Women support group

One of the most valuable things you can do for your development as a business owner is to join a business mastermind.

A good business mastermind group can help you take your venture to the next level, as well as provide you with a chance to meet others with similar values. A good mastermind group can encourage you, inspire you, and even give constructive criticism that makes you better.

Plus, depending on the mastermind you join, you might also learn new skills and techniques for running your business more effectively. But how do you decide which mastermind to join? Here are three tips that can help you figure it out:

1. Know What You Want from the Business Mastermind

First, you need to know what you want from the mastermind group. Are you hoping to pick up a specific skill? Do you want help developing a new business plan or improving your current business? Are you most interested in making connections with people who share your values and can keep you focused?

Figure out what you hope to accomplish with your mastermind. Be specific. That way, you’ll be able to see if you can find a mastermind group that fits your needs.

There are different types of masterminds. Some of them require an upfront financial investment and might include short-term on-site commitment. You meet people in more of a workshop setting in person and have intense sessions to accomplish something specific. In other cases, you might have an ongoing business mastermind group, meeting once or twice a month to check in, develop strengths, and help others.

Understanding what you want out of the mastermind can help you identify a good fit.

2. Will You Truly Get Useful and Actionable Help?

Next, find out how you can get truly useful and actionable help. This is especially important if you’re paying money to join some sort of exclusive business mastermind group.

Does the mastermind come with some sort of way to communicate regularly? I belong to a mastermind group that uses Slack. When someone has a question outside our regular mastermind meeting, they can post a question and someone will answer quickly. We also use Slack to share our favorite tools, tips, and news.

Whether it’s a private Facebook group, Slack channel, or some other method of communication, find out if the mastermind has a way to provide actionable advice. Pay attention to see if you can apply what you find out on your own. A good mastermind has a way for you to keep learning and taking action to improve your business.

3. Know What You Bring to the Table

In some cases, you need to show that you can contribute to the business mastermind. You should have something to add to the group. Is there a specialty that others can learn from? Do you have connections that could help others? Do you have insightful advice?

When you know what you offer, and how it fits in, that can help you find a good mastermind to fit into.

Any type of networking or mastermind situation is a two-way street. You can get a lot out of it, but you need to be providing value, too.

I'm Miranda and I'm a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

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