April 28, 2022 by Sarra Cannon
I’m so excited to share some of my recent mastermind retreat to Chicago with you, and I’ve had a lot of questions about what a mastermind group is and how to join. Today, we’re going to talk about the benefits of a mastermind group, what a mastermind group is, and whether joining or creating one might be a good idea for you.
A mastermind group is basically a group of peers who meet regularly to discuss strategies, offer support, and solve problems. Instead of a course where there’s a teacher and students, a mastermind group is a place where everyone learns from each other and contributes their own knowledge and experience.
The term mastermind group was first introduced by author Napoleon Hill in his book The Law of Success, and there are many authors and business people over the past hundred or so years who have said that mastermind groups were the key to their success.
There are so many amazing benefits to the right mastermind group. Networking and the sharing of contacts and resources is one of the biggest. Another is having a group of like-minded people to brainstorm with and discuss strategies.
A mastermind group can also help you expand and see things from a different perspective, identify the blind spots in your theories, strategies, and messaging, and they can support you in both your failures and your success.
In order for a mastermind group to be amazing, though, it’s so important to have a group of peers you can trust. If you don’t feel comfortable being totally honest in the group or you worry that they’ll share your information with others or take advantage of you in some way, it’s not going to be a great group for you.
It’s also important to have a group of people who are truly peers. Most of the time, you don’t want to join a mastermind where you’re far and away the most successful, because you’ll likely end up being the one everyone goes to for advice and help. On the flipside, though, joining a mastermind group where everyone is miles above you in earnings and experience isn’t going to be very beneficial, because you won’t even be at a level where you can utilize their strategies yet.
I think it’s best to find a group where everyone is around the same level or just above you but who have a variety of contacts, expertise, and knowledge that you might benefit from and also be able to contribute equally to.
Commitment is another important element of a great mastermind. There are no rules about how often you have to meet, but whatever interval your group decides on needs to be honored by the whole group. It doesn’t do much good to have a mastermind group of 5 where only 2 people show up every once in a while.
Depending on your goals, it can be great to have a group of peers who share similar values and goals to you, as well. For example, if you’re wanting to build community, you won’t get much out of a group that’s all about sacrificing community to make more money.
The easiest way to join a mastermind group is to start your own. This can be as easy as finding a few like-minded friends who share similar goals and asking them if they’d like to meet up once a month to talk about strategies. It doesn’t have to be a formal arrangement, but I would recommend starting with a small group of no more than 4 or 5 at the beginning.
Take some time to really think about what your goals are for the mastermind group, as well. Do you want to talk mostly through the plot and structure of your novel? Or do you want to share marketing or social media strategies and ideas? Are you mostly looking for emotional support? Or are you hoping to find a mix of all these things?
Create a group that knows upfront what you’re looking for and is interested in the same outcome.
If you’re hoping to find a more formal group, be aware that some formal groups will require an application and might cost quite a bit of money. A business mastermind facilitated by a knowledgeable entrepreneur or business owner might cost anywhere from $5,000 to $100,000 a year, depending on the focus and experience of the group. Some masterminds have a minimum income requirement or a strict commitment.
To find these masterminds, the best way I can think of is to start becoming a part of the type of communities you’d like to interact with. I joined Amber McCue’s yearly Planathon event because the topics aligned with my values and needs at the time. From there, I joined her group, Freshly Implemented (now called the Modern CEO). And now, after about 4 years of working with her, I have finally joined her higher level mastermind group, Accelerate.
I came home from my retreat feeling motivated, inspired, supported, and ready to crush my goals. Priceless, if you ask me!
If you have any questions about joining or starting your own mastermind, pop them in the comments below.
I have been self-publishing my books since 2010, and in that time, I've sold well over half a million copies of my books. I'm not a superstar or a huge bestseller, but I have built an amazing career that brings me great joy. Here at Heart Breathings, I hope to help you find that same level of success. Let's do this.