How Can A Mastermind Help My Business? | Small Biz Marketing Specialist

How Can A Mastermind Help My Business?

There’s only one thing you need to focus on in your business: how to grow and improve so you can have the freedom you desire.

Do you think you’re likely to be more successful if you go it alone or if you have a group of super-savvy business owners all committed to helping you succeed?

One is the loneliest number. When you’ve got a problem, a challenge, a “situation” you’re feeling stuck, or you just want to run an idea by someone, who are you going to go to? Your employees? They only want their paychecks. Your spouse? They’re sick of hearing your struggles. Your dog? Well, they can be good listeners, but they’re probably not going to give you much feedback.

When I was $500K in debt, I never felt so alone. I was embarrassed. I was stressed. I was depressed. I had no one to support me. Until, I went to a conference for small business owners and the main speaker talked about the power of the mastermind. At this event, he gave attendees the opportunity to come up in front of the group and share their biggest challenge. That was so incredibly powerful for me. I got feedback and ideas that I never would have thought of myself. And I got a lot of “tough love” which I needed as well.

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That day changed the whole trajectory of my business. I was broke, but I joined that mastermind. If there were only one tool I could have in my marketing belt it would be the mastermind group. There is nothing more powerful to help your business and you personally.

Here are some things to consider when looking for a mastermind group:

GO OUTSIDE YOUR NICHE
When it comes to marketing your business nicheing down and working with a specific group of people or businesses will get you the best results faster. However, with a mastermind the complete opposite is true. If you’re a restaurant owner, then you should not look for a group that is all restaurant owners. What happens in these niche-specific groups is they only think about “what they know” (aka the restaurant business) vs what they don’t know. What if someone in the construction industry had a way of doing something that could be totally transferrable to the restaurant industry and bring in 50% more revenue? If you’re in a group with just restaurant owners you’ll never get outside ideas and perspectives.

FACEBOOK GROUPS ARE NOT MASTERMINDS
There are many terrific Facebook groups you can join and participate in. I belong to many. They’re great for bringing a group of people with similar interests together, but they don’t allow for real 1:1 feedback and interaction. In most groups, you’re lucky to get even one person to respond to a question you may post. In a mastermind, it’s a “closed group” so only the mastermind members are there (whether in person or virtual). What makes mastermind groups so powerful is “what happens in the group stays in the group”. You can share the “real crap” that’s happening and know you have a group committed to helping you through it. Would you post the real crap happening in your business in a Facebook group? I wouldn’t suggest it.

YOU GET WHAT YOU PAY FOR
This is true of most things in life and it applies to the mastermind as well. You may find some free “networking” or “accountability” groups out there. Those are NOT mastermind groups. There’s a BIG difference. When you put skin in the game and pay for a mastermind group you’re going to be more committed to being an active participant and taking action. I belong to a mastermind group that I pay $25,000/year to belong to. Does it hurt financially? Sure. But you know what? It means I’m busting my hump to make sure I’m getting more than that back. And I absolutely do. As I said, the mastermind is my #1 marketing tool.

BUSINESS AND PERSONAL FRIENDSHIPS
The people in your mastermind will become both your business and personal friends. Business is referred back and forth because everyone in the group knows each other so well. That’s another reason why having a group of people from different industries and different locations is so valuable. And don’t be surprised that your list of true friends will grow. You become very close to the people in your group because you get to know their shit. It’s a support group that is there for you both inside and outside of the mastermind group.

WHAT IS A MASTERMIND MEETING LIKE?
Every mastermind group operates a little differently. Some make you travel to a location. Some are 3 – 4 day events. Some involve “fun” and/or “challenge” events. My mastermind group is a virtual group meaning no travel is involved. Currently there is one monthly call, but as the group grows, I’m about to add a second one. The schedule is set a year in advance so everyone knows the day/time and can block it out on their calendar. I open my group with some marketing and business-building training. These are my top secret tips and delve into how I run my business and my life. Stuff I don’t share with everyone. Then we start profit seats.

Profits seats are 20-minute sessions where you get to bring your most pressing question or challenge to the group and get input. Some people call them “hot seats” but I don’t like that word because it makes you defensive. Calling it a profit seat puts you in the right mindset coming into the call. It’s amazing how much insight you can get in just 20 minutes. The questions others in the group ask. The way they’ll get you to challenge your thinking. The ideas you leave with will fill a notebook. And you’ll be so inspired and energized you’ll want to reciprocate and help others in the group during their profit seat. The best learning actually comes from listening to others’ profit seats. It will spark an idea. It will make you realize you’re not alone.

The real energy in the group comes from celebrating successes. There’s real power in being able to brag about a marketing campaign that kicked butt. To get some pats on the back from your fellow mastermind members. So few business owners get any positive reinforcement because one is the loneliest number. And it will leave you so energized to see the successes happening in the group and knowing you helped contribute to it.

The mastermind doesn’t end after the call. My mastermind group also has a closed Facebook group where members can go in at anytime to ask a question, get feedback, vent, share a success. And it helps provide accountability as everyone posts what they’re doing to accomplish what they said they would do during the mastermind call.

If you expect to show up and just steal or learn and not give anything, that’s not the idea of a mastermind group. A mastermind group is there so you can provide your input too. You have specialties, expertise, life experiences, that you can share with everyone. The mastermind is a two way street. You need to be an active participant in my group otherwise you’re kicked out. Luckily I’ve never had to do that. The people in my group really support each other and actively participate.

Here’s how one of my mastermind members would describe what it’s like and why she’s part of my group:

If you’re sick of the status quo. If you want to exceed your goals. If you need to be challenged. If you need support. If you need a pat on the back. If you want the #1 marketing tool that will completely transform you personally and your business, become part of a mastermind group. I encourage you to check mine out and if you have any questions, set up a call with me.

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About the Author smallbizmarketing

Stacey Riska, aka "Small Business Stacey" is a serial entrepreneur who is passionate about saving small - and not so small - businesses one marketing plan at a time. She helps business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients/patients, MORE sales, and MORE profit. Stacey's in-demand "Small Biz Marketing Success Coaching and Mastermind Program" is transforming the businesses - and lives - of those who want wealth, freedom, and market domination. Her highly acclaimed book "Small Business Marketing Made EZ" lays out the 6-simple-step plan to get your marketing into ACTION - literally and figuratively. Stacey is also the creator of Cups To Gallons, the place where independent coffee, smoothie, juice bar, ice cream, dessert and snack shop owners go to learn how get into lucrative catering so they stop selling by the cup and start selling by the gallon. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn't!) and spending time with her amazing husband.

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