When you start your business, you probably want to do it for a number of reasons:
- you want to work from home
- you don’t want to have a boss anymore
- you want to set your own schedule
- you want to be available for your family
and probably a lot of other reasons.
But once you are set up, you quickly realize that in order to stay in business, you need to make money.
Because of our motivation for our original reasons for starting our business, the money issue sometimes gets put off to the side.
But the bottom line is that in order for your business to continue to be viable, we have to constantly come up with ideas on how to run it and grow it.
There are a lot of ways to do this, but by far one of the most effective is to work with a mastermind group.
By coordinating with other like-minded business owners, you will be able to come up with new and exciting ways to bring money into your business, and you will be able to have honest conversations about whether something works or not.
A mastermind is simply a group of colleagues that you meet with regularly (by phone or in person), to discuss the ‘guts’ of your business.
It’s more than a water cooler – it’s more like a strategic session when you meet.
Mastermind groups have been around for a long time – and have helped countless business owners grow their business by bringing in new ideas and strategies.
Here are a few reasons why a mastermind group is a good idea for your business:
1. It’s private – you can talk privately about your business issues, and you can share your issues and problems to get feedback. If you are like me, you may not want to put your business questions and problems ‘out there’ on forums and social networks, and so having a group that can act as a sounding board that is private can really help you share the things you need to get ahead.
2. It’s reciprocal – when you are part of a group, it’s give and take. You ask for and get advice, but you also listen for and give advice. Everyone gets to share their experience and opinion. If you have tried something and it hasn’t worked (or especially if it HAS worked!) then you want to be able to share that with your mastermind colleagues, so they can shorten their learning curve. They will do the same for you.
3. It’s supportive – by meeting regularly, you will show each other support that is essential when you are working by yourself every day. Getting and providing support is part of the relationships of any of your colleagues, but in particular for your mastermind colleagues. You want to share your successes and your tough times too.
So how do you choose mastermind partners?
Well, if you are part of a group coaching program you will probably be partnered up with a group by your coach. Take advantage of the group and be active in your mastermind!
If you are not in a group coaching program, you can select your own mastermind partners. You may want to keep all of your group members in the same industry (ie VAs) or perhaps you want to work with other business owners from different industries. It’s really up to you.
But whoever you have in your group, commit to being present and available for their support, and be sure they reciprocate as well. A mastermind group only works when everyone is actively involved. Make sure you get as much as you give.
By trading ideas and fleshing out strategies and plans, you will be able to build a more solid business and you will make more money.
Do you belong to a mastermind group? If you do, I’d love to hear about it. If you don’t – and would like to – drop me a line as well! tracey@yourvamentor.com.