Business Mastermind Groups: Choosing the Right One
By Karyn Greenstreet
Business mastermind groups and entrepreneurial peer advisory boards are everywhere these days. I hear from mastermind group facilitators from all over the world, from the United States to New Zealand and everywhere in between.
I bet you get many offers to join one. But how do you select the right one for you?
Here are some guidelines to consider when choosing a business mastermind group
- What do you want from your membership? By understanding the results you’re expecting to achieve, you can select a group aligned with your goals.
- Who is the group for? There are all types of business, executive and entrepreneurial peer advisory boards available. Pay attention to who is the audience for the group you’re considering. The keyword here is “peer” — you should be looking for a group that has similar goals, experience levels, and knowledge to share. An entrepreneurial startup mastermind group wouldn’t be a good fit for a business owner with 20 years’ experience, and a CEO peer advisory board isn’t the place for a new manager.
- Who is the facilitator? The right facilitator makes or breaks a group. The role of the facilitator is to ensure discussions are deep and balanced. The facilitator is often a subject matter expert, but a mastermind group is not a class — the facilitator isn’t teaching as much as they’re empowering the entire group to help each other and create success for each member. Find out if they’ve had some sort of mastermind group facilitator training.
- How many people in the group? You can get lost in the crowd in a large mastermind group. With a smaller group, you get into the Hot Seat more often, with everyone focusing their attention on your challenges. (A parallel question to ask: how often will you get into the Hot Seat? If it’s “once every six months,” find a better mastermind group!)
- Is accountability important to the group? If you’re joining a mastermind group so that you can get better as designing and implementing action plans, you want to know if the group intends to hold your feet to the fire.
Need more help? Get my free ebook on finding the right mastermind group
Pick up my free ebook, Find Your Perfect Mastermind Group – no registration or opt-in required, my gift to you. In this ebook, you’ll discover all the factors in choosing the right mastermind group for you, and a handy checklist to compare your needs/goals with what the group offers.
It also includes some danger signs to be aware of as your searching for a mastermind group, and questions to ask the facilitator before you join. We also discuss what fees you can expect to pay, and how some groups have a better meeting design than others.
I hope you find the perfect mastermind group and enjoy the journey forward!