What Is A Mastermind Group?

I recently published a post regarding why I am in a Mastermind Group and why I feel it is important. I’m aware that some of your may still be unsure of what exactly a mastermind group is. So I want to clear this confusion up with a more in-depth article.

What if I told you that you can put yourself in a better position to succeed with your Online Business by simply sharing your time, either once a week or once a month, with other like-minded and motivated individuals?

Successful individuals such as J.R.R. Tolkien, Henry Ford and Thomas Edison, all met with groups of like-minded people on a regular basis, to help one another achieve common goals and grow. Today, this is called a Mastermind Group, first coined by Napoleon Hill in his book Think and Grow Rich.

I’m going to go over what a mastermind group is, how it can benefit you and your business, and how to form one, step-by-step.

What Is A Mastermind Group?

A mastermind group is a peer-mentoring group of individuals who meet on a regular basis either in-person or virtually through a service such as Skype or Go-To-Meeting to push each other to work to their highest potential and hold each other accountable. Many successful entrepreneurs today, from Bill Gates, Mark Zuckerberg, and Pat Flynn, use masterminds to help grow their business and work on their personal development.

Jim Rohn, a motivational speaker, says that we are the average of the five people we spend the most time with. Are the people you spend the most time with helping you with your online businesses growth? This is where participating in and being a part of a mastermind group can improve that.

What A Typical Mastermind Group Session Looks Like

A typical mastermind group session usually starts with everyone involved talking about what is happening in their business. This will probably involve things that are going well and things that they are struggling with. After this, every person normally gets a chance to ask the group a few questions regarding challenges they are having in their Internet Business. Some examples might be:

1. How do I get more people to sign up to my email list?
2. How do I hire a new Virtual Assistant?
3. Do I need to hire a bookkeeper?

The group then crowdsources a solution by giving each member of the mastermind group a chance to give feedback to the person asking the question. After that, the group as a whole agrees on the best solution for the member asking the question to take. Having a group of like-minded individuals like this to ask questions to is handy because it stops you from making stupid mistakes due to running your ideas by 2-15 other people there is a higher chance that someone will point out a potential pitfall you may have overlooked. This is because they are not as emotionally invested in the idea as you are.

How Many People Are In A Mastermind Group?

I’m in two mastermind groups currently. One as I have said before is just myself and my buddy Will from Hit The Accelerator.com. We meet up in person every two to three weeks as we live about 20 miles away from each other. I’m also in a Facebook mastermind group with four other people. We are looking at starting to do either a group Skype chat or a Google Hangout once a week on a Monday evening. But a mastermind group can have any number of members from 2 to 15+. Personally, I think smaller is better, so I would say the sweet spot would probably be somewhere in the region of 6-10 members.

How To Find A Mastermind Group

Ask other people who have their own online businesses

Most people who have online businesses will probably be in some sort of mastermind group. So if you know someone who runs an online business talk to them about being in a mastermind group and they might let you be a part of theirs.

Meetup.com

Meetup.com is a great place to find other Internet Marketers who have their own Masterminds. You should be able to find one in close proximity to where you live.

Facebook groups

Facebook is a great place to find other like-minded business owners to join a mastermind group. If you sell products on Shopify, for example, you can join a Shopify group on Facebook and post a message like

Hi,

I’m looking to join a Mastermind Group relating to Shopify and growing my business. Please, can anyone give me details of a Mastermind Group that is accepting new members?

Thanks

Then just wait for the replies and decide on the mastermind that suits you the most.

How To Start Your Own Mastermind Group

The easiest way to start a mastermind group is to ask other people you know who run an Internet Business to form a group. If you do not know anyone else then use one of the above methods for starting your own group. The easiest place by far to find members for a group is Facebook.

A lot of information products and courses you buy nowadays come with access to a private facebook group. These groups are perfect places to find other highly motivated like-minded individuals to form a mastermind with.

Failing this just find a public Facebook group relating to your chosen business model (e.g Merch By Amazon, Kindle Publishing, Shopify, Dropshipping, etc). Join it and then post a message similar to below.

Hi,

I’m looking to start a Mastermind Group relating to Kindle Publishing and am looking for other like-minded people to be a part of it. You must be highly motivated to succeed and be willing to meet over Skype once every two weeks to keep each other accountable. Send me a message if you want to be a part of the group.

Thanks

You’ll want to either send friend requests the people who want to join or take an email address that they can be contacted on at a later date when you are ready to start the mastermind group. That’s it it’s really quite straightforward.