Chances are you’ve heard of a ‘Mastermind,’ a group of people who collaborate to grow their businesses and reach their goals. Though the concept of teaming up to be more successful was first introduced by author Napoleon Hill back in the 1920s, Mastermind groups (both free/community-based and as part of paid programs online and off) have recently risen in obvious popularity as digital media has taken the world by storm. Much like mentorship, a Mastermind group can provide accountability and clarity; participating in a group will also bring you a bunch of other benefits. Read on to hear from three entrepreneurial women who credit joining a group with their professional success.
1. Get help solving specific business problems.
Says Cat Smith, “I recently launched my business, Get Social with Cat, and a business coach friend was launching his ‘Women Who Win In Business’ Mastermind. My business helps busy realtors with their social media and digital marketing; I’ve been in business since September but worked on the startup process for about a year before launch.”
“The opportunity to participate in the Mastermind came at the perfect time as I was in the process of creating my business plan and preparing proposals for funding. Everybody in the group, all women, was going into a different career yet we all had similar problems,” Cat says. The the business advice she received from the coach was priceless while the problem-solving help she got from fellow participants was unexpected. “We all became close friends, still maintain contact and are cheerleaders for each other,” she explains.
2. Discover a sense of newfound confidence.
“I’m a writer and consultant who helps nonprofits and social enterprises get noticed and grow through effective marketing and communication —and I’m a solopreneur, having started my business 20 months ago,” Kristi Porter from Signify says. “Last fall, I proposed my accountability partner and a few friends all merge and form a Mastermind; we’ve just been doing the Mastermind thing for a couple of months, but it’s already going great. We have a Facebook group where we can ask questions and share resources between meetings, but we meet via video chat once per month and in person once a month. Some of our work and skills overlap, and some differ, which strikes a great balance.”
Kristi says her group has given her the confidence to raise her prices, while sharing client referrals, teaching her new skills and helping refine those she already had. “During each session, one person presents something they’re learning that would benefit everyone, and we all take turns sharing a recent win, something we need help with or feedback on, and something we’d like to be held accountable for at the next meeting,” she offers. “Even as an introvert who loves working from home, having a mastermind has been a huge asset to my growing business, and my little crew is looking forward to what 2018 holds for us individually and collectively.”
3. Learn new tools and strategies that’ll help you reach your growth goals.
Jena Viviano, a career strategist and entrepreneur, credits joining a Mastermind group with helping her get unstuck by growing her company. “I started off my career in investment banking (and realized that life was not for me), switched over to the New York Stock Exchange where I interviewed IPO’ing CEOs and CFOs before landing a sales role at a growing NYC startup, The Muse. While there, I grew a career coaching side hustle—so much so that I launched it full-time in July,” she explains. After a couple of months, Jena felt really stuck.
“I had a ton of clients, but I couldn’t figure out how to scale without losing my mind,” she admits. “I was frustrated, burnt out and felt like I wasn’t able to give each client the attention and service they deserved while also hitting my revenue goals. So, I knew it was time to enlist some help and I enrolled in a business Mastermind and program to land clients, create systems and processes, and gain clarity on my offerings.” According to Jena, this was the turning point. “I created a new program that focused on getting clients massive results in their careers, found a community for real-time advice while building out my sales funnel, sales calls and fulfilling clients, and I learned how to focus on my ideal customers (and specifically serving them) while getting rid of problem clients.” Perhaps even more valuable, Jena says she fell back in love with her business.
Want more entrepreneur tips? Check out our 5 steps to starting a freelance business or our 5 tips for being productive while working from home.