Have you been thinking about joining a mastermind? I've got you covered! I’m sharing with you how to find a mastermind group for 2019 and why you should even be thinking about it now…in the month of July. Yes, you really do have to start searching now because it may take you a little bit. Masterminds have always been a part of my business journey and I’m excited to share where they have taken me and how long I've been doing this.
13 years ago I was at my first business conference and it was the first time that I actually enjoyed learning. At the time I was a college student going to the University of Wisconsin Milwaukee and I remember thinking, wow, learning can actually be fun and enjoyable. Having that feeling was one of the most amazing weekends of my life that I will never forget. Fast forward 13 years later and I have actually been in a mastermind every single year since then.
What is a mastermind?
A mastermind is a peer to peer mentoring concept used to help members solve their problems with input and advice from other group members. The most common type of a mastermind usually focuses on the success of everyone in the group and it's not just the experts show. What do I mean by that? I mean I can have a mastermind but if it's really the Stacy show it's not actually a mastermind. Please be aware because there are some masterminds out there that are really group coaching programs. These are where you aren't really there for everyone else, you just want the experts input.
I had a call with my own mastermind, powerhouse, and everyone on it went around and said a win that they had since we talked. Instead of me coming to them with all these amazing things to do, I said who here is doing really well with that and would like to share because I am just the facilitator. That is a true mastermind. It's not just about me always sharing, which of course I do, but it isn't the Stacy show. I believe that mastermind's and group coaching programs are both great…they're just different. I have both and I'm in both, you just get different things out of each one.
Why do I think you should be part of a mastermind?
I'm going to answer this by comparing private coaching to a mastermind because that's another question I get. Someone might come to you and want to learn how to write a best selling book. So you teach them and share everything you did step by step. That’s great and I can absolutely help someone fast-track that. Picture this same person who wants to write a best selling book and picks a mastermind where that facilitator or someone in the group has already done it. They get to go to the group meetings and hear what everybody else is doing as well. All of a sudden someone is talking about this great list builder idea or a podcast idea and a light bulb goes off that you could create this great freebie inside your book or maybe you want a podcast for people to have this audio experience with the book.
The wheels start turning. You get to hear things that may change the course of where you're going. Now if someone is doing something that is working really well you may want to go down that path or the opposite. You get different inspiration from a group then you would in a private setting.
Mastermind's hold you to a higher level than you might hold yourself. There's so many people in the group and somebody might reach out and say try this or try that. They see the best in you. On the days that you can't, they point you in the right direction or they ask you the right questions to get you in the right direction. Sometimes they just give you that permission to do something you already wanted to do and already knew you wanted to do, they just say yeah it's a great idea and you feel comfortable moving forward.
As a bonus…they're fun and the friendships that come with it will never be forgotten! They create friendships that will always be there. One of my mentors always says your success is inevitable but having accountability, collaboration, guidance and support are things that are fast tracking our success for us.
How do I find a mastermind and select the best one for me?
I think it's a lot like when you find a good book, a good podcast or a good digital course. You'll find someone that you resonate with and that you believe will help you achieve your goals. Understand that everyone needs something different. Let's say you said Stacy, I want your exact business. Should I assume I should hire the same coach as you? Not necessarily. You really have to resonate with them. So how do you know if you're making the right decision?
Well, if there’s time, buy something smaller from this person first. Go check them out see if they really are a good fit. I'm actually in 2 masterminds and I’m sure you've heard me talk about them numerous times and with both people I had never purchased from them before. The first thing I ever bought from them were these pretty expensive masterminds. So if you feel it in your gut like I did that you are just supposed to work with this person…this is good a group for you. If you know they're going to help you then go for it.
Where do I find people that have mastermind's?
Start listening to one of your favorite podcasts and if that person interviews somebody else and all of a sudden you might listen to that person and you become a social stalker all over their Instagram (we all do it!) and you find out she’s friends with this person and then you really like her, you start listening to her podcast and all of a sudden she mentions her mastermind. I think you need to resonate with the person first before committing to the mastermind.
Are there qualifications for masterminds?
Sometimes! A lot of mastermind's are application only including mine because we want to make sure that everyone is a good fit. Now some people, like one that I’m in you have to have a $500,00 gross per year and that's a requirement. Another one does have a monetary value but it's a little bit smaller and I think every year they keep raising the price because the group just keeps getting more successful.
