Building a Mastermind Group for Your Business: Tips, Strategies, and Best Practices

Imagine the transformative power of combining the genius of like-minded brains. Fortunately, you don’t need to imagine it when you can make it a reality.

With the help of a mastermind group, this is possible. The concept of mastermind groups has been around for 90 years, but it has been given a definitive shape in the digital landscape with platforms such as GroupApp.

But what exactly is a mastermind group, and how can you create your own to harness its power? This definitive guide will answer all your questions.

Let’s begin by understanding the origins of mastermind groups.

The Backstory of Mastermind Groups

In 1937, a book titled “Think and Grow Rich” was published. It has since become one of the best-selling books of all time and is considered a must-read. In the book, author Napoleon Hill presents 16 principles of personal, business, and financial success. Hill developed these principles after interviewing the most successful people and millionaires of his time.

One of the principles is the Mastermind Principle, which gave rise to the idea of mastermind groups. This principle emphasizes the importance of surrounding oneself with like-minded and credible individuals in order to achieve a specific goal.

This gives us a clear idea of what a mastermind group is. To understand more, let’s look at the definition of a mastermind group.

What is a Mastermind Group?

Let me simplify the idea of a mastermind group for you.

First, let’s see how Napoleon Hill defines a mastermind group. According to him, it’s a group of two or more people who work together harmoniously to achieve a specific goal.

That sounds good, but let me provide you with some further explanations about mastermind groups.

Think of it as an Incubator

Here is how I view mastermind groups: they are incubators for growth, support, and success. A mastermind group consists of individuals with a focused goal and a thirst for collective intelligence.

For me, the concept of mastermind groups perfectly aligns with a quote by Ken Blanchard: “None of us is as smart as all of us.”

Typically, a mastermind group has 3-4 members, but they can vary in size, ranging from 3 members up to 100.

An Ecosystem for Peer-to-Peer Mentoring

A mastermind group is a closely-knit community of like-minded people who come together with the collective aim of learning, growth, and success in different facets. They share knowledge, expertise, advice, opportunities, and ideas.

Essentially, it’s like peer-to-peer mentoring, where everyone is at the same level and complements each other. These dynamic assemblies of people create an ecosystem with accountability structures and support for all members.

A Third Mind

The concept creates a powerful mega-brain that cultivates growth and success. As Napoleon Hill states in his book, “No two minds ever come together without thereby creating a third, invisible, intangible force, which may be likened to a third mind.”

How Do Mastermind Groups Function?

Mastermind groups function with a set structure that can vary. For instance, the mastermind partners meet virtually or in person at regular intervals.

Each mastermind meeting or discussion follows a specific agenda. Some mastermind groups also offer online courses for learning and growth.

Mastermind Facilitator

While all members are equal, a mastermind group typically has a facilitator who manages the group’s structure and moderates sessions. The facilitator is also responsible for policy-making and setting agendas.

In most cases, there is only one facilitator in a mastermind group. However, if the group is large, there may be more than one facilitator.

Modern Mastermind Groups in the Digital World

Modern mastermind groups now exist in the digital world and are actively hosted on community-building platforms like GroupApp. This all-in-one learning community platform includes an in-built course builder, event feature, and mobile app.

The members of the mastermind group meet virtually and follow all the protocols of a mastermind, using digital tools and software.

Types of Mastermind Groups

It is essential to have a clear idea of the type of mastermind group you wish to join or create.

There are four types of mastermind groups:

• Accountability Group: This type of mastermind group focuses on building accountability for achieving specific goals, which can be related to business or any facet of life.
• Topic-Based Group: Members of this type of mastermind group discuss and share knowledge, ideas, and solutions related to a specific topic.
• Mission-Based Group: The members work towards completing a single mission, and this type of mastermind group usually has a limited running period.
• Business Group: In a business mastermind group, entrepreneurs from the same niche work together to foster business growth through learning, coaching, cross-promotion, and collaboration.

Benefits of Creating a Mastermind Group

Creating a mastermind group can put you way ahead in the game as a creator or entrepreneur. Many successful individuals form their own mastermind groups to multiply their success and productivity.

But there’s more to it than that. Let’s discuss the benefits of creating a mastermind group.

1 – Helps to Build Accountability

Mastermind groups can help you achieve your goals by setting up structures for accountability, driving change, and attaining goals.

In a mastermind group, all members are accountable to each other and responsible for keeping everyone updated about their progress. A study by the American Society of Training and Development (ASTD) showed that committing to someone can increase your success rate of goal completion by up to 65%.

Many digital mastermind groups have mechanisms for follow-ups with regular check-ins, which is quite effective. Research shows that if there is a set accountability appointment, you are 95% more likely to attain your goals.

