The Benefits of Masterminding
This is Part 1 of my 5 Day Blog Series on Growing Through Masterminds.
Have you participated in a mastermind? Are you looking for one? Are you thinking of starting one? There seem to be masterminds for everything and everyone and there are also many different models of masterminds. Napoleon Hill was an advocate of masterminds. He believed based on years of research that the most successful people created mastermind groups to get support and feedback. Today, the mastermind trend is bigger than ever.
I have found over the last 11 years running and building my coaching and training company that masterminds are critical to success. My Impact Mastermind for Heart-Centered Business Owners is one of my signature programs.
Here are six key benefits of masterminding using a hybrid model:
When you are working on a goal, it is easy to become isolated. When you only have you as your source of motivation, learning, planning, and creating, your growth is limited and often slow. Other people provide insight and encouragement. A mastermind provides a forum of support. In my mastermind, the main forum is through a secret Facebook group where participants can post questions, feedback, creations, frustrations, and celebrations.
Imagine how great it would feel if you could have feedback on everything? This support helps you with this question, “How do you know what you don’t know?” And support helps you avoid tunnel vision.
Including key pieces of content in a mastermind creates opportunities for learning new skills and methods. Content would be important for masterminds focusing on biz growth, weight loss, relationships, healing, and more. When you have content sections in a mastermind, you get a more cohesive experience. In Impact Mastermind, I provide a monthly structured 90-minute content call for learning. Content is also introduced with worksheets and power points.
Q and A
Being able to ask questions in a live venue such as a webinar or zoom conference provides necessary interaction. Don’t you love an opportunity to ask a question? Chances are that if you have a question, someone else also wants to know the answer. Impact Mastermind includes a monthly 90 minute Q and A call via live webinar.
Through many, many conversations with business owners, I have learned that accountability is often missing. When you are the CEO of your small business, who makes you accountable? If you are a small business owner, often the answer is no one. One of the most valuable aspects of a mastermind is having an accountability group or partner(s). This is where you state your deadlines and actions steps and your people will keep you accountable. Accountability works because as soon as you tell someone your commitments, there is an informal contract that forms in your mind. You want to deliver. Productivity increases. Your accountability partners also give a more private place to share disappointments and frustrations. You will get support. Past accountability partners in my masterminds have become close friends- some even spend holidays together.
One on one attention
In Impact Mastermind, I provide six 30 minute one on one coaching sessions with me. This is the time when a mastermind member can get very specific attention and feedback. After hosting many coaching groups and masterminds, I have found that members value this one on one time and their overall positive experience is enhanced when they have some individual time with me.
A live, in-person retreat
Holding a live, in-person gathering for your mastermind is a great way to bring people together. It is icing on the cake. The relationship dynamic changes when you meet people face to face. I hold a two-day retreat at the end of mastermind. Sometimes it is in my area (Denver). I have also held events in Las Vegas and Portland. I find that not everyone will choose to attend the live event, but you can include them by creating videos or audios or other material so they can tune in and be part of the event.
I landed on this hybrid model of masterminding after trying many alternatives. The hybrid model is the most successful for me and for my clients. If you are thinking about adding masterminds in your business model, you might want to start with the hybrid model.
A few other questions you may have…
Length: My sweet spot is 6 months. It is long enough to accomplish significant goals but it does not drag on. I have also held 3-month masterminds and 10-month masterminds. These also work. I have also heard some people do a 12-month and even a 24-month mastermind.
Price: Mastermind pricing runs from free all the way up to 50k and beyond. I find that free is generally not successful because people often are more engaged when they have some “skin” in the game. I price my masterminds from 2K to 10K and offer discounts with full pay and also offer flexible payment plans. I set my price based on the value I am delivering with the intent that the price is always a huge deal in comparison with the value.
When I choose to take a mastermind, I am never looking for the lowest price. I look for what I feel will make a difference in my life.
My hope is that whether you are looking for a mastermind to participate in or are wanting to start a mastermind, you have received guidance and inspiration to regarding the elements of a successful mastermind.
If you liked this, you may love my Impact Mastermind for Heart-Centered Biz Owners.
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Sheri Kaye Hoff, Ph.D.
Coach, Trainer, and Author, Dr. Sheri Kaye Hoff, Ph.D. is a Business and Life Coach known for inspiring massive action and a catalyst for personal and business growth, joy, and profits in a way that is fun, relaxing, and fulfilling, Sheri inspires people to the do work they love and make more money. Sheri helps business owners and professionals to relax into success. She uses both spiritual and practical techniques to obliterate blocks and create dramatic change. She is a business, leadership, happiness, and inner game expert. She has overcome nearly dying, and the loss of her brother at an early age. She has made it her life mission to discover the keys to happiness and success and then share them with her clients and community.