Episode 74 - 10 Qualities of a Successful Mastermind Group and How it Can Propel Your Business to the Next Level
Ready to take your business to the next level? Here’s why a Mastermind can get you there and what to look for in a successful one! 📸 @allinpnw
LISTEN TO THE EPISODE HERE:
What is a Business Mastermind? What makes a Mastermind Successful? How can it support you in scaling your business to the next level?
We are going to talk about the 10 Qualities of a Succesful Mastermind.
If you are looking for a Mastermind or thinking of starting one yourself, this Episode is going to give you the must-have qualities and some tips on what to look for!
What is Business Mastermind?
A Business Mastermind is an intimate group of entrepreneurs who meet together (either virtually or in person) on a regular basis to discuss and offer support to each others’ businesses. A mastermind can include a combination of brainstorming, education, accountability, and support.
Have you ever felt stuck in your business? Have you ever wanted feedback on projects you are working on? Maybe you want to diversify your income, increase your sales or launch a new product and just need help on how to market it, launch it, and save yourself time and money along the way.
10 benefits of joining a Mastermind
Feedback from other members who will raise the bar and encourage you to live out your potential.
Ideas and solutions to business problems that you would not have found on your own.
Discover new income opportunities within your business
Accomplishing more in less time with the support of your mastermind group
Accountability within the group to take the necessary action to achieve your goals.
Sharpen your communication and leadership skills
Gain clarity on what you need to focus on in your business.
Create momentum and energy to sustain you through the ups and downs of entrepreneurship
Receive encouragement, support, and inspiration from group members
Benefit from the education, experience and influence of people within your mastermind group
Our Top Business Resources to Support Female Entrepreneurs:
Free Masterclass “How to Scale a Profitable Business without working around the clock”
Action Takers Club: Our Signature Business Course + Community to Support you in Scaling a Profitable Business
Ready to Take Your Business to the Next Level in an Intimate Group of other Successful Entrepreneurs? Learn about our Mastermind
One on One Business Coaching and Strategy Consulting with Danielle Wiebe
TRANSCRIPT
[00:00:00] Danielle: Welcome to the business babes collective podcast. I am your host, Danielle Wiebe. And if this is your first time tuning in, then first of all, welcome! This is your go-to podcast if you are an entrepreneur or aspiring entrepreneur who wants to scale a profitable business without working around the clock.
[00:00:17] So if you wanna turn your passions into profit and live your purpose while having flexibility and freedom, this podcast is for you and you are in the right place. So I'm so excited to dive into today's episode because we're gonna be talking about something that can be a total game changer for you and your business.
[00:00:38] That is being a part of a business mastermind. We're gonna be talking also about the 10 qualities of a successful mastermind. If you're looking for one to be a part of, or you're wanting to start one yourself, this episode is going to be really helpful for you, cuz it's gonna give you the must have qualities and some tips on what to look for. If [00:01:00] you are wanting to either start your own or join one yourself. So let's go ahead and get started.
[00:01:07] Welcome to the business babes collective podcast. I'm your host, Danielle Wiebe in this podcast, you'll learn tangible business tips and strategies on how to grow successfully and sustainably. We'll also interview seasoned entrepreneurs, so you can listen in on their stories and see behind the scenes of what it took to grow and scale their businesses. Let's dive in as we discussed the wild, exciting, crazy, challenging, rollercoaster ride of entrepreneurship.
[00:01:38] So a couple of years ago, I was so excited about so many things that were happening in our community with our business, the events that we were hosting, the programs we were offering and the cities that we were launching into as a brand, however, with that growth came so many new challenges and so many unknowns. And I really found [00:02:00] myself wanting feedback on the decisions that I was having to make in our business as we grew.
[00:02:06] I always had been curious about masterminds and I had heard that masterminds were a way to grow and scale your business, to surround yourself with other successful business people. And a lot of people that I looked up to credited masterminds for the growth of their business, of taking their business to the next level. When I decided to join my very first mastermind in June of 2018, this was honestly one of the best decisions that I ever could have made.
[00:02:35] Since then. I have been consistently in masterminds, myself. I've invested in coaching. I've invested in different masterminds, different communities to help me level up in my business. And not only that, but I think the power and the beauty of being a part of communities like this is that it not only helps you level up your business, but it also filters into your personal [00:03:00] life and the people that you get to surround yourself with are so incredibly inspiring and it also helps you to dream bigger than you've ever thought of dreaming before.
