What many business owners find is that after that start-up phase has faded away, your business growth may start to stagnate. This is a common wall to hit when running your own business. If you’re currently in the middle of a business plateau, the answer to business growth could be joining a business mastermind.
What is a business mastermind?
A Business Mastermind is a group where business owners and entrepreneurs can gather to share their experience, advice, skills, and support with one another. Usually, business masterminds will be run by an experienced business owner, often times a consultant or coach, who can guide the sessions and discussion.
The best business masterminds have just the right mix of diversity and similarity within the group. You want the members of your group to be at a similar level in business so that the problems are relatable, but have different strengths and weaknesses so that you can help each other grow.
Why Join a Business Mastermind?
There are so many advantages to joining a business mastermind. Other than being a valuable place to get advice and problem solve, it can also help in areas you may not have considered.
One of the most valuable perks to joining a business mastermind is that you can share your contacts with one another, growing your collective network. There is definitely a lot of truth to the old cliche that it’s all about who you know. Having access to a broad range of small business owners and entrepreneurs can result in opportunities that you otherwise would not have had access to.
Sometimes you need someone to be brutally honest with you, especially in business. If you have a terrible idea, your business mastermind should be there for you to warn against it. This is invaluable, as it can save you a lot of time and money that could otherwise be wasted. Another area where tough love will come into play is to keep you accountable. Everyone procrastinates, but by telling your business mastermind your goals and having them keep you accountable you are setting yourself up for success.
When you do have a business loss, it’s valuable to be able to talk through it so that you can learn for the future. Business masterminds are terrific for this. Having a group of people who understand your business and what you are trying to do will be able to commiserate your losses and come up with a plan with you to come back from it. Equally important, they will also be there to share your wins and mark your important milestones so that you know how far you’ve come.
Lastly, a business mastermind provides you with a much-needed community. The drawback to working from home is that it can be extremely isolating, making you feel totally alone. Having a group of people to work through problems and share stories with gives you that sense of comradery that keeps you sane when running your own business.
How To Join A Business Mastermind
There are two different types of business masterminds, being free and paid. I strongly advise you to do your research when shopping around for different masterminds. While free groups may seem like a great idea, more often than not they will just be basic networking events for beginners. As with most things you get what you pay for, and business masterminds are no exception. A good idea is to have a chat with members of different masterminds to get a feel for what they are like and if they will suit you and your business.
Investing in a good business mastermind can help set you up for business success. By talking through your business challenges with other business owners you can learn how to face them and how to grow your business.