It is hard to reach the top alone. If you ask any CEO at the top, they will tell you they had the guidance of many mentors who helped them along the way. Having a badass tribe of female entrepreneurs is where it's at when it comes to mentorship, collaboration and growth potential. To better yourself, you need to surround yourself with like-minded, motivated women who help you grow and improve your business strategies, mindset and your creativity. One of the best ways to do that is to join a business mastermind group. What's more, with the right mindset & tools, you can start one yourself!
What is a Mastermind Group?
A mastermind group is a group of individuals who come together to share their experiences, expertise, and knowledge to help each other achieve their personal or professional goals.
It is a collaborative and supportive environment that allows members to share their challenges, ideas, and insights with one another in a non-judgmental and confidential setting. The same can be viewed as something very similar to mentoring. However, there is one key difference.
In a mentoring session, you usually are on the receiving end of advice. While it is a mutual collaboration and support that is practiced in a CEO mastermind group. It involves activities like ideating, brainstorming, peer learning etc for the growth of all members engaged.
If done right, your CEO mastermind group can allow you to elevate yourself by building a strong peer community that helps you grow.
Benefits of a Mastermind
Running a mastermind can provide numerous benefits for both the organizer and the group participants. Some benefits of running a mastermind include:
Collective Wisdom: One of the most significant benefits of a mastermind is the opportunity to draw on the collective wisdom and experience of the group. Participants can share their unique perspectives and insights, and everyone can learn from each other's successes and failures.
Accountability: A mastermind can provide a supportive environment for participants to set goals and be held accountable for achieving them. The group can provide encouragement, feedback, and a sense of community to help members stay motivated and on track.
Networking: A mastermind can also serve as a powerful networking opportunity, allowing participants to connect with like-minded individuals who may be able to provide new business or personal opportunities.
Skill Development: Participating in a mastermind can help individuals develop new skills and knowledge, whether through peer-to-peer learning or guest speakers brought in to share expertise.
Increased Confidence: By participating in a mastermind, individuals can gain confidence in their abilities, ideas, and decisions. This increased confidence can translate into greater success personally and in their businesses.
Fresh Perspectives: A mastermind can help individuals gain new perspectives on their challenges and opportunities. By receiving feedback from others outside their usual circle, they can get new ideas and approaches that they may not have considered before.
Emotional Support: Running a mastermind can also provide emotional support for participants. The group can serve as a safe space to share challenges and receive empathy, encouragement, and advice.
Provide more time & freedom in your business: By facilitating a group program where you meet 1x week or 2x per month, you are scaling your time while creating credible results for your clients.
- You can charge more: Masterminds are viewed as a premium offer and because there is a higher perceived value, you are able to charge more than you would for a group program, course or other digital program.
Building a Connected Tribe of Women
Statistically speaking, women are more likely to be more empathetic leaders than men, they are statistically better team members, engage more holistically, and are better able to form a community.
I have found that engaging a group of female industry experts has built immense support and community while creating a large sense of empowerment.
Gone are the days of men's clubs, their cigar lounges and private men only golf clubs, bring on the divine feminine communities, mama entrepreneurs and women CEO's.
Not only do women support women in an extremely connected way, but they are also considerate and compassionate towards growth. When done right, the same can also be said when you bring these women together in person on a retreat or an in-person mastermind session.
With like-minded, driven females, you can form an unstoppable women's group that in its own right is changing societal norms while bringing new innovative ideas to the table.
How to Start a Mastermind
Now let us come to the question of the hour. How do you start a mastermind?
As a woman business coach, I would like to help you with a cheat sheet that every Mastermind CEO group must have. I have carefully created it for you to use. If you follow this step-by-step, you will have created your own mastermind group in no time!
Identify your target audience, who is your ideal client? Define what your niche topic of your Mastermind. You don't need to be the expert, you do need to be able to bring in experts if you are not one, but immensely passionate about a topic.
Ask yourself, what is the goal of the mastermind for my potential client. Once you have defined the results your want to create for your ideal client, you can build out your target customer profile, pain points and messaging. It's important to remember that the members who join your mastermind are selected, just as much as they have chosen to work with you and your group.
The members of your community are what set the tone for the mastermind group. Having a well-rounded group of people is incredibly important as it builds integrity for the community. Here are a few things to consider:
Diversity is key. A mastermind group can include individuals from a range of backgrounds, experiences, and industries, providing a diverse range of perspectives and insights.
They should each be able to bring something of similar stature to the table so that it feels equal in support.
- The people you bring to the community should maintain a positive energy, remember that one person can change the dynamic of the group so be sure to feel connected to their energy and overall vibe..
There have to be certain ground rules set by the facilitator (aka you) for the smooth flow of the mastermind group to function.
- How often you will meet as a group
- What agendas will be discussed
- Limit on the number of members who can join the group or a format that supports a higher number
- How to measure the performance and contribution of each member
Ensure that the format supports a collaborative and supportive environment. Whether you are using expert speakers to provide value to your program or you are facilitating hot seats for each individual, be sure to build a consistent routine for the members of the group.
- When & Where are your meeting
- How much time does each individual have
- What is the format for a hot seat
The members of a mastermind group agree to maintain confidentiality, ensuring that discussions and information shared within the group are kept private. This is key to creating a safe space inside this circle where everyone can feel seen, heard and secure in sharing any vulnerable information.
Members should sign an NDA, non-disclosure agreement so that you are building a safe space for discussion.
If you are planning to start a mastermind, be sure to watch my High Ticket Pricing Secrets Video to get a jump start on what you need to know when starting or transitioning your program to a mastermind.
Starting a business mastermind group changed my world! As one of the most scalable and premium services out there, I highly recommend integrating it into your business model without looking back.