[00:03:10] It's helped spark new ideas for my business that I've implemented and helped me avoid a lot of problems while also giving me the support and accountability that I so desperately needed. So my experience of being in a mastermind group also helped me to see new income opportunities within my business that I honestly don't think I ever would've discovered on my own, including the idea that came from one of the mastermind that I was a part of to start my own mastermind group. That this group, the group that I was a part of really gave me the confidence and the knowhow to say, Hey, Danielle, you have this incredible community that you're building. You have, you know, women in entrepreneurship who are taking these courses from you, who are coming to your events. You should start a mastermind as well.
[00:03:56] And so that is actually what inspired us to [00:04:00] start our mastermind back in 2019, in the fall of 2019. And we've been running our mastermind ever since, which is so exciting. So you might be wondering at this point, okay, Danielle, what the heck is a mastermind? What is it about? What's involved? And so that's, we're gonna be talking about today on this episode.
[00:04:19] Basically, a business mastermind is an intimate group of entrepreneurs who meet together, this can be either virtually on zoom or another platform or in person, or sometimes a mixture of both. And this happens on a regular basis and the purpose of it is to discuss and offer support to each other and each other's businesses. So a mastermind should include a combination of brainstorming, education, accountability, and support.
[00:04:46] So if you've ever felt like stuck in your business, if you've ever wanted feedback on projects that you're working on, or maybe you want to diversify your income or increase your sales or launch a new [00:05:00] product and you want help on how to market it, how to launch it, how to save yourself time and money along the way.
[00:05:06] So that's what today's episode is all about. And I wanted to do this episode because I think that a lot of times people talk about masterminds or you might hear about it within the business world, but you're like, well, what does that actually look tangibly? Like what is, what is a mastermind? What goes on, on these calls? What are, what does a successful mastermind look like? All of the things. And so I wanna talk about that today. I'm gonna talk about the 10 qualities of what I believe creates a very successful mastermind group. And, mind you, I've been a part of now, I think I've been a part of, four or five different masterminds throughout my journey.
[00:05:44] I've been a part of very high level masterminds. I've been a part of masterminds where there was a large group of people. I've been a part of free masterminds, paid masterminds, all of the above. And so I wanna kind of talk about that. What are some of the pros and the cons and all that, but let's go ahead [00:06:00] and dive into the 10 qualities of a successful mastermind group and then we can get into the nitty gritty details after that.
[00:06:07] So number one, quality that I believe qualifies a successful mastermind group is community. So how often do you go to make a decision in your business? And then you totally second guess yourself? Do you ever wish you had a group of other people that you could bounce these ideas off of and brainstorm with other than, you know, your husband or your best friend who might have zero entrepreneurial background.
[00:06:34] I know that for me often, what I do is, you know, my husband comes home from work and then I'm like, babe, I have this really great idea. And I'll just be like blah blah blah blah blah, and he's like, okay. Um, can we talk about this later? because I've been, you know, home all day. I'm you know, working from home, I'm also taking care of Rosie and I just want someone to bounce these ideas off of. I want someone who can give me feedback and all of [00:07:00] these things. And so that's where a mastermind comes in.
[00:07:03] In a healthy, successful mastermind, each member must equally want to support the other people in the mastermind as they do want to receive support themselves. So this creates a incredible incubator for amazing brainstorming and it results in ideas that honestly would never have been possible if they were to try to come up with them on their own. So, like I said, community, I think is the number one quality of a successful mastermind group.
[00:07:32] Number two is consistency. So consistency is really important. I think a successful mastermind requires meeting regularly, whether that is once a month, twice a month, once a week. For us, we actually meet every other week. So twice a month for 90 minutes, and this allows us to stay consistent and it also helps us stay connected and keep updated with what each member is doing and working on.
[00:07:59] And we [00:08:00] also are bringing back some in-person meetups, which is really exciting. Obviously our live event that happened in Vancouver in May, our mastermind members were invited to that. They got a V I P ticket, got to be in person with each other. It was so incredible, but I think the importance of that consistency, whether or not there's the in person aspect of it, there needs to be a regular time that you are showing up and meeting with your mastermind group.
[00:08:27] Okay, number three is support. So in a healthy mastermind, all members should be fully committed to supporting one another in their business. Giving feedback, giving advice, sharing resources, and each member should really have a abundance mentality that they believe that working together and helping one another.
