Have you heard the term mastermind? Yes, it’s also a board game from the 80’s and it is a phenomenal way to maintain forward momentum in your business, while building great relationships.
What is a Mastermind?
A mastermind is a small group of entrepreneurs that meets on a regular basis to share business wins, challenges or goals and brainstorm solutions. I’ve run masterminds for our Business Among Moms community as well as participated in masterminds and have found them to be a critical component of my business success.
What is the format?
The best masterminds are small, 4-6 people with diverse businesses in different industries. Meeting frequency can range from weekly, bi-weekly to monthly. Having regular, consistent meetings in a key element of a successful mastermind. Meetings can be in person or virtual via Skype or Zoom.
How Does It Work?
There are two different ways you can run a mastermind:
- Rotating Hot Seat. In this format, the meeting starts with everyone sharing a win from the previous meeting. This would take approx 2-5 minutes per person. Then each meeting a different person is in the “Hot Seat”. This means they share their business challenge or goal and the group all chimes in with ideas and discussion. Total meeting time would be 45-90 minutes depending on number of participants and the amount of time you want to dedicate to the meeting.
- Timed Hot Seats. In this format, the meeting starts with everyone sharing a win from the previous meeting. This would take approximately 2-5 minutes per person. Each participant has a set period of time to share their business challenge and receive feedback from the group. I am in a mastermind and we currently use this format. Each person gets 10 minutes which works well for us.
How Can It Help Your Business?
It’s pretty simple, really. None of us are an island. Typically, when you add more brains and particularly, the right brains to an issue…great ideas will come up to the surface.
- Group Power: Get some smart mamas together and things happen. I feel that masterminding saves me time in my business because I will get better solutions and ideas from our short time together than I would ever come up with on my own.
- Better Problem-Solving: Do you ever feel like you are banging your head against the wall in your own business? When you share your challenges with others, they can help and provide ideas from a different (and often better) perspective.
- Diversity: Having a mix of businesses participating in the mastermind helps ensure the fresh approach to problem solving.
- Accountability: You know the saying – it’s not real, until you have said it out loud? By sharing some of my business goals out loud with other real human beings, it holds me to accomplishing them. The accountability lies in not wanting to show up to the next meeting without a win to share, so I work hard in between meetings to ensure I have some good news to share.
- Relationships: I can also say that the other members of the mastermind have ended up being some of my best referral partners. When you spend more time with people, you get to know them better and want to refer business their way.
If you are interested in exploring a mastermind and how it can work for you, we are running a BETA group of 4-6 women. This would be at no charge to you so we can learn how this program can best serve our community.
They will meet virtually via Zoom for two 60-90 minute sessions Several are springing up among the members of our community of mom entrepreneurs.
Applications are closed for this opportunity. If you are interested in applying for our next Mastermind, please apply here.