5 Essential Keys to Starting a Transformational Mastermind Group

As I think back on the last year, I am most grateful for the community of people around me….

Specifically, the mastermind group that I’ve been part of.

At any given time, I can pick up the phone and call at least a few dozen people and ask for their opinion or help — and I know that their opinions will come from a genuine, caring place.

There was a time that I was terrified of sharing my goals with anyone for fear of being judged.

Through lots of self-development reading and events, I started to understand how important it was to share my ideas with and learn from other people.

When we really got focused on self-development with Millennial Empire Builders, it was amazing to see how many people felt the same way — they had goals that they were too afraid to share because they didn’t want to be judged for them.

Through our regular meetings, we all started to open up and think bigger.

I’m not talking about surrounding yourself with a bunch of ‘yes men’.

You know what I’m talking about… The people who just agree with everything you say because they’re afraid of conflict and never give you any real insight.

While the yesmen in your life might feed your ego and make your feel all warm and fuzzy, they’ll never push you to grow.

So today, I wanted to share a few tips for organizing your own mastermind group.

If you’re unfamiliar with the the idea of mastermind groups, simply put, they’re basically groups of people who get together to share ideas, push and inspire each other, and hold each other accountable.

1. Determine The Mastermind Group Intention

Let’s start here…

There are tons of mastermind groups that all serve different purposes.

Sometimes people start masterminds because they’re feeling lonely in their businesses and are just looking for a group of people to talk about business with or exchange referrals.

This type of mastermind can be as simple as hopping on a call once a month to talk about business or as formal and structured as an organization like BNI (Business Networking International).

And on the other hand, some people start masterminds to attract their perfect client and build a client base who will hire them to do done for you work.

These are generally coaching and implementation style masterminds.

Any of these can work but you’ve got to decide what kind of mastermind you want to have before you go into it.

Let’s break them down a bit.

The Accountability Mastermind

The Accountability Mastermind is perfect for peers who are looking to stay on track with their key performance indicators.

The most popular example of this type of mastermind is salespeople who are holding each other accountable to a specific number of appointments, contacts, calls or new clients between each call – but that’s not it.

Here are a few other ways accountability mastermind groups can work:

  • Weight Loss
  • Students Taking A Course Together
  • Bloggers Looking To Grow Traffic

The Referral Mastermind

How much easier would your business be if you had a salesforce of people who are constantly looking for clients for you?

That’s what a referral mastermind group is.

The most popular version of this (as mentioned above) is BNI.

I think the biggest key to making this work is having the accountability around the referrals.

While similar to the accountability mastermind, this type of mastermind group differs because there’s generally a focus on promoting their businesses rather than the specific activities of the business. 

The Board of Directors Style Mastermind

In this format of mastermind group, members open up their businesses to scrutinization and invite open feedback through a “hot seat” model.

When I’ve seen this done well, everyone learns from each other and over time, they start improving their systems and each participant gets the chance to discover their blindspots and the holes in their business that are stopping them from leveling up.

The nuance here is that this type of mastermind is focused on your business – and that means you’re going to need to incentivize the people who are on your board to want to help and this will likely be the type of mastermind that meets the least often.

The Shared Resource Mastermind

This is a new mastermind concept that I’ve been playing around with.

In this format, members get together to share resources (like a virtual assistant for example).

When you’re sharing people power (like a virtual assistant), the actual mastermind piece of it is SO important so that you don’t burn the people who are working for you out.

Think about it from their perspective – if your mastermind has six people in it, that means your VA now has six bosses who are all going to be asking for different stuff.

During the mastermind piece, your group should discuss the strategies that you’d like your VA to implement.

The key here is that most VA’s are task based – which means they’ll do exactly what you tell them to and not much else.

So, when you and your group are getting ready to implement a specific strategy, masterminding around the DETAILS of that implementation and then being able to give that to the VA will save sooooo much time, tons of back and forth and a massive amount of frustration.

If you REALLY want to be effective, bring the VA in on those mastermind meetings and treat him or her like the facilitator.

They’ll be excited to be part of the project and they’ll understand the thought that goes into what you’re asking them to do.

Other examples of shared resource masterminds are meal prep groups and herbalism groups that are focused on creating herbs.

The Implementation Mastermind

The implementation mastermind is similar to the shared resource mastermind in that it’s focused on executing on a specific topic – the only difference is that the shared resource mastermind group is often focused on the strategy.

This mastermind is generally focused on strategy for the first session and the rest of it is focused on implementation.

An added element of this mastermind group type is that there’s often a “hot seat” experience.

This experience is like show and tell – the participants show what they’ve implemented, share their stats and collect feedback from the other participants.

The implementation mastermind group is incredible for business consultants or coaches who want to offer a lower priced package to their clients that’s not exactly 1:1 but still offers a high level of service. 

Making Your Decision

Any of these masterminds will work and sometimes it takes a combination of a few of them to create a transformational experience.

Just a word of advice – you probably won’t get it perfectly on the first try.

You may need to go through some trial and error but the first step is to START.

After that, you’ll need to figure out how to structure your mastermind.

2. Organize Your Mastermind Content

Next up, you’ll want to decide on the logical sequence of content that will help them get from point A to point B.

One of the mistakes that I see mastermind leaders make is that each session is focused on a completely different topic so their attendees end up getting a surface level introduction to a bunch of different topics but never actually implement anything.

Instead, dig really deep on one topic and focus on getting them a transformation of that one topic.

Take them from the beginning all the way to the end – and focus on one element per session.

If you select your topics before you select the people, you will all get more value out of the mastermind group because you’ll know that you have the right people in place.

Here are a couple of tips for you:

Use A Logical Sequence

Start at the beginning of the idea and then walk them through to the end.

For example, let’s say you were going to start a mastermind around herbalism (I know that’s random but I’ve gotten really into it lately!)

So here’s an example of an outline:

Herbalism Mastermind

Who It’s For: Women who are interested in herbalism and are familiar with their benefits but don’t know how to start

Type Of Mastermind: Implementation – by the end of the experience, they will have created 15-20 formulations

Purpose: To create a high-end coaching program for my existing herbalism client base

(All of that is important to outline up front so that you can stick within those parameters).

  • Session 1: Herbs We’re Using And Creating Your Materia Medica

  • Session 2: Create Your Base Tinctures And Infused Oils

  • Session 3: Herbal Formulations For Common Colds, Flus and Coughs

  • Session 4: Herbal Formulations For Skin Conditions (Bites, Stings, Bruises And Muscle Soreness)

  • Session 5: Herbal Formulations For Sleep, Energy And Focus

  • Session 6: Herbal Formulations For Digestive Issues

  • Session 7: Herbal Formulations For Women’s Health

  • Session 8: Freestyling Your Formulations

Now let’s say that was the entire mastermind experience.

Was that transformational?

Hell yea.

This type of mastermind will teach them everything they need to know to deal with all of their core conditions, get them to fall in love with herbs and make sure they’re actually using them.

So, after you’ve decided the content that will go into the experience, we’re going to deepen the outline to put some more meat on it.

Get Them Quick Wins

You have an outline now but that’s just the tip of the iceberg.

You’ll want to make that experience more robust and get them quick wins after EACH session.

Want to know the secret?

Grab the Empire Builder Pass to get the full length version of this post and you’ll learn:

  •  How to onboard people into your group to make it highly effective
  • The best way to enforce accountability
  •  The agenda for running your group
  •  How to match accountability partners
  • Your role as the leader (it’s not what you think!)

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