D4Y

12 Ways Joining a Mastermind Group is Going to Change Your Life

‘You are the average of the five people you spend the most time with.’

Have you heard this before? Think of the five people you spend the most time with. Now thing about your life and what it looks like and what you spend your time focused on.

Pretty accurate statement, right?

Ever felt like you’d hit a wall in your business and you weren’t quite sure how to overcome it? What if joining a mastermind could make problem solving AND growing your business 100x easier? JUST because you get to expand on those people you’re surrounding yourself with? I am here to tell you: it can.

This is why I join masterminds. I get to surround myself with passionate business owners, with all kinds of experiences, ideas and knowledge under their belts. And this is why the people I have met in the masterminds I am a part of have quite literally changed my life and business… and continue to do so today.

If you aren’t familiar with a Mastermind Group, then it is time that you are!

While many of today’s wealthiest online entrepreneurs are quick to say people like Jim Rohn or Napoleon Hill were the originators of Mastermind Groups, the truth is these groups have been around for a very long time. The group typically has a facilitator who determines what the group’s ground rules will look like; how the meetings will be carried out, where, how and when.

“Mastermind Groups coordinate knowledge and the efforts of two or more people, who harmoniously are working towards the same project or outcome.”

Another way that you can think about this – your success and wealth depends on the people you hang around with.

What are YOU passionate about? Are the people you spend your time with helping you achieve your passion?

Way back in 1726, Ben Franklin started a Mastermind Group that today is famous. Franklin worked in his print shop from early morning to late at night, but Franklin found the time to organize a group called ‘The Junto,’ which met on Friday evenings to talk about politics, philosophy, morals, and business. Every week there were two questions that Ben Franklin asked the members of the group.

Who is thriving and why?

How can they be emulated?

These are two very smart questions even today.

They can be elaborated on further to:

What’s working in the industry?

Why does it work?

And how can you emulate THAT into your business?

Mastermind Groups let you make connections that you likely wouldn’t make any other way. You get to be with ‘like minded’ people and so often members of the group become endearing, supportive friends.

When you join a Mastermind Group you also get the opportunity to help others and give back. This often snowballs into different members of the group, who all have different degrees of skills and experience, helping out one and other. The the focus is on sharing – and because of this everyone benefits. Many of these groups are for business owners that want to improve their business and who are serious about growing their business. Are you serious about growing yours?

The rewards from gathering in a Mastermind and meeting people who otherwise might not know, hear from or contribute to you is HUGE. But for the purposes of this blog post, I have whittled these rewards down to 12…

Why You Should Join a Mastermind Group

1. To challenge yourself

Being a member of a Mastermind Group challenges you to grow your business. It is very easy to get side tracked in the day to day activity in your day to day activity. A Mastermind Group helps you to stay on track, learn, and grow. The simple energy you feel from being a part of a group can motivate you to move mountains.

2. Create deep and lasting relationships

Being an entrepreneur can be lonely at times. It can be difficult to talk about what’s important to you with just anyone because they are not always on the same ‘page’ as you. A Mastermind Group gives the opportunity to share your aspirations, challenges, and dreams with other ‘like minded’ individuals, which means you won’t be nearly as lonely and you will build deep and lasting relationships with. Those middle of the night “oh my gosh, am I really going to be able to do this?” moments suddenly don’t have to be spent in turmoil. Your mastermind buddies are only a phone call, text or Facebook message away.

3. Brainstorming

The very purpose of a Mastermind Group to get to share and receive new ideas. If you aren’t clear about what direction you should be heading take advantage of the collective powers of your Mastermind Group to get you on track. Not only that, but brainstorming for others can sometimes help YOU a great deal as well. While contributing to a fellow member you may get see and stimulate solutions and ideas for your own business that you otherwise may never have.

4. Accountability

As each meeting comes to an end there will be objectives and an action plan for each member, which means you are accountable to the group just as all the other members are. This can help you to build the discipline necessary to create a successful business, something so many of us idealists, idea-ists and ‘head in the cloud’ types can struggle with!

5. Focus

The day to day operations of your business can be distracting. Often times we loose sight of the bigger picture, the reason we’re in business in the first place. Being a member of the Mastermind Group will help to keep you focus on that bigger picture – because that’s the reason you come together at all, to contribute to that passion and purpose. If you find that you are drifting or losing clarity, being a part of a group like that will help remind you of why you are in business.

6. Feedback

Having the ability to receive feedback on business issues from other successful individuals can feel like a light in a often very dark tunnel. Whether you face financial challenges, inventory concerns, or staffing road blocks, the members of a Mastermind Group can help you solve your concerns. Those issues that you felt like you had to solve all on your own before are not so – you are encouraged in a Mastermind to ask for feedback and give it. No one is alone.

7. Support

I can’t say this enough. It’s a theme throughout all of these points. Owning and operating a business is not without its difficulties and challenges – employees, finances, inventories, legalities, and the list goes on and on – it can sometimes be overwhelming. The good news is that it is likely one or more of your Mastermind colleagues have experienced the same things that are coming up for you. And knowing what each other is going through and providing the feedback you need to get through something? Priceless.

8. Growing confidence

When you make good decisions and you get feedback about these decisions from your colleagues in your Mastermind Group your confidence grows. Greater confidence within your group inspires everyone to perform better, take more changes and grow! Everyone benefits.

9. Increasing profits

Many businesses inadvertently leave profits on the table. Actually, most businesses! One of the main functions of the group is to help you make sure you are taking advantage of every opportunity that surrounds you. Your fellow members can help point out areas where you could be moving more product or pricing differently to increase your business success. They all have different approaches to things and putting heads together makes new avenues for profit identifiable.

10. Collaborate and find new business partners

Business Group Meeting Discussion Strategy Working Concept

Masterminds create opportunity to work together.

Bottom line, the game is all about collaborating. It’s another common theme throughout this entire post. There may be someone in your group that would be a great fit for a project you have going. Perhaps you are the right person to help out another member. Perhaps you can exchange business? One member who is really great at managing their team but awful at social media may be able to help another member who has the social media efforts dialed in but feel stuck and can’t seem to manage their team effectively. Collaboratively the group works together to attain more together.

11. Expand your skills

Everyone in a Mastermind Group has unique skills, experiences and connections. Everyone is expert at something and as you interact with each other you pick up new skills and talents all the time. The synergy of the group will create an atmosphere that’s very healthy for brainstorming and supporting each other with honesty and respect – where you get to learn and grow constantly.

12. Helping Others

You will get a great deal of satisfaction from helping other business owners just as they will get a great deal of satisfaction helping you. None of the members are in the same stage of their life and their interests all differ – so the contributions you receive from each other can quite literally change and improve the course of one’s life. Truly. I have experienced this myself.

For a Mastermind Group to be successful it must be built on integrity, trust, sharing, and confidentiality. You’ll notice this organically be created in a well nourished and well managed mastermind. These will become people who lift you up and propel your business to new heights. Being part of the right Mastermind Group will take you farther than you ever imagined.