Some masterminds don't have a monetary requirement at all but they're looking for specific personalities or people with specific goals that match so everyone's on the same page. Don't put too much pressure on the application. I’m a big believer in just going for it and applying because the facilitator is the person responsible in figuring out if you are a good fit or not, not you. There's nothing bad that can happen besides hearing no or just no response.
What is the structure of a mastermind group?
Some may be local, some may meet in person and some are just online. I'm going to stick with talking about virtual since there are so many more options for you to choose from. Most masterminds are 12 months. That might scare you because you might not have ever committed to anything for 12 months before but mastermind's are for people that are in it for the long haul. They want to stay with people just as dedicated. So it's actually a really great way to weed out people that just don't fit that criteria.
I would say there are typically monthly or bi-weekly group calls. If you like programs that have weekly meetings and bi-weekly or monthly meetings just don’t feel enough for you, just remember this is a 12 month program. You don't have time to meet 52 times in that year. When you're looking you may want to ask if there is any private coaching available just so you're aware and then you know if it is the best fit for you.
How how much do masterminds cost?
I know you have been waiting for this question! I'm going to be totally honest. They are a lot more expensive than I would have ever imagined. However, I see so much value in them because if you find a good one and you’re actually committed and do the work you will see a return on your investment. There's definitely cheap masterminds that can be $97.00 for the entire year. They're out there. They're cheap. There's free ones too but I'm talking about a really good one that I would consider being a part of can be very pricey.
The good masterminds can run a few thousand per month meaning about $20,000 or more for the year. If you just dropped your jaw, take your hand and close your mouth! Why on earth would I ever pay that much to do something like this? I completely understand if these numbers scare you too but I'm a big believer in finding out the price of something and then preparing for it. I might check out the prices of cars 6 months before ever going to go buy that car or a year before I ever want to buy a house because I want to prepare myself. I want you to know what's out there and what you can work toward.
On a side note, if you haven't heard episode 242 of the podcast go back and listen! It’s all about three tips to finding your new business bestie which can be found in a mastermind. Now I know that the quality of people are going to be different when I pay to invest. I want to be with the VIP people, I want to be surrounded by the type of people that inspire me and that push me that bring out my best work. I have made my investment back in quarter 1 of both of my masterminds this year which makes it totally worth it!
When can I enroll in a mastermind?
I would say most people do mastermind applications in quarter 4 of the year. I would say the second most popular time is quarter 1. If I were you I would find exactly when the doors opened to the program you want to be in so you don't miss it. Even if you are not quite there yet financially, see if that person has other programs or offerings that maybe are more affordable to you and then add that mastermind to your vision board. Some masterminds have ongoing enrollment where they take openings as long as they're not at capacity and then they open that application.
How big are masterminds?
Some have limits, some don't. Some might not say directly so you don't really know what the limit. You might want to ask and be really upfront and say what's the max amount of people that are going to be in this group. You want to know that number. My mastermind, powerhouse, has a limit of 20 because I wanted to know the ladies really well in the group and I don't want it to be so large that I just can't make that deep connection.
One of the groups I’m in there’s about 25 of us and the other group there's over 40. Now they definitely do feel different when they're bigger and you can start to form smaller groups within. Small groups have pros and cons as they are great for being more intimate and you can really go deeper with everybody, but in large groups you can make more connections. So you just have to decide what feels right for you and then go with that group specifically.
Can I be in 2 masterminds at once?
Yes! Every mastermind is so different. Every leader is so different. Imagine if you said no to someone because you were already in another one and then the one you said no to was the one that would have helped your business really take off. It was the teacher that would have resonated with you so much and would give you what you needed. When you make a 12 month investment I would be careful turning down everything else you see for the next 12 months because there might be something really great out there for you.
When is a good time to start my own mastermind?
I would say after you have already been in one and know how to create one, I would think about starting your own. If you create one before ever being in one you are going to have some big lessons learned my friend. It's like selling a digital course and never taking one first. It's like creating a podcast and never listening to a podcast first.
You need to know what you like what you don't like, what you would do different and how you would want to teach it. Just because you've been in one doesn't mean you're ready either. My next question is, is your audience big enough? Is your audience ready? Have you warmed them up? Have you prepared them? Do they know about this? Once you have all that figured out you can start to think about creating your own mastermind! I know this was a lot of information at once but I hope this helps and I hope you start looking for a mastermind group now…don’t wait!