these rules. Even though you’ll have to kick people out sometimes, you still need maintain the rules of your mastermind. Your ideal situation is a group of action-takers; not just “tourists” who follow along out of boredom or mild interest. Think of the common internet phenomenon of “lurkers“. You don’t want that.
If you don’t perform, you should get kicked out. You want a community of go-getters; you want a community of winners. That is a mastermind of growth that you’re aiming for. A mastermind that persists at this level can stay active for a very long time. I’ve seen people stay in masterminds for 3-4 years on average when a mastermind is run properly.
Long-Term Payment For Long-Term Success
Imagine if you had a client almost guaranteed to pay you for 3-4 years. Imagine if you had clients that got results from your advice for over 3 years. The referrals and testimonials alone would be worth the effort.
So, you should definitely try it out for your business. If your business is not suitable for this kind of mastermind, you can do a real life mastermind. You can meet periodically. That’s suitable for basically anything; I’ve seen this in businesses, I’ve seen this in consumer masterminds, I’ve seen it in almost every field.
Take a shot and create a mastermind group today. You won’t regret it.