By the time you reach multiple 6 and 7-figures in your business, you know it’s near impossible to go at it alone. You’ve worked with various different coaches, you’ve hired team members, and you’ve learned from others in your industry. Those things don’t stop once you’ve reached a certain stage or level of revenue in your business. After all, the best athletes in the world are working with even MORE coaches, not less. Right? So, if you’ve hit a point in your business where you’ve achieved massive success and you’re thinking about where your next big breakthrough is going to come from: you might want to become a mastermind group member. Because we’re opening up a few spots inside my Legacy Leaders Mastermind program this year (for the first time in TWO years) I wanted to share some tips on how to find the mastermind groups that are right for you.
Masterminds are an essential aspect of business growth in that you’re able to surround yourself with other like minded people, navigate different challenges you might be facing in your business (team, systems, clients, etc.) and discover innovative solutions through collaboration, learning, and implementation. The concept of mastermind groups originated in 1925 Napoleon Hill’s “The Law of Success” and was later expanded upon in 1937 with his subsequent masterwork “Think and Grow Rich”
Now – depending on your business model, your personal and professional goals, and your lifestyle – different people are going to want to join different programs. And the one you pick is entirely dependent upon:
- What you want to get out of the mastermind
- What kind of coaching or mentorship you are getting outside of that mastermind
There are pros and cons to each different type, but today I’m going to break down the 4 main types of mastermind groups you’ll come across and how to choose the right one for your business.
Celebrity Mastermind Groups
The main focus of celebrity masterminds are going to be on getting in the room with someone you’ve always dreamed of meeting, potentially other celebrity guests, in hopes that a connection or potentially future business will be made. These types of masterminds can be more on the pricey side (as much as $100K or more) and focus mainly on the WHO over the HOW. They tend to be lower-impact, less directional and don’t typically center around teaching or coaching.
Pro: you might meet some powerful people you would’ve never otherwise connected with.
Con: If you want your mastermind group to play a significant role in helping you achieve your goals, I wouldn’t count on a celebrity mastermind.
Woo Mastermind Groups
These masterminds are largely centered around energy, mindset, and manifestation. Depending on the season of life you’re in, these can be incredibly valuable and often lead to mental breakthroughs that bring clarity on how you want to continue moving forward in your business or life.
Pro: If you feel like a mindset block has been holding you back from achieving your goals, this type of mastermind might be the perfect next step for you to take.
Con: While woo masterminds focus more on the energetic space you’re in, there’s often no “next step” or follow-up action. Often, these types of masterminds need to be combined with intense mentorship or coaching and you’ll need an alternate support mechanism for clarity around execution.
Niche Mastermind Groups
A niche mastermind consists of a group of people laser-focused on one specific objective. They could be industry-specific (think: realtors, accountants or coaches) and helpful when it comes to sharing best practices or brainstorming fresh new ideas.
Pro: If you have a super-specific focus for the year, this type of mastermind could be helpful for you.
Con: There’s not much diversity in a niche mastermind, and it’s proven that the most innovative breakthroughs come from taking principles that are working in a completely different industry and applying them in a new and different way to your own. Plus, it’s more important than ever before to think about how you can elevate and differentiate your business in an overly-saturated market. So… something to consider.
Directional Hybrid Masterminds
This type of mastermind consists of a tight-knit circle of individuals (and how my Legacy Leaders Mastermind is structured). Oftentimes, they include a combination of strategic advisory and conversations around growth, collaboration, coaching, and problem-solving with high-level individuals. It’s a place for creativity and innovation amongst entrepreneurs across industries who want to build a self-led, established company that can run without them.
Typically those who join us in Legacy Leaders come through from our The Unstoppable Entrepreneurs Program and Legacy Builder programs but we are opening it up to the public because there’s a significant lack of resources for business owners at this level. These types of masterminds may also include in-person events, which we host in luxury resorts across the country 3 times per year and include a combination of coaching, training, and downtime for enjoying the resort with their families and one another (our next in-person event is on December 2nd – and it’s not too late to join us in Delray!)
Pros: If you are looking for a combination of coaching, teaching, and real masterminding with established business owners this is the room you need to be in.
Cons: If you are not committed to continued growth or implementing the team and systems required to scale, you might not want to invest in this type of hybrid mastermind.
Now that you know all the pros and cons of each type of mastermind, it’s up to you to decide which category best fits your needs so you can join the right circle in 2022 and set yourself up for continued growth and success.