How to Choose the Right Mastermind

O

ne way to move your business to the next level is to join inner circles, mastermind groups, and other types of memberships. These groups help you make contact with people who may want to use your services or buy your products. Or they might simply offer a “water cooler” type environment to help you socially and educationally.

It can be difficult to know which masterminds you should join. Here are a few tips to point you in the right direction.

Know Why You Are Joining the Mastermind

There are a variety of reasons why you may want to join a mastermind. Sometimes that reason is to find new clients, and sometimes that reason is to expand your network of colleagues. This is something often done by people who work from home and also who work at jobs such as an association of bookkeepers or a networking group that comprises only one member from each industry. Which kind you want to join is something you need to be clear about.

​Ensure That the Group's Mission Aligns with Your Values

Check out the mastermind materials to ensure that the group's mission fits in with your own ideas and values. There are many mastermind groups and memberships that will not, but there are some that will be right on the mark. Being in a group that's on the mark is going to be more beneficial to you because you're going to be proud to be part of the group.

Make Certain That They Are Active Masterminds

​If you can get a trial membership, that's a good way to check it out before joining. You want to make sure that the members are active and that they are really doing things. There are many memberships where people just join to get on a list, but that's not going to serve you very well. Make sure you're involved with a membership that is active.

​Determine What the Member Perks Are

Every group and mastermind has some sort of benefits and perks for joining. For some it's educational opportunities, for others it's a social type benefit such as weekly luncheons. There are even some that offer less expensive liability insurance or health insurance, depending on the state you're in and the rules. Check out the benefits and perks as you narrow down your choices.

​Make Sure It's in Your Budget

When it comes to your business, joining a mastermind is tax deductible as a business expense. However, you want to make sure that you get a return on your investment. Think about the cost of the membership, what benefits you should get out of it, and whether or not that helps your business and bottom line.

​Talk to Current Members

​Interviewing members is a great idea because you can find out what they think about the membership. Ask them the right questions, such as what they have got out of the membership this year in terms of return on investment. Ask them how involved they are.

​Talk to Past Members

If you can talk to people who used to be members and aren't any longer, then that's really great. Ask them why they left; it might be due to being too busy to be involved or some other reason, and the mastermind may still be wonderful.

​Consider Whether You Will Truly Participate

There is no real point in joining a mastermind if you're not going to participate, because only in participation will you get the benefit of the mastermind. Joining in and volunteering is how you'll prove your trustworthiness and abilities.

A mastermind is a wonderful way to gain knowledge, make connections, and boost your business. But, you have to choose the right type of mastermind for your goal, plus remember that you must dive in and participate to get the results that you want to get.

About the Author Rich Thurman

Rich Thurman’s passion is helping small businesses realize their full potential. With twenty years of real world experience in both small and large business, Rich has worked for and with both global industry leaders and small-town family-run storefronts.

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