If you’re looking for more support as you’re building your business and are wondering if private coaching or a business mastermind are better for you, you’re in the right place. In this episode I share five benefits of being in a business mastermind.

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Throughout the past ten years of my business building journey I’ve had the privilege of being a member of multiple business masterminds. They’ve supercharged my business growth and have also given me some of my closest friends. Let’s take a look at how they can help you build your conscious business.

What is a Mastermind?

Mastermind is a term given to basically describe a group of entrepreneurs who meet regularly and mastermind their work together. They share business ideas, discuss strategies for growth and provide much needed support.

It can be a paid, facilitated mastermind with a business coach or it can be a free one that you set up with business friends who are all on a similar page wanting to support each other grow their businesses.

Either way (paid or unpaid) a mastermind puts you as part of a tribe with a common goal – to build your business in a supportive environment.

Five Benefits of Being in a Business Mastermind

1. Increased Accountability 

By declaring your goals and checking in regularly with your mastermind you will find an accountability you previously dreamed of. Yes you can get this accountability with just a business coach, but multiple that again and again by the number of people in your mastermind and you’ll do what you say you’re going to do! If you have chosen a great mastermind with great members that hold you accountable they can help you to see when life is just getting in the way or whether you are self sabotaging your business dreams.

2. Win-Win Collaborations

If you’re in a mastermind with complementary businesses, you will very quickly discover collaboration opportunities. They could be potential podcast guests, affiliate opportunities, guest experts for your programs, even a partnership! I’ve collaborated with so many of my past mastermind buddies and in some cases, have paid to use their services and their zones of geniuses to build my own business. I’ve been in masterminds with people who are great with Facebook businesses, or who are good with the techie stuff such as my web developer. In most cases these are opportunities you won’t get with just a one on one business coach.

3. Learn from the Collective

Just as you can collaborate with your mastermind buddies, you also learn from them. Waiting your turn to speak or be coached on a group coaching call is never wasted – you get the opportunity to learn from the knowledge, experience, wins and mistakes of the collective and that’s just invaluable. Especially if those in the mastermind are a step or two ahead in business. It can really shortcut that journey for you.

4. Develop Lasting Friendships

Building a business is a contact sport. You need your supporters. And in my experience, there’s no better supporters than those who are playing right alongside you.

Mastermind buddies understand your world when your family and partner may not. And friendships formed in this sometimes intense space are tight. When you join a mastermind you seriously upgrade your friend list with a group of positive friends with a growth mindset who will stand by you in the good and tough times of life and business.

The mastermind that I mentioned I was a member of for over two years, was back when I was living in very small rural town in outback South Australia.  I was one of the first online entrepreneurs in that small town and often felt isolated and lonely. It was difficult for the locals to understand my business and what I was doing when I was sitting at home working instead of socialising. There was also a lack of support from family and friends who couldn’t really understand why I wasn’t returning to my engineering job.  But my mastermind friends knew exactly what I was trying to do as did my business coach. It was these tight friendships and regular catch ups that had me staying in the mastermind group for as long as I did.

5. Faster Business Growth

Just as a great business coach can save you years off your business journey, a mastermind can do the same, amplified. You’re learning from a group and developing friendships that can last years. I’ve found, however, that because of the collaborations and friendships formed during a mastermind, the wins and business growth just keep on giving, even years after the mastermind finished. It may take months but by staying in the group, getting the advice and support from your mastermind buddies and doing the work you say you are going to do, the business growth you experience can far outweigh your initial investment.

How To Choose a Mastermind

Firstly, look to the coach. Do you like their leadership and communication style? Are they are good listener and keen to hear about your dreams for your business and work with you to build that dream, rather than imposing their cookie cutter mould on your business? Are they several steps ahead in business, but not too far ahead that they can’t relate to where you are? Have they had their own success in building businesses, and not just a coaching business? Have they worked across a couple of niches? This is important.

How about the other mastermind members? What stage are they at in business? Ideally you want them to be at a similar stage as you, or ahead so you can learn from their experiences. It’s ideal too if they’re in a similar, but not identical, field of business.

I strongly believe there is room for everyone, particularly in the business online world, but you want to be able to share ideas freely in the mastermind without being worried they may be copied. 

Final Thoughts

A mastermind can be the ticket to ultra fast business growth. You have got the support of not only your business coach but a collective of people cheering you on and who want the best for you and your business.  Joining a business mastermind can skyrocket your business growth and give you lifelong friends. In my experience, my mastermind investments have been repaid tenfold in ongoing return on investment in increased business profits. My mastermind friendships however, are priceless.

Over To You!

If you’ve been in a business mastermind before, share the main benefits you experienced below. If you’re yet to join a business mastermind, what’s help you back from joining one? Share below!

If you’d like to build your business with the support of myself and a select group of conscious business builders, check out my Conscious Business Circle. Applications are now open for 2020!