How To find the Right Mastermind Networking Group for you and your Business.
What is a mastermind group and why would finding one be of value to you?
Mastermind and networking groups are made up of individuals who are goal-oriented.
The members of these groups are highly driven in their personal and business life and typically have high standards.
Masterminds are influencers and offer advice from the lessons they have learned, including their successes and failures.
They not only talk the talk, but they also walk the entrepreneurial walk as successful business owners!
How Can a Mastermind Group Help You and Your Business Produce Success?
Let me share a quick story of how seeking advice and mentorship from other business masterminds has personally helped me.
I am the co-owner of Andalon Studios with my husband and the founder of the company.
He is a successful author who has written several series of sci-fi and fantasy books.
A few years into his writing career he asked me to become his marketing director.
However, I was not an avid reader of this genre and preferred self-help and non-fiction over fiction.
In fact, I knew nothing of this industry.
Furthermore, I had no idea how to sell indie-authored books, how to market them, or how to reach the consumer.
I quickly realized I needed help and immediately sought advice from other mastermind authors who have successfully sold thousands of their indie-authored fantasy books. (Which is very difficult to do by the way).
Since stepping out of my comfort zone, I learned strategies and tools that helped my husband market and sell his books in unique and effective ways.
As a result, he has won four literary awards in two years, achieved Amazon’s #1 Bestseller multiple times in several countries, and nearly all of his titles have achieved #1 New Release.
We now offer the same advice and help to other indie authors who are struggling to even sell just a few books.
Without Mentorship, Businesses can Fail Within a Short Amount of Time.
In an article by Advisor Smith, small businesses and start-ups have a chance of failing with a rate of “32% within the first two years, 40% in three years, and 50% fail within five years.
My experience has taught me that part of their failure is a lack of knowledge.
It’s not that they aren’t incredibly intelligent entrepreneurs or lack motivation or drive.
Small business owners can fail partly due to not seeking the right kind of business mentorship from individuals who have already paved the way through their personal successes and failures.
According to a survey of over 180 business owners, Shopify stated that “70% of the entrepreneurs that underwent mentoring had businesses that survived for five or more years.”
I don’t know about you, but I want to succeed and will seek out mentorship on all levels to do so, including attending mastermind groups.
Before you read further, please know that this post may contain affiliate links, for which I may receive a commission. There is no cost to you if you purchase through one of these links. Thank you.
Effective Mastermind Groups Shouldn’t Waste Your Time!
Many excited new entrepreneurs can be led down the wrong path to self-serving individuals.
These individuals attend or even lead these so-called mastermind and networking groups.
They will attempt to wine and dine you while exaggerating their overall net worth and success!
As a result, they can suck the very life out of you AND your pocketbook.
It’s extremely important to understand that productive mastermind groups should effectively help you produce huge gains in your business life…not drain you of them.
Not only that, but in your personal life, spiritual life, and your overall success as a whole.
Napoleon Hill wrote, “When the minds of two people are coordinated in a spirit of harmony, the spiritual units of energy of each mind form an affinity, which constitutes the “psychic” phase of the Mastermind” (Think and Grow Rich 2003).
He called this the “Mastermind Principal” and said that “when a group of individual brains is coordinated and function in harmony, the increased energy created through that alliance, becomes available to every individual brain in the group.” This is why it can be life-changing to have a business mentor and join the right kind of mastermind group!
A True Success Story – My Interview with a Mastermind Group Creator
Allow me to share the true business success story of my friend, Tim Nichols.
Tim successfully created his own mastermind networking group.
In doing so, it propelled his financial growth by 3 million percent!
Tim Nichols moved to Rockwall, Texas in 2012 with a new vision and dreams but nearly empty pockets. His assets were at zero dollars!
He took a leap of faith and left his job of nearly 17 years as a financial advisor.
He had huge dreams and plans of opening his own independent financial practice.
Despite his motivation and efforts, he continued to hit roadblock after roadblock.
However, in one year, his assets under management (AUM) grew to $3,000,000.00! That’s a 3 million % growth in the period of a year.
How in the world could someone go from zero to a 3,000,000.00% increase in only one year?
In writing his story here, I answer that question and more!
Meet Tim Nichols…
Your Business Goals Can Come True with the Right Strategy, Support, and Mastermind Group
Tim developed a strategy that REALLY works and wrote about it in his book “3 Million Percent.”
Tim speaks a lot about “Deepening Relationships.” As a matter of fact, he lists it in his book as key point #1.
He also writes about the “30-second moment”, which lists out 7 Key aspects to capture someone’s attention in the first 30 seconds of your very busy prospect.
And by using this method and strategy he gained incredible access to very busy individuals.
Over time, he was able to procure solid relationships that became very fruitful within one year.
This strategy was so successful for Tim, that he started his own mastermind networking group called the “3 Million Percent.”
I asked Tim a series of questions for anyone considering joining a mastermind group.
He shared a wealth of knowledge that I believe will help you in finding the RIGHT mastermind group for you.
And maybe… even starting your own!
1) What are the questions to ask a mastermind group prior to joining?
First, you need to find out where the focus of the group is and how it will benefit you directly. Ask yourself, where does your business fit into any of the below?
- Do they meet in person or through a “zoom” virtual type meeting?
- What are they primarily focused on – sales and marketing or networking or are they a peer advisory-based focused group?
- Is their focus on leadership, and what about their day-to-day living and spiritual growth?
