These Are The 3 Key Factors You Need To Explore And Consider Before You Join a Mastermind Group in 2023

Below are some insights on the Mastermind vetting process, and why you need to understand the importance of setting expectations for what you hope to gain in joining a Mastermind group.

Are you looking to find a mastermind group? I’ve run my own Mastermind group, Legacy Leaders, for 8 years now and I can personally attest to the many different Mastermind structures.? I also know how hosts often design Masterminds with a specific purpose and intent.?

You need to consider one question before you join: does the concept of a Mastermind group and its respective goals match the goal you set for yourself?

After 10 years in the online business space, I've heard from countless Mastermind members (who have all been part of various peer to peer mentoring groups in some capacity) who are not happy with Masterminds.? Those people often say that their experience was either disappointing, or not what they expected, and it didn’t give them the best advice to achieve their goals.

That doesn't mean it's necessarily a "bad" group, or the hosts' fault. There is, however, a reason why this happens so often.?

The biggest complaint I hear about Mastermind groups

“It’s nothing more than a ‘photo op!’ Yes, while the members got to meet and be in proximity to a ton of wonderful people.? Perhaps, they heard from a renowned celebrity guest speaker, but they didn't learn anything and the group didn't contribute to the growth of their business.??

Essentially, a Mastermind group is a "meeting of the minds." This is a concept that author Napoleon Hill and so many others in the personal development space have talked about. It's intended to be a collaborative space for fellow group members to strategize, debate, share and birth new ideas.?

In light of this, it's critical to understand that in joining a Mastermind, every group has a? structure and set up is typically very different from a coaching program.?

Typical Types Of Mastermind Groups

An Experiential Mastermind?

This is designed to cultivate an enriching new experience and foster breakthroughs by escaping the day to day. This may look like a small group retreat over the span of a few days.??

Community-Building Mastermind?

A kind of group focused on relationship-building and collaboration. This may take the format of networking events.

Directional Mastermind?

This group typically has a very specific niche focus and designated outcome. There is usually a leader, speakers and curriculum that supports the experience.??

Hybrid Mastermind?

This style ties in an educational component in conjunction with community-building and/or experience.?

Our Legacy Leaders Mastermind?

Our group is a directional hybrid, as the purpose and intent is to remove the business owner as the primary doer, thinker and leader in the business. We help members build a wildly successful team (including executive leadership, mid-level management and a production team) so they can take back their time.? At the same time, though, our members can also continue scaling their revenue, and build a sellable entity.

We also understand the importance of community. As such, we also include three in-person intensives in various locations across the US.? These in person intensives are an opportunity to go deeper on strategic insights, training, collaboration sessions and big ideas for a few days at a time.

The unique thing about our group is that we bring together CEOs across 15 different industries, which allows us to share ideas and really cross-pollinate. One of the biggest reasons keeping people stuck is that they continue to connect, collaborate and share ideas solely with people who are already in their industry.? As a result, they just keep doing the same things. I call this "circling the drain."

Everyone's copying one another, doing the same things over and over and expecting different results. However, many times the biggest breakthroughs we experience come from leveraging new ideas and approaches that stem from individuals who are in totally different industries.

Consider your personal "why" behind joining a Mastermind group.

Since Mastermind group memberships typically range from $80K-$100K, I think many people who are in the early years of scaling their businesses are frustrated by them. This is because they don't feel like they've gotten the expertise, knowledge, strategy, and/or directional support they are seeking. In other words, they don't feel like they tangibly got a return on investment.

When choosing a Mastermind, ask yourself: what is the outcome you expect to create? Are you in a coaching program in conjunction with joining a Mastermind group? Why are you choosing that specific host - are they modeling things you want to replicate? Are they where you want to be? Have they experienced and created the outcomes for their clients that you strive to create?

Consider whether you are looking to join a mastermind as a fun experience that doesn't lead to direct ROI.? Perhaps you’re looking to use it as fuel to learn, grow and move the needle on your business goals? Or, are you looking to use the group as a place to form new relationships??

Asking yourself these questions before you dive into what tends to be a year-long commitment is a huge part of the investigation process.? What’s more, it will better narrow down which type of group is right for you.

For Example:? I have an 8-year-old daughter and I want to spend as much time as possible traveling and making memories with her and my family.? That in mind, an Experiential Mastermind wouldn't be a fit for my needs at the moment.

Though, if your children are all grown up and you're content with the growth you've created in your business, your needs might be different than mine. In fact, your goal might be to seek a new creative mindset.? That new mindset and approach in your business and life, might find its best environment in an Experiential Mastermind.

You want to make sure that you really connect with the direction, meaning and the purpose of the Mastermind you're joining. Each and every Mastermind is totally unique in its intent, focus, community, and culture. Get clear on what your priorities and goals are, and make sure they align with that of the Mastermind you're considering.

Does the Mastermind you're seeking match the level you have reached or aspire to reach in your business?

When you reach a certain level in business, you want to make sure you're considering a Mastermind that has a similar or greater level of people in it.

You want to surround yourself with individuals who are where you are and progressing to where you WANT to be. This is why so many programs actually have a revenue baseline.? (For example: Legacy Leaders is specifically geared toward 7+ figure business owners, and most members are at $3M+ in annual revenue).

This is not to be mean, aggressive, or exclusive: it's merely because it sets the tone for the space. It's important to be in the mix with the right level people to get the most out of your experience.

Consider searching for a group where there are people in the room that are beyond where you are currently.? At the same time, though, your colleagues must also have a revenue baseline requirement, because that's what will ensure you're going to get the highest value.

If you're interested in learning more about Legacy Leaders, we are currently taking applications for business owners at or past $1M+ in annual revenue. Apply for a free consultation here.

Our next Mastermind experience is a two-day intensive happening THIS October in San Diego!? We'd love to have you kick off your experience by joining us there.