How to Start a Mastermind Group

Start a mastermind

Want to Start A Mastermind Group?

If you’re an entrepreneur, you probably already know how difficult it can be to run your own business. It takes an incredible amount of dedication and hard work to achieve success, which isn’t always easy when you’re working toward that success all by yourself. Luckily, starting a mastermind group can help you overcome the challenges that come with being an entrepreneur so that you’re better able to focus on what matters most: growing your business and making more money! This guide explains everything you need to know about creating a mastermind group, including tips and strategies to get started right away!

The Benefits of a Mastermind Group
Start your own mastermind group—think of it as an informal, exclusive meeting of colleagues who share a common professional interest. Here are three reasons why you should start one:* [1] *Share knowledge and advice: One reason that many people cite for forming mastermind groups is because they believe others can help them succeed faster or better. By banding together with like-minded individuals, you can share business tips and pick up new strategies that will help make your business grow.

Choosing the Right Members
When starting a mastermind group, it’s important to start with people who share your vision for your business and can help you achieve that vision. When you choose members for your group, consider these three factors: 1) is there alignment between their goals and mine? 2) do I know them personally? 3) do I trust them? Once you have these answers, start thinking about who in your network shares similar experiences as you.

Growing Your Business
A mastermind group, sometimes called a mastermind alliance or business mastermind group, is not as mysterious as it may sound. It’s simply an organized discussion between two or more individuals that meet on a regular basis in order to review their progress and share ideas that help each other grow their businesses and lives. Not sure how to start your own? Here are some tips on how to start a mastermind group.

Continuing Education
The term mastermind group was first coined by Napoleon Hill in his 1937 book, Think and Grow Rich. His version of a mastermind group included 17 of his most successful friends. The goal was for each member to share their problems and successes with one another in an effort to mutually achieve success. Since then, mastermind groups have evolved from exclusive fraternities into communities that anyone can join. But what makes them so powerful?

The Price Tag on Starting a Mastermind Group
Not for Everyone. Starting up a mastermind group isn’t cheap—in fact, it can be one of your most expensive business expenses yet. You’ll need time and money to meet with your peers consistently and establish trust before you create value together. So why start one? Because, once you have an engaged group working toward similar goals and helping each other accomplish those goals faster, you’ll reap far more rewards than what it cost to get there.

Sarah Laws

Sarah Laws

Founder, DexConnects

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