If any group member is lagging, the rest will help that member get back on track.

2 – Offer Peer Support

Creators and entrepreneurs who need genuine support on their journey toward success can benefit from having a mastermind group. This group provides a go-to place for support, where you can not only receive support but also offer it to your peers.

That’s the real beauty of having a mastermind group: you can get moral support and receive coaching or advice for both your personal and professional life.

3 – Get & Give Honest Feedback

Everyone needs someone in their life who can offer honest feedback or constructive criticism. This helps create a realistic picture of the current situation and paves the way for improvement.

When you have a mastermind group, you can offer and receive honest feedback from your fellow creators or customers. This not only helps you to improve but also strengthens your bond with them.

4 – Foster Social Learning

As a creator or entrepreneur, you can leverage the power of social learning with a mastermind group. Social learning is a more effective method for learning important skills. Research shows that it can also promote trust and boost productivity by up to 50% (source: Growth Engineering).

This approach is particularly valuable for online course creators and coaches. They can create mastermind groups for their high-priority clients.

5 – Boosts Revenue along with Customer Lifetime Value (CLV)

Creators can offer a mastermind group as a top-priority and exclusive product for their top-tier membership customers. This group can offer exclusive content, resources, and direct access to the creators.

By offering this, creators can increase the value and price of their memberships. They can offer it to existing customers who trust them and want to level up. This helps boost recurring revenue and increase the customer lifetime value (CLV).

6 – Ideal for Cross Promotion

Similar to how a mastermind group can multiply your productivity and potential, it can also help you boost your promotions. By joining a mastermind group, you can expand your reach through cross-promotions.

You can collaborate with other entrepreneurs and creators in the group to do brand collaborations. This is a great way to pitch your products or services to new audiences.

7 – Improves both Professional and Personal Life

A mastermind group can benefit not only your professional life, but also your personal life. Members can support, advise, and coach each other on various aspects of their personal lives, including mental health, personal development, well-being, relationships, and family.

To start enjoying these benefits, consider starting or joining a mastermind group. Next, let’s learn how to create your own mastermind group.

How to Start a Mastermind Group?

It’s time to take action! Let’s round off the vital steps involved in creating a mastermind group. It may seem like a daunting task, but don’t worry! Digital solutions like GroupApp are available to help us out.

Without further ado, let’s begin.

1 – Pick a Hosting Platform – Start Strong!

First things first, choose a hosting platform to host your mastermind group. This is a crucial step, as you need to have a solid foundation.

What kind of Hosting Platform is Ideal?

What kind of platforms is ideal for hosting a mastermind group?

A learning community platform is an ideal choice for hosting a mastermind group. Here’s why:

Mastermind groups are like mini-communities with a set agenda, engagement, goals, and mission. The primary goal of every mastermind group is to learn and grow. That’s why an online learning community platform is perfect for hosting a mastermind group.

For example, check out GroupApp. It’s an all-in-one learning community platform that provides everything you need to run a mastermind group in one place, cutting out the hassle.

Must-Have Features for a Mastermind Group

You need the following set of features to run a modern-day mastermind group:

(You know what – GroupApp comes with all these features!)

• Content/Resources Storage
• Progress Tracking & Management Dashboard
• Live Meetings & Event Feature
• Mobile App
• Online Course Builder
• Membership Feature

Don’t Make These Mistakes!

When picking a platform for a mastermind group, many creators and entrepreneurs make two common mistakes.

First, they choose social media platforms like Facebook groups to host their mastermind groups. However, such platforms lack the necessary features and mechanisms for a mastermind group to function effectively.

Second, they use multiple tools and platforms, such as Zoom for meetings, Facebook groups for group hosting, and cloud platforms for resource hosting. This approach increases costs, time requirements, and management needs.

These mistakes can ultimately hinder the healthy functioning of a mastermind group.

2 – Specify a Group Size

There is no hard and fast rule for determining the group size of a mastermind group. It is entirely up to you to decide. However, I recommend starting with 5-6 members as this is a sweet spot for kick-starting a mastermind group. It’s not too many and not too few.

3 – Define a Mastermind Group Purpose & Type

You need to establish a clear direction for your mastermind group.

First, select a type for your mastermind group. I have mentioned four types above. Here’s a quick recap:

1. Accountability Group
2. Topic-Based Group
3. Mission-Based Group
4. Business Group

Once you have determined your group type, you need to create a purpose statement for your group.

I recommend writing a one-liner purpose statement. Ask yourself questions like why you want to create a mastermind group. Do you want to achieve any goals?

Create a straightforward purpose statement that will give you a clear direction.