[00:08:50] There's so much power in actually coming together, sharing resources, sharing support, and sharing experiences. And so that is a really, really important [00:09:00] key factor in a successful mastermind.
[00:09:02] Number four is connection. So I think it's so important for. There to be deep connection fostered between all of the members. There should be a way to also keep connected between calls. So, you know, some people have a Facebook group. We personally have a Voxer, which is kind of like a group chat, voice memo, chat, and text support, where we stay connected. We share wins, ask for help, ask questions, share photos. And it's a way to bond as a group, but also stay in that connection between the calls.
[00:09:33] And then also a piece of that connection is the in person. So if a mastermind has in person opportunities, I think that is a huge benefit, although it's not required, but I think it is a really great bonus and benefit. For us, we are actually gonna have one coming up this summer for our VIP mastermind day, where we're gonna get together in person.
[00:09:55] We're gonna go through each person's goals and strategize as a group so that [00:10:00] each person can kind of come away with the steps that are necessary to make their goals a reality. So that's just a really cool way to just keep that bond, keep that connection really strong between the mastermind members.
[00:10:11] Number five is accountability. I truly believe that there needs to be a level of accountability in a successful group. So not in a way of like shaming, anyone who doesn't hit their goals, but rather having check-ins just to see how members are coming along. And sometimes, you know, the goals that people set for themselves, they need to be reworked, or sometimes they just need a little extra support or encouragement, or maybe some tough love to keep them on track. But that accountability piece is so, so key.
[00:10:44] Number six is structure. So having a really good structure to a group and organization to the call is really important. So for our mastermind calls, we start with wins of the week, and then we dive into two people, each each [00:11:00] call have are in the hot seat. So what a hot seat looks like is say, for example, you are coming to the call and you have a specific challenge or an opportunity or something that you really need feedback on.
[00:11:12] So you would come to the call and you would say, Hey guys, this is what I'm working through. This is what I'm struggling with. I really, really want feedback on this. Or Hey, I have a launch coming up and I want to brainstorm all of the ideas on how I can market it. Where can I go? Who can I connect with?
[00:11:28] And then as a group, everyone else is their job to give you feedback, to give you ideas, to share their own experiences, et cetera. So that's the structure of our calls. We start with wins a week. Then we hop into two hot seats a week where one of the members or sorry, two of the members will jump in and really get to strategize on their own specific business.
[00:11:48] The other thing that's really important to as far as structure is making sure you have recurring calls, that those are all organized, that those are sent out in a recurring email. So hopefully you have someone [00:12:00] who's somewhat of a leader who is organizing all that on the back end and making sure that that is sent out and also that someone is making sure that they're telling people ahead of time, who's in the hot seat, who's coming up, all of those things. So that there's kind of that background work that goes into it that's not often seen, but really, really key to keep a mastermind running successfully.
[00:12:21] Okay. Number seven is transparency. So I believe that, in a successful mastermind, the more vulnerable and honest the members can be the more value that they can recieve from the group. So we always encourage members to open up and be transparent about the wins and also the challenges that they're facing. In our mastermind, a big priority for us is creating a very safe place for women to open up and feel fully supported, no matter what they're going through in their life or in their business.
[00:12:54] So number seven is actually linked to number eight, which is confidentiality. This is [00:13:00] so important. The mastermind group should be a really safe place where members can share confidential information with one another. And they know that that information is never gonna be shared outside of the group. So members should all be able to agree and check off that they agree to keep all of the conversation, conversations, private, and confidential and everything within that call stays within the call.
[00:13:25] Number nine is growth. So growth, I think is one of the biggest focuses. I think that should be on the mastermind. So if the mastermind is specifically business focused, then there should be a focus on growth in a way that is around obviously growing your business. So, whether that be revenue, exposure, growing your team, et cetera, you know, we often strategize on tactical things within the mastermind, like growing your email list, scaling your revenue, marketing ideas, hiring, et cetera.
[00:13:58] But then also there's the [00:14:00] freedom to focus on things that are not necessarily just business. So for example, some of our hot seats are more personal and they're focused on someone's mindset and something that is going on in their personal life. Because, you know, as we know our personal life often filters into our business and often the reason why we feel stuck in our business, or we don't know what those next steps are is because we're dealing with something in our personal life and we don't know how to move forward. And so whether that be growth in your personal life or in your business or both that is, should be a main goal of a mastermind and a successful mastermind has that growth oriented mindset for all of the members that are involved.
