Taking Your Business to the Next Level Through Mastermind Groups

Everyone has challenges in their business. Sometimes you have a firm handle on how to meet the challenge, other times… not so much. When you come across obstacles where you don’t know how to move forward, it can be immensely beneficial to have a place where you can discuss it with peers that understand what you’re dealing with. A safe place where you can talk about your thoughts and ideas, even fears, without ridicule and where you know what you say will stay within the group.

That’s actually the basis for a mastermind group. Mastermind groups are groups of professionals that come together to brainstorm, solve problems, set goals, plan for the future, and keep each other accountable. The success of these groups depends on the members wanting to accomplish two things, to take their business to the next level and to help others do the same.

Mastermind groups can have a particular industry specific focus or, more often than not, have members from different industries that are at a similar stage of growth (such as startups) so that there are no worries about sharing information with the competition. (By the way, some of the most original solutions come from outside your own industry.)

Mastermind groups have facilitators who run the meetings, make sure that everyone has a voice, help the group stay on task, and summarize the work required for the next meeting. While the facilitator has great experience in business, they are there to get the group to come up with their own solutions and should only provide suggestions when the group needs additional help.

Meetings (online or in person) can run the gamut as to how often they meet. It could be a one shot/one day meeting, once a year, quarterly, monthly, every 2 weeks, or weekly. The length of the meeting usually depends on the frequency of meeting (a once per year could take 2-3 days, whereas a weekly might only need to be 60-90 minutes.

The typical meeting agenda looks like this:

  • Call to order – This is sometimes formal, sometimes not.
  • Catch up – Each member reports how they did on meeting goals set from last meeting.
  • Education – A brief educational presentation on some business topic that can benefit all of the members. This isn’t as common, but it really depends on the group.
  • Member focus (also called Hot Seat) – Each member has a turn to express the challenges they are facing at the time and may say what they think they might do, then each of the other members will ask questions and/or offer suggestions as to what they think the solution might be.
  • Goal setting – After everyone has had a turn discussing their individual challenges, they then commit to a goal(s) to accomplish by the next meeting.
  • End meeting

Does this sound like something that you’d be interested in? Do you need help growing your business? Do you feel you need to find others that understand the position that you’re in and demands that you have? A mastermind group may be the solution for you.

To find one that is right for you, ask other business people in your area or do an internet search to find the right one for you. Remember that you can find mastermind groups that are held online or in person.

Rolling With the Punches: Our Case Study

We’ve all been though tough times lately. Our industry has changed. As yet another stumbling block rears its head, I thought I’d share how we’ve been handling the challenges.

Point of reference: September 25th, 2015, my wife (a fitness pro and manager since 1995) and I (fitness pro and manager since 1980) moved to Easton, PA and opened a boutique fitness studio (Jiva Fitness) offering personal training and group fitness. All’s going well and our business gradually builds.

March, 16th, 2020, all gyms/clubs/studios are closed due to COVID-19 restrictions. Like everyone else, we had a moment of panic as we thought through, “What now?” Most were either moving to on-demand workouts for their clients or live streaming their workouts. We decided to go live streaming only (we believe in the supervision and interaction of being able see and assist our clients.) So, we immediately made the shift. We purchased some essential sound and video equipment, upgraded our internet, rented equipment to members that needed it to do their workouts from home, and began training and teaching live streaming workouts.

*The positive:

  • Some of our existing members and clients found that working out from home had a lot of benefits and continue to workout from home even though our studio is now open for in-person workouts.
  • Family and friends of our members and clients were able to join in from wherever they were in the world. (We had a couple of people from Europe join us.)
  • It’s a new market that we wouldn’t have discovered had we not jumped on it.

May 26th, 2020, my wife was diagnosed with stage 4 lung cancer. (one year later, she’s actually doing okay and we’re hopeful.) So, she was unable to teach her classes and train her clients. How could we keep the number and quality of our class schedule without her? I was already teaching a lot and couldn’t take on all of her classes as well. I picked up a couple of her classes and we decided to have friends of ours teach the remainder of her classes via Zoom from their location in Maine.

*The positive:

  • We realized that we could hire teachers from anywhere to teach for us online. In fact, we had a friend teach Pilates to our members from her studio in France.
  • We could offer classes that may not be available in your area. i.e. maybe there are no good Tai Chi instructors in your area, but you might find one that could teach online for you.

June 29th, 2021, I will get my right hip replaced. Okay, now I’m going to be unable to teach for a while. I, to date, have been teaching all of the in person classes since we were allowed to open our doors again. So, we’ve had some classes that have been online only and some that were both online and in person. Some of our members waited until we reopened before they came back. They’ve worked hard and regained their fitness levels. We can’t go all online again. The downside of the live streaming from remote locations has been that nobody would be able to see the instructor in the studio. How can we handle this? Our next move is to make the online classes accessible to people in the studio. I know that there are companies that have classes on demand that clubs can integrate into there studio spaces, but that’s not what we want. We want to offer our members live classes. Long story short, we are going to project the live streaming classes onto the front of the studio.

* The positive:

  • This will allow our members that like, want, and/or need to come into the studio to get in their workouts, a way to continue.
  • While my wife and I won’t be able to physically do the workouts, we can still be in the room and offer support and corrections during the projected classes. This adds back in the more personal touch that people expect when coming in to the studio.
  • This also expands the audience of our previously online only classes.

Now, the point of all of this is to highlight that when challenges come up (and they always do), you need to realize that, more often than not, there is an opportunity that comes along with it. Look for those chances to rethink what you do and how you do it.

Best of luck with your challenges!