Masterminds have become all the rage in the world of online business.
They can be especially beneficial for entrepreneurs running solo businesses or working with small teams.
Coaches, freelancers, and e-commerce entrepreneurs frequently invest in mastermind communities with hopes of gaining more support.
Masterminds typically attract business owners who want to grow their business and achieve their goals alongside like-minded entrepreneurs.
Instead of coming up with new ideas in a vacuum, masterminds allow people to brainstorm and problem-solve with peers and hold each other accountable. Ideally, every member is committed to the growth and success of all members.
This focus on individual and communal growth propels many entrepreneurs forward, helping them discover new visions for the future. If you want to take action and join a mastermind group, below are a few ways to ensure you find the best support.
Ways to find support in a mastermind community
If you’re looking to get the most out of a mastermind, it’s all about finding the right people and experimenting with every opportunity.
First, look at business coaches or other people you’d love to learn from in your field. Many of these experts and coaches will already be offering limited spots to join their own masterminds.
In the mastermind, a guide will facilitate a safe, welcoming space for business owners to feel seen, heard, and understood. With an emphasis on goal setting and personal growth, these masterminds will connect you with like-minded entrepreneurs who seek the same support you’re looking for.
When you go all-in, you’ll find more success than those who don’t put forth as much effort. So, if you’re ready to dive in, here are a few benefits of joining a mastermind community.
Set goals in a group setting
Since 92% of people never achieve their goals, it’s essential to write them down. When you have a written record of your goals, you’ll be 42% more likely to reach them.
As you set goals, you’ll be able to track your progress with a mastermind group there to encourage you. Setting goals in a group setting will help you get the accountability and motivation you need to succeed.
Other best practices when it comes to goal setting include:
- Setting goals that are challenging but not too difficult to reach
- Frequently reminding yourself of what your goals are
- Making goals specific and measurable
- Staying passionate about your goals over time
It can be empowering to create a goal-oriented vision board while you’re in a group setting. Almost two-thirds of entrepreneurs believe that visualizing goals helps them develop better business plans, so this visualization technique can be transformative.
You can visualize your goals by creating a Pinterest board and filling it with visual inspiration in line with your goals. You can then use these photos to create a digital vision board or print the photos and use magazine clippings for a physical version.
Keep the vision board nearby as you try to make progress toward your goals. Remember what each image represents as you break down goals into specific steps.
Find an accountability partner
Once you’ve nailed down your goals, find an accountability partner in the mastermind group. Entrepreneurs often work harder when they’re held accountable.
When someone publicly shares their goals with the group, they have a 65% success rate. However, those with designated accountability partners who regularly check in have a 95% success rate.
When choosing an accountability partner, look for someone who will give you honest feedback, help you stay on track, and be open to sharing their own experiences. They should be self-disciplined, available, accessible, and willing to be objective as you share your progress.
An accountability partner can point out blind spots you may have missed and act as a sounding board for processing new ideas.
While you can find someone in your personal life to hold you accountable, partnering with someone in your mastermind group is more powerful. This is often called reciprocal accountability, meaning two people who are going through the same experience together.
You can grow your business to new heights with the right accountability, whether you’re a coach, e-commerce shop owner, course creator, or service provider.
Engage in hot seat coaching
When you enroll in a mastermind, you’ll have the unique opportunity to participate in hot seat coaching. Each hot seat session typically lasts 15 to 30 minutes, depending on the structure of your mastermind.
This rapid-fire coaching style will bring uninterrupted time to discuss a specific challenge you’re facing. You’ll receive direct feedback and potential solutions from others in the group. They may also ask follow-up questions and share their insights as an outsider looking in.
In a mastermind hot seat, you can spotlight your business and examine an area causing you trouble. With the combined wisdom and expertise of the group, you’ll ideally walk away with new ideas and potential solutions.
To prepare for a hot seat, think of a problem you’ve encountered in your business and outline why it’s been holding you back.
Make sure you can summarize your topic in five to ten minutes. If you get nervous speaking in small groups, practice saying it aloud, and remember to keep it casual. You could also ask to participate in a few hot seat discussions before presenting your own.
Join an online community
Business is entirely relational, meaning creating relationships with other business owners is essential to your growth. This is true whether you are a B2B or B2C brand.
If you aren’t sure where to start, begin with your mastermind community and then join other online communities. There are thousands of communities spanning virtually every industry—from health coaching to productivity experts to hand-lettering artists.
These online communities are typically hosted through Facebook groups, Slack groups, forum boards, platforms like Circle and Kajabi, or even internal software.
Before you create your own community, we recommend participating in a few first. This is a great way to ensure you’re operating with a “community over competition” mindset.
Natalie Franke, the author of Built to Belong, says, “‘Community over competition’ isn’t just a feel-good phrase. It’s also a strategic business decision.” You’ll open a world of business opportunities simply by connecting with others.
Your mastermind group may also include access to a private online community only for group members. If so, you can use this online community to connect with other members in between sessions, ask questions, and celebrate your progress. The best masterminds are often those that include an intimate, actively engaged community.
Take your mastermind to the next level
There are many ways to find support within your mastermind community. If you feel like you have to go it alone in business, a mastermind group could be what you need to move forward.
As a reminder, a mastermind community will help you:
- Set goals in a group setting
- Find an accountability partner
- Engage in hot seat coaching
- Join an online community
No two masterminds are the same, so it’s important to find a community that’s right for you. Before you commit, make sure you understand what’s involved and what you’ll walk away with.
All that’s left to do is to find your people and commit to the process!