Running your own coaching business can be a lonely journey. However, learning and sharing together in a small community adds to the enjoyment of being a coach. Many independent coaches and those in organizations form mastermind groups to learn from each other.
What is a Mastermind Group?
A Mastermind Group is a collection of coaches who provide mutual support and inspiration. For Strengths Coaches, it is an informal way to learn and grow together as you share experiences in a safe place. Often there is a mix of backgrounds and working environments to create a balance of conversations and perspectives. Developing a shared common focus brings the group together to encourage and unite the participants. Creating close friendships brings opportunities for collaboration and a friendly face at big in-person gatherings.
Some Mastermind groups draw from the experience of a central expert to guide the participants towards a common goal. As the group learns together, they develop their skills to improve their business or coaching techniques.
Here we discuss some of the benefits of being part of a collective Mastermind group and what it means in terms of commitment.
Interested in joining a Mastermind Group?
Before joining a mastermind group, think about why you want to be part of a group. Do you just want to socialize with other coaches and have fun? Are you looking for the support of other coaches? Do you want to learn with like-minded people, share ideas and create resources? A Mastermind group can fill one or all of these needs.
Where do you Start?
Another question is whether you want to join an existing group or be part of a new group. An established group will have the structure and routine already in place, so you can quickly join in with the conversations. Although some groups may not currently be accepting new members to limit their size. A new group has the advantage that you can all get to know each other together, and it may take a little longer to build momentum. When forming a new group, include people with a willing mindset so you can learn, grow and share together.
Any group requires commitment, and a mastermind group is no different. There are times when life events mean you need to step back for a while, but generally, each person should play a full role in what they do best. Some groups create a charter to help manage expectations on the level of commitment needed.
Creating a New Mastermind Group
It’s a good idea to think about how many members will be in the group and where will they be from. Do you want members to be local or global? Will there be certain requirements or expectations to be in the group? For example, do you want all members to be Gallup certified? Do you want to include members with other types of experience and certification?
Why don’t you start a small group with some coaching friends, then later develop it into a formal mastermind group? Use opportunities when you meet other coaches in person or virtually, to build connections and form a small group. You can start very simply with a group chat using LinkedIn or Facebook’s messenger – just invite others to the conversation.
Meeting Practicalities when Setting up a New Mastermind Group
Any successful group needs a bit of planning and coordination. Appoint a couple of people to lead and unite the group, then review the roles in a few months. Small groups, up to 15 people, work best so each person has a chance to get involved.
Share the expectations about the purpose of the group, meeting attendance, participation, confidentiality, etc. Clarifying this will help to unite the members and provide stability. Some groups create a formal charter and review it annually. It’s also a good idea to create a roster of members to share contact information and areas of experience.
Most Mastermind groups meet on a regular basis – once a month – either in person or more commonly online. The online sessions are more accessible for a mix of coaches spanning different countries. In addition to the regular sessions, it is helpful to have a social media platform to keep in touch. Some create a private Facebook group where you can use Slack or other collaborative Apps.
Plan ahead a few months the topics for the forthcoming meetings. It’s helpful to maintain a list of potential agenda topics to cover in the future.
Mastermind Group Communication
Communicating during the meeting builds your mastermind community where you can share thoughts and experiences. Explore using a private Facebook group or a collaborative App, then let the chit-chat flow.
It’s important to take the time to get to know each other. Before diving into any agenda items, allow each person time to share about themselves and answer questions from other members. Trust is critical to the success of a mastermind group to increase involvement.
Be prepared for change. Members will need to leave for a variety of reasons. It may even be necessary to be prepared to ask a member to leave if their participation is non-existent or inappropriate for the group. Think about whether to refill an open spot and what the process would be to select a new member.
Being a member of a mastermind group is an incredible opportunity and experience. Come to it with an attitude of abundance and be willing to share and trust. The relationships you will build and the knowledge you will receive are priceless.
Share your journey with others, draw from their experiences and encourage those who need assistance. The more you put into your mastermind group, the more you will benefit.
You may be interested in the Top 10 Tips for a New Strengths Coach.