Let’s face it, this entrepreneurial journey can be a lonely path. Confusion, worry, overwhelm and doubt run side-by-side with fun, exhilaration, passion and purposefulness. Unless you’ve actually gone to school to learn all this stuff, figuring it all out can be a pretty daunting task.
Enter… the Mastermind Experience! When it’s done right, it’s “business school on steroids.” When it’s not done right, it can drain the member’s reserves – both emotionally and financially. I know because I’ve invested in my fair share of masterminds. While some managed to deliver value, much of what I took away is what I did not want to do within my own mastermind offer.
So today, in Part 1 of a two-blog series, I’m offering up my formula for Mastering The Mastermind Experience. If you already run a mastermind, look to see where you are rocking it. If you want to join a mastermind, give yourself the gift of every element to set yourself up for success.
The Six Key Elements of The Ultimate Mastermind Experience
Element #1: A like-minded community of fun, positive people who are on the same path
What I love about this element is that it feeds our need for connection with people who are like us. It’s the power of the tribe, where we are fueled by a community that shares a common vision, is on the same path and genuinely wants to see each other succeed.
What I’ve noticed is this… the vibe of the leader is the vibe of the tribe, and the vibe of the tribe impacts how you show up. A Mastermind leader who is mission-driven, purposeful, positive, kind and generous attracts those types of people. Alternatively, a Mastermind leader who cares more about the bottom line than they do the client experience will attract a legion of people who operate from a place of lack rather than abundance. Consciously choose a mastermind with a culture that makes you a better person and just associating with the people in the tribe is a wise thing to do.
Element #2: A cohesive team of qualified trainers and coaches who are aligned in their teachings
Three words should have jumped out at you from the sentence above…
- Cohesive: The mastermind support team needs to be a closely knit group who love working with each other and are all on the same page. Their love of what they do spills over into their interactions with the tribe.
- Qualified: One person cannot meet all the needs of the It takes a village (a team) of individuals who bring different skills for ushering clients toward their vision. The more qualified the team is, the more value they deliver and the more the members win.
- Aligned: Growing a business can be a confusing experience. So it’s essential that the support team teach the same processes, preach the same philosophies and help you implement the same strategies.
Yes, gathering and managing a powerful support team for your mastermind takes time and money, but in my experience, it’s the only way to create the experience that delivers on the promises we make.
Element #3: A leader with a proven track record of success and in alignment with your values
Obviously, this one is a little self-serving but I would be remiss without including it. The bottom line is this… to hold yourself up as a trainer for a course, you need only be a bit further down the path than your clients. However, to hold ourselves up as a mastermind leader of a 1 year program to which people commit time and money, we need to have mastered the thing we are teaching. I’m not saying you need to be perfect. Imperfection and humility are essential to success. What I am saying is that we better be walking our talk and living our message or the tribe will sense something is off.
While I am still growing and learning as a business owner, 7 businesses over 30 years has equipped me to support my clients to tackle whatever they encounter along the way.
Element #4: Private coaching that provides individualized feedback and guidance on your business strategy
Now I understand the need to scale with group training. It’s an efficient way for Mastermind leaders to create leveraged income and work smarter, not harder. But the truth is, business owners need individualized guidance and feedback on the business they are building. One size does not fit all. It’s for this reason, I believe a mastermind experience needs to include private coaching – not just with a team of coaches, but with the mastermind leader as well. It’s us they are investing in.
If you run a mastermind, price your program and arrange your schedule to do some degree of one-on-one work with the people in your mastermind.
If you are looking for a mastermind, make this non-negotiable. You will thank me when the going gets tough and you have somewhere to go where you are seen, understood and guided back on track.
Element #5: Live events, where the community bonds, exclusive content is delivered and get-it-done progress is made
One of the best ways to create a bond between you and your mastermind members is through a live event. While these can vary in size, style and budget, successful mastermind retreats combine get-it-done workshops, exercises for exploration and connection and time for play. One key for me is to choose beautiful locations that give participants space to breathe and time in nature. There’s nothing like a beautiful environment to open your mind and inspire innovation and productivity.
Element #6: Done-for-you tech tools and turn-key templates to shorten the learning curve and make implementing a breeze
Granted this key element is a rare find in a mastermind package, but it’s essential nonetheless. That’s because today’s businesses run on technology and require incredible amounts of copy writing and content. When we added our done-for-you technology tools to our mastermind packages we saw a huge leap in the success of our members. We also made a decision to include done-for-you content, turn-key templates and fill-in-the-blank webinar slides in an effort to shorten the time frame to launch. While some mastermind leaders hold their content and behind the secrets close to their chest, I’ve found a philosophy of generosity goes a really long way. ;0)
There you have it… six out of seven key elements to mastering the mastermind experience. Stay tuned for my next blog when we’ll dive into the final element – A clearly defined path of steps and strategies that shortens your learning curve and accelerates your success.
And… please post a comment if what I shared rings true or you have something to add. It’s all good in the hood!
PS… if you are looking for Mastermind support in taking your business to the next level, perhaps we are a fit! Click here to schedule a call to explore the possibilities.