Not all masterminds are created equal.
They come in all shapes and forms from paid to free, organized to peer, industry specific to income specific, collaboration to hot seats, hundreds of members to small groups, etc. With so many different options out there, how do you even determine if you should join a mastermind group and which one to join?
I am a huge believer in masterminds (I even run my own paid version) and I know they can be a game changer in your business by expanding your network.
BUT, I do not believe joining a mastermind is a good fit for everyone.
Since it takes time and resources to partake in one, finding the right fit at the right stage in your business is extremely important to your overall success.
So how do you determine when, why, and what type of mastermind is right for you and your business?
Here are a few questions you should ask yourself and some tips to help you succeed.
4 Questions to Ask Before Considering and Joining a Mastermind Group
Question #1: What is your end goal for the Mastermind Group?
Joining a mastermind shouldn’t be another shiny object in your business’ list of things to do. What do you want to get out of it? Is it for networking? Accountability? Support? Collaboration? Knowledge? Know exactly what you want to get out of a mastermind because that will help determine what type of group to join and if you should join one at this specific point in your business.
For example, if you are new in business and are looking for support, but you join one with experienced entrepreneurs making six-figures that are looking to scale their business then you might get overwhelmed with too many ideas, or feedback that you can’t implement, or you might not have enough experience to contribute to the group.
Pro Tip: Join a mastermind with people that share similar goals and mindsets, at the same income or business level, and/or within the same industry.
Question #2: What format do you work best in?
Do you work best in-person or online? Do you like meeting once a week, or once a month, or quarterly? Are you interested in hot seat sessions, or do you want pure open discussion? Is there homework? Is there an in-person retreat? What is the commitment? These are all valuable questions to ask when determining the best format for you.
For example, a hot seat mastermind focuses on one person at a time sitting on a “hot seat.” By using the collective brain power of all the members along with the thousands of experiences each member brings with them, the group has an intense, productive brainstorming session in order to help the hot seat participant solve their problem or challenge.
Every mastermind is different, so make sure to research what the format of the group is and pick one that you can thrive in!
Pro Tip: Know what you’re getting yourself into! Reach out to the mastermind organizer and ask questions – what type of people have been in it in the past? What wins have past participants achieved? Are you allowed to market your business?
Question #3: Should I join a peer or paid mastermind group?
There are pros and cons to each. However, in general when you pay for something, you are more committed because you are making an investment into yourself and business.
Peer masterminds are usually free.
However, you don’t need more friends cheering you on or afraid to tell it to you straight. What you need is a group that will keep you accountable and challenge you, so make sure you all are on the same page before joining. In a paid mastermind, everyone has invested money and therefore, usually is more invested on all levels (plus paid are usually more organized and consistent).
Pro Tip: If you join a peer or free mastermind, make sure there is a “leader” in charge that will organize and keep the group on track, or there is a system in place where that role is passed around each week/month.
Question #4: Am I willing to make the time to commit to the mastermind group?
Notice, I didn’t ask “do you have the time?”
I’m asking if you are willing to make the time.
Being part of a mastermind is just like the phrase “you’re only as strong as the weakest link.” A mastermind group relies on the equal input and collective brain power of the group. You must be committed to giving as much as you are receiving. You can’t just show up when you need advice. If you are not ready to put in the effort, then you are doing yourself and others a disservice.
Pro Tip: Show up prepared, present, and ready to contribute.
Overall, I truly believe mastermind groups can be a game changer in your business. They give you the opportunity to step out of the jar and read the label on the outside while giving you the support and community we look for as entrepreneurs. Plus, getting to know your group is so much fun!
Want to learn all the secrets to choosing the best mentorship or mastermind groups to move your business forward? Get our Ultimate Guide to Mentorships and Mastermind Groups here.
Plus, 5 more posts you might like:
Considering Starting a Mastermind? Here are 5 Things You Should Know
How to Know if You’re Ready to Step into the Role of Educator or Mentor
4 Things to Look for in an Industry Mentor
What You Need to Know to Launch a Successful Mastermind Group
Best Practices for Creating Engagement and Action in Your Mastermind Groups