Recently I’ve shared a lot of group coaching resources with you and today I wanted to share a fun, free way that you can start working with groups…
…while you also focus on growing your business:
Form a Mastermind Group with peers focused on growing your businesses!
One of the big challenges faced by the solopreneur coach is the isolation that comes from working alone. An excellent way to mitigate this issue is by joining a paid Mastermind or forming your own Mastermind Group with colleagues.
While mastermind groups have existed for eons, the concept became much more common after Napolean Hill published “Think and Grow Rich” in 1937 and defined the mastermind as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
There are many benefits to participating in a mastermind, including:
=> You have a group of people who are committed to helping you succeed.
=> You receive support, encouragement and inspiration as you move forward towards your goals.
=> You become more focused as your mastermind can help hold you accountable.
=> You can test out your ideas and receive valuable feedback and other perspectives.
=> You can tap into the resources, knowledge and connections that the other members bring to the group.
=> You can develop powerful long-term business relationships and friendships.
When it comes to participating in a mastermind, you have 2 main options:
Option #1 – You can join a paid mastermind group with a dedicated leader/facilitator.
Option #2 – You can co-create a mastermind group with your peers as a way to mutually support each other.
There are Pro’s and Con’s to each approach. Today we’re going to focus on Option #2…
Forming a Mastermind Group with Peers
In this scenario, you are co-creating the mastermind with the other members, which means you have the ability to influence who is in the mastermind, how it is structured, etc.
Here are some of the Keys to Success when you are co-creating a mastermind group of peers:
1. Clear Focus – You need to be clear about the purpose of the mastermind and ideally, the members should be focused on similar goals and objectives.
2. Structure – As the mastermind is forming, you need to decide how often you will meet, how long the meetings will be and whether you will meet in person or by phone. After you determine the structure you need to stick with it, which includes starting and ending on time.
3. Time Frame – It’s important to set an initial time frame for the mastermind and have all members commit to participating for that period of time. This can be as short as one month or as long as a year. At the end of the initial time frame, evaluate if the mastermind will continue.
4. Meeting Logistics – There are many ways you can structure your Mastermind Meetings.
Typically a Mastermind session has 3 main components:
=> Start with a check-in or win from each participant.
=> Masterminding time. Either each member receives equal “mastermind time” during every meeting or you can have have rotating “mastermind time” with the focus on one or two members.
=> Conclude with take-aways and next steps/action item commitments.
5. Leadership – In order for the mastermind to run well, there needs to be some type of leadership.
This can be one person for the duration of the mastermind, or you can have rotating leaders. Leadership responsibilities can include officially starting the meeting, facilitating the meeting, documenting action-items to help keep members accountable, and sending a reminder before and a post-meeting summary afterwards.
Over the years, I have participated in a number of different masterminds with colleagues… One that was particularly successful was co-created by 6 of us after attending a San Francisco Coaches meeting. We met in person once per month for years. We now meet far less frequently, however our bonds and connections are stronger than ever.
If you’re not already, I strongly encourage you to join or create your own mastermind group. The support, accountability, resources and connections are tremendous and can literally change your business and life!
Let me know your thoughts, comments and questions about co-creating a mastermind group in the comments below!