2) What Kind of Time Commitment is Involved in Joining a Mastermind Group?
For example, many mastermind communities have 1–3-tiered investment opportunities at different price points.
Ask these questions below:
- What is the time commitment to engage with the group? 6 months? 1 year?
- If it’s a term commitment, how long am I committed to engaging in the group?
- How often does the group meet? (Bi-weekly, monthly, quarterly, annually)
- How long is each meeting? (1 hour? 4 hours? 8 hours? 2 days?)
- What is the agenda structure for each meeting?
- Is there a speaker?
- Is this a group coaching program that is being called a mastermind group?
- Is there a “hot seat” or “spotlight” format for each business to have the opportunity to share a challenge and have the rest of the group speak about that challenge?
3) What Red Flags Should I look for Before Joining a Mastermind Group?
- Google the organizer of the group and look at their website and marketing.
- Do they have reviews listed or references you can speak to?
- Find any testimonials about them personally and if possible, ask to speak with current or former members of the group.
The goal in doing so is to find credibility, confidentiality, accountability, and alignment with their mission, results, or participants.
In so doing, any information that you find that is not in alignment with what you’re looking for will appear as a red flag to you.
4) What Costs are Associated with Joining a Mastermind or Networking Group?
People invest money into a mastermind group as an investment in themselves, their business, or their future.
The price points in each individual group represent “pay-to-play” which are gates to higher levels of exclusivity of potentially more seasoned, influential, or wealthy individuals.
So, the question of affordability is based upon the value of how much you’re willing to invest to become a better you, a better businessperson, or a better leader. To put it differently, the investment value is based on your focus, intended results, and the proximity that you’d like to gain by being around people who are more seasoned, more influential, or wealthier than you are.
A reasonable cost for a small business owner starting out can be anywhere from $1000 to $5,000 a year with quarterly meetings and bi-weekly accountability calls. However, the value spectrum can be as high as $100,000.
5) What Should a Mastermind Group be Offering You in Return?
In a peer advisory mastermind group model, membership is based upon a free exchange of collective wisdom, knowledge, experience, confidentiality, and accountability from each member. Each individual in the peer advisory group comes to the table with a “give” and an “ask.” Both are equally important. In contrast, if the group is more of a topic-focused group coaching format, the focus is on learning the strategies offered to achieve deliverable results, not the previously mentioned in the give-or-ask model.
6) What Kind of Accountability Should You Expect?
In general, members are expected to be fully present, physically, and mentally (without distractions) and to engage in discussions based on their ability to contribute.
Equally important is individual accountability, which meets goals that may have been requested by the individual, an accountability partner, or the group as a whole.
7) How Many Individuals Have Participated in Your 3-Million Percent Mastermind Group?
Over the last 4 years, we’ve had over 230 businesses come through the program.
After COVID restrictions were lifted, the business landscape changed so I restructured the program from a peer-advisory program, into a group-coaching format.
I now train these businesses in the strategies and tactics that I personally used to grow my own business so quickly.
8) What Sets Your Mastermind Networking Group Apart from Others?
Business owners, entrepreneurs, and business development professionals are sick and tired of wasting money going to poorly attended events and meeting people who only want to sell them something.
With this in mind, networking with higher-quality professionals who already possess rich resources of strategic connections has now become a matter of survival and priority. Within my mastermind group – 3 Million Percent, we strategically and tactically train “special forces” of business development. Our members work together to “hunt in packs” to help one another growth-hack our influence throughout events, organizations, communities, and markets.
Equally important, the goal of our members is to individually gain leadership roles in these organizations, communities, and markets in which they seek to grow their businesses. As a result, we don’t just talk about leadership. We strategically, tactically, and intentionally become the leadership.
9) What Recommendations can you Offer for Starting Your Own Mastermind Group?
- Perseverance is Key ~ I lost everything that I owned in the 2008-2009 market crash. I was broken. Through the trials, I learned to endure, persevere, survive, and thrive. You will too, just push through!
- Contribute and Be Generous with Your Time ~ I learned to share the wisdom that God has given me, the experiences that I endured, and the knowledge that I gained to help business owners to overcome similar challenges to help them to survive and thrive.
- Start Where You are and With What You Have ~ I started everything from scratch and bootstrapped every step of the way. I was told that I needed a lot of marketing tools. However, I could simply not afford them. For this reason, instead of hiring someone to teach me, I was forced to buy books or courses or to watch free YouTube videos to try to gain enough pieces of the puzzle to emulate what other successful people had done. But it was enough to get me through it. Remember that it’s a marathon and not a sprint!
- Invite Members at No Charge ~ Invite well-experienced, high-level influencers to join your group as “esteemed faculty” of your mastermind community at no charge. At the same time, leverage their experience, relationship capital, and resources to gain new members.
Thank you, Tim, for your amazing story, suggestions, and recommendations!
You have helped so many people with your business wisdom, and I know with this story, you will continue to do so!
How to Find the Right Mastermind Group that’s Right For you ~ Summary
Finding the right mastermind group can be very challenging. However, with determination and the knowledge that was provided above, the answers will come to you.
However, what if you can’t find the right one specifically for you? Have you thought about starting your own?
I hope that this story encourages you to seek out the right kind of mentor or mastermind group.
For more true success stories of small business owners and side job hustles, be sure to check out my other article 9+ Side Job Hustles for Busy Moms!