4 – Creating a Membership for your Mastermind Group

Having a membership mechanism in place for mastermind groups is always a good idea. This leads to smooth and professional functioning.

Now, you need to decide whether to run a paid or free membership for your mastermind groups.

Keep in mind that there are paid mastermind groups out there, and many creators and entrepreneurs are generating recurring income from them. You can also offer a membership with a one-time fee.

If you choose to run a free mastermind group, keep in mind that it’s not sustainable. There will always be a cost, such as operational costs like paying for the platform’s subscription and hiring an external facilitator.

In addition, a paid mastermind group will likely be more valued by its members. They will take it more seriously if they have invested their money in it.

Therefore, offering a paid membership is the best option. However, your paid mastermind group must offer a unique selling point. You can do this by offering exclusive resources and perks with 2-3 membership levels. For example, you can offer exclusive content in the top tier of your membership.

GroupApp provides an effortless way to create multi-tiered memberships, allowing you to set up different access levels for exclusive content, communities, and resources.

5 – Identify Mastermind Members

This step can be the most challenging but don’t worry. Let me share a simplified approach to help you navigate it.

First, create a member description for your mastermind group. This will give you a clear idea of the type of members you want to attract. Ideally, members should share similar goals and values and be at the same level of success. Additionally, each member should contribute equally to the group for it to function well.

Next, create screening questions to recruit members. Here are some examples:

• What are your main pain points or areas of struggle?
• What motivated you to join a mastermind group?
• How can you contribute to the group?
• Are you willing to pay for membership?

These are just basic questions; you can tailor them to your specific mastermind group type and goals.

Lastly, I recommend holding 1:1 sessions with each candidate to ensure a good fit for the group.

6 – Onboard Selected Members

Finally, it’s time to kick-start your mastermind group and onboard the selected members.

If you’re using GroupApp, you’re all set. Simply send an invite link to all selected members to join your mastermind community.

You can create custom invite links that specify access levels and permissions.

You can also invite members via email by sending a custom message to each member.

Further, you will need to take all the steps collectively with your Mastermind members.

7 – Set up Ground Rules and Code of Conduct

Having a set of rules or a code of conduct enables the mastermind group to function smoothly. All members are obligated to follow the rules.

Some of the ground rules can be:

• Respect for all members
• Be punctual
• Create and share value
• Provide honest feedback and constructive criticism
• Take suggestions and opinions with due consideration and respect

You can devise more ground rules with your mastermind members.

8 – Co-Create Mastermind Activities

Let the meetings begin.

Onboarding Meeting

Schedule an onboarding meeting with all members. This meeting should be focused on ice-breaking and familiarization.

Pick a Facilitator

First things first: your mastermind group requires a facilitator or leader. If you created the group, you can become the facilitator. Alternatively, you can choose another member and designate them as the facilitator, but ensure that they are credible.

Meeting Schedule & Structure

To begin, all members must agree on a meeting schedule and structure. It is important to document or record all discussions for future reference.

Mastermind meetings can be held twice or thrice a month, or even once a week, depending on the availability of all members. The schedule should align with everyone’s availability, and the duration of the meetings should be specified.

Each meeting should follow a set structure or rituals to ensure efficient use of time and completion of tasks. The facilitator is responsible for moderating the meetings according to the schedule and structure.

It is recommended to divide the mastermind meeting into several small phases. Here is an example:

Meeting Duration: 180 Minutes

Member Count: 6

9 – Create a Resource Library

Every mastermind group should have a resource storage that houses all crucial PDFs, templates, member details, progress documents, completed tasks, guides, videos, audio, and other important resources.

This storage should be easily accessible by all members according to their membership access levels. GroupApp offers an in-built Content Library for this purpose. You can easily set multiple access levels and permissions, so you no longer have to wait for permissions. Additionally, you can categorize resources for ease of navigation.

10 – All Set! – Experiment & Grow

There you go! After following these steps, your mastermind group will be ready to function. However, you should experiment and improve along the way.

Schedule meetings dedicated solely to reflective iterations and restructuring the mechanisms. Collect feedback from all members and make adjustments accordingly. Ensure that all members are equally involved and heard in this process.

You are all Covered!

Mastermind groups can be game-changing! When done right, they can help you achieve your goals in less time.

The success of your Mastermind Group largely depends on two factors:

• Your Mastermind Members
• Your Mastermind Hosting Platform

By executing a rigorous and well-devised screening process, you can recruit the right members.

It’s important to have the right platform by your side too. It should be simple, effortless, and compatible with your budget. The right platform will offer everything you need in one place.

Simpler yet all-in-one solutions, like GroupApp, are the way to go! Create your Mastermind Group with GroupApp.

Create your free GroupApp account now!