[00:14:41] And the number 10 is celebration and fun. So people should look forward to the calls within our group are always saying, oh my goodness, I cannot wait till the next call. It's one of the highlights of their weeks when we have our calls. And we absolutely love starting our calls with the wins of the [00:15:00] week.
[00:15:00] We encourage everyone to think of something that they can celebrate within the group. And this is an amazing way to start the call on a high note, and it really sets a tone for the call. The other thing that it does too, is it brings in that accountability piece. I think often we know that we need to be celebrating little wins that we're having in our business to keep ourself motivated, to keep ourself inspired.
[00:15:22] But often we don't have those people that we can celebrate with. And so this is a great way, if you are a part of a mastermind group, it's an awesome way that you can keep connected and be able to celebrate your win, celebrate your successes, and just have a lot of fun and bring in that excitement to your business again, and do your business with other people, be able to scale your business with other people who can cheer you on and be a part of that success with you.
[00:15:51] So those are the 10 qualities of a successful mastermind. I hope those were really helpful. And maybe those 10 things have your [00:16:00] wheels spinning on what it would be like to be a part of a mastermind and what that could look like as far as the growth inside of your business. Whether you want to join a mastermind, that's already set up and structured for you, or if you're wanting to create your own, you should absolutely keep these top 10 qualities in mind.
[00:16:19] Because again, I've been a part of so many different masterminds before. And at this point in my business journey, the ones that have been most helpful for me had these qualities and also had someone in a leadership position running the behind the behind the scenes admin and organization of the mastermind itself. That, that one is so incredibly key because it actually takes a lot behind the scenes to make sure a mastermind is running successfully because you want someone to be able to keep things organized, keep things flowing well, organizing in person events, if that's something that is a part of the mastermind itself.
[00:16:54] and you also want someone to be able to vet the people coming into the mastermind to make sure that [00:17:00] they align with the values of the group, because it's so important to have everyone a part of the group that is on the same page that are all focused on the growth that are all focused on supporting one another.
[00:17:12] So, if you're interested in joining a group of other successful entrepreneurs, who can be a sounding board for your ideas and those who can raise the bar for you and help you think of new ideas, new income opportunities within your business, people who can help you create momentum and energy to sustain the ups and downs of entrepreneurship, I encourage you to seek out a mastermind.
[00:17:35] We have an incredible mastermind that you can be a part of and that you can apply for. So if you are interested and you wanna be a part of our mastermind, you can go to businessbabescollective.com/mastermind and get your application in. If you're wanting to get clarity on what you need to focus on next in your business, and you wanna benefit from the experience and influence and education of the other members, [00:18:00] and you also just wanna be supported and inspired by others and inspire and support others in return as well and scale your business in community, we would love to see your application come in.
[00:18:12] We are so excited to be relaunching the business babes mastermind this summer, and we have a very limited amount of spots available. We have already had some amazing people apply for the mastermind and we've gotten on some calls and we have some calls scheduled for this week and next week already. Again, we only have four spots available and we also have an in person V I P mastermind day, this summer, which is going to be absolutely incredible.
[00:18:39] So again, go to businessbabescollective.com/mastermind. If you would like to put in your application, we would love to connect with you. I'm so excited to meet you and get to know your business and you more! Until next time, I'm gonna see you next Tuesday, but in the meantime, feel free to binge listen to some of our episodes. If you enjoyed this [00:19:00] episode, I think you'll really enjoy episode 70 and 71, where we go over 10 creative ways to make more sales in your business without posting on social media.
[00:19:10] And also, I think you'll really enjoy the episode last week, where we actually did an interview with one of our current mastermind members, Caylen of canvas candle company. And that is episode 72. So enjoy those episodes, make sure you subscribe to the podcast so that you're updated when these episodes go live. We have some incredible interviews coming up and episodes coming up. So make sure you stay connected and we will see you here next Tuesday.
[00:19:41] If you love this episode, make sure you screenshot, post, and tag us on Instagram at @businessbabesco. Want to know when the next episode goes live? Subscribe on your podcast app and while you're there, leave us a review. Until next time, keep dreaming big, setting goals and taking action.[00:20:00]