Today we’re doing a deep-dive on the topic of masterminds – why they work, what you might not know, how you can create or become a part of one yourself, and so much more.
First off, let’s define what a mastermind is. A mastermind is essentially a group of people all working together to mastermind on each other’s business (or another area).
“The idea is to go into a mastermind with massive, audacious goals and come out on the other end smashing those goals.”
Lori and I have personally invested and been involved in two business masterminds – one we didn’t complete, however we still learned so much from it. Our most recent has been a raging success exploding our income with an additional seven figures beyond our existing goal.
So how was this success possible? Below are some key areas that will help ensure a healthy ROI on your investment:
• Family mentality: Everyone is treated as family and everyone is open to helping each other when they can facilitate – think any aspect of business that you don’t know how to do
• Group diversity: It’s necessary to have a diverse group of people and skills to ensure different perspectives
• Size is key: Not too small, not too big – 20-25 people is ideal
• Duration: A year commitment allows any breakthroughs to be implemented and completed
• Enough touchpoints to ensure accountability (quarterly, monthly and weekly)
• At the same point financially heading toward the same (or similar) financial goal
“When you get all the layers right, your significant investment turns into multiple returns.”
Masterminds are a magical formula that combines ideas, support, accountability, and connections that when utilized correctly can help you reach your goals. Don’t try to do everything alone when you could literally have 20 or more people making life easier for you. Instead, mastermind and catapult your business to new heights.