How to Start a Mastermind Group for Online Business Owners

Mastermind groups can help you talk through problems you may have, find solutions, and discuss with people in your life who can offer your support and advice with whatever you are going through.

A mastermind group can help you become a greater success. This article talks about the benefits a mastermind group can offer you as an online business owner, who you should invite to your mastermind group, and how to run one.

What is a mastermind group?

First, what is a mastermind group?

A mastermind group is a group of like-minded peers who meet together and offer support and advice to one another upon a common goal or vision. The group can be very beneficial as you talk about struggles you are having in personal life, in business, in school, etc, as it relates to your vision and can give help, advice and wisdom when needed.

This group comprises one or more individuals you trust that you can bounce ideas off of, get valuable insight from, and get help from with accomplishing challenging tasks or goals ahead of you.

Your mastermind is created to help you tap into greater mind-power because you have more great minds paying attention to solving a singular problem together.

It’s important to consider if there are other people in your life already that you would consider asking to be a part of your mastermind team.

Napoleon said: “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.” That force happens through a mastermind group.

How often do you meet with a mastermind group

I recommend meeting with your mastermind team once a month at least to discuss industry updates, the challenges or questions you need help with, and any advice for overcoming struggles you may have.

Mastermind groups may feel the need to meet more often, and may decide to meet once a week, or even more than that. How often you meet is up to you and your needs.

Each person that is a part of your mastermind team will also have their own questions to get help with as well, so take turns helping each other out. Brainstorm about the questions to resolve, work together to accomplish the goals each of you have and you’ll see your success skyrocket.

TIP: It’s best for you and your mastermind members, in most cases, to not have any equity, shares or ownership in your business. The mastermind group should be 100% committed to sharing their unbiased solutions to the problems at hand.

Benefits of a mastermind group

There are many benefits to having a mastermind group. They include:

• Advice and support from peers
• Additional resources
• Differing perspectives
• People to brainstorm with
• Accountability

Who should you invite into your mastermind group?

When you are choosing who to invite into your mastermind group it is important to keep in mind the following questions.

1. Are they 100% committed to helping you and others in the group attain their goals?
2. Do they have a positive mind?
3. Do you believe they will be able to contribute to your success?
4. Do you believe they would be willing and able to offer constructive ideas and feedback to the challenges you present that you want help with?
5. Have they been successful with any of their goals in the past?
6. Are they teachable?
7. Are they a good listener?

The last thing you want to do is include someone in your mastermind group that drags your ideas down and is negative. You want to bring in people with different perspectives, who are different than you, who are realistic and supportive.

Another thing to keep in mind is that your mastermind will be a “mutual beneficiary” group, meaning that the people in it aren’t just there to share advice and support with you, but are also there for you to do the same for them. Pick people who you know you’ll be able to offer support to.

How do you organize a mastermind group?

Okay. You’ve picked some people to ask to be in your mastermind group. What next?

Now it’s time for you to organize your mastermind group.

First, Make a list of the trusted people in your life that you want on your mastermind team. Contact them and ask them if they would like to be a part. Be sure you’re clear about the purpose of the group and the proposed dates as you contact people.

Set up a time and date to meet and create an agenda.

Some mastermind groups have discussions about many different topics, while some are dedicated to only one. It’s important to be clear in your purpose so you can accomplish things and have success in the areas you are seeking success in.

How do you run a mastermind group?

Once you’ve contacted your peers and are ready to start your mastermind group meeting, here are some things to remember.

1. Meet regularly. Set a date and time that works for everyone, and keep a regular meeting schedule.
2. Choose a group leader and facilitator if needed. Sometimes it is nice to have someone who can head up the meeting and ask questions that will get people talking.
3. Give everyone time to talk.
4. Decide if you need an agenda. Some mastermind groups don’t use an agenda and just talk about what they are going through at the moment, but others do. Try whatever works best for your group.
5. Set ground rules. Do you have limits on how many people can join the group? How long will meetings take? Etc. It’s important to set these rules ahead of time so everyone can be on the same page.

Possible mastermind questions to discuss:

1. What are some catchy blog topic headlines I can create that my audience would love to read? (develop a list of 20-100 topics at a time and then create WordPress blog post drafts for each on of them. This will create an agenda of topics for you to write about so you don’t have to keep on coming up with ideas each week. You can write these blog posts yourself or hire someone to do it for you.
2. What are some new creative strategies to implement to market to my target audience to increase my online sales?
3. How to tweak or change things on my website?
4. How to effectively manage a freelancer to complete a job for me on my website or marketing campaign?
5. And any other question or challenge you might be facing..write them down and come prepared for your next mastermind meeting!