Small business owners are the unsung heroes of our Society. Creative, flexible, and diverse, employing 16 million people, we’re at the forefront of driving the UK economy.
Despite the challenges, we still chase our dreams daily.
However, a recent survey shows that almost 70% of small business owners go to family and friends for business advice despite not being in business themselves. A crucial factor in the success of growing businesses is that the owner has access to a business support group of like-minded business owners at a similar stage, otherwise known as a mastermind group.
An Ambitious Business Owner
Years ago, I met a client who struck me as the most ambitious person I’d ever encountered. Let’s call her Olivia.
Olivia was running a small service-based business. Her unique product was already attracting the right people.
In less than a year, she had gained many clients and was in the process of hiring a second employee.
What struck me even further was that Olivia was passionate. She could go on and on about her business and life plans for hours.
I thought to myself just how successful she would be in a few years.
And even better? She believed she had the right tools to chase after her dreams. If you were to ask her about her 5-year, 10-year plans? You would be MIND BLOWN!
But there was a problem…
She felt lonely in her business, believed that her struggles were unique, and had no one to turn to for proper advice. She didn’t have a support system that understood her or knew how to run a business.
Olivia had been procrastinating on major business decisions for so long that she felt she’d missed out on many opportunities.
Despite all these dreams she had for her business, Olivia had gaps in her skill set to actually take it to the next level. She felt like an imposter.
In my mind’s eye, the solution was pretty straightforward – a mastermind group.
How Would a Mastermind Group Help a Small Business?
I’m a business owner; I get it! I, too, want to grow my business, be successful, and make more money. I also want to be guided and supported in making complex business decisions.
Sometimes, my motivation levels are low, and I need support from like-minded individuals. I find myself needing clarity on where my business is headed. I want to feel seen, I want to feel safe, and I want to be part of a community that can help me.
If there’s one thing that has provided a single solution to all these problems, it’s a mastermind group.
Six Reasons a Mastermind Group is Important
1. The First Reason You Need a Mastermind Group – to Generate New Ideas
We recently interviewed one of our mastermind members, who said something that struck us. She said that her thoughts order themselves by simply speaking to other mastermind members, and clarity comes from discussing them.
Mastermind9 has been transformational for her. It’s helped her generate ideas for designing and launching a new website, move her business to a better location, and even narrow down her ideal client.
How many times have you felt stuck in your business?
You want to do more but feel you’ve exhausted your ideas.
It’s normal, and it happens to the best of us. But there’s a solution. With a mastermind group, you can easily generate new ideas in two different ways:
Generate Ideas From Other People
With a mastermind group, you can easily pick other people’s brains. They will freely share their ideas and information.
A good mastermind group has problem solvers. People who want to see you succeed almost as much as you do. They want to be seen as helpful, and they want to add value and support others. And they will do all they can to support you with new ideas.
Gain Fresh Perspective
With a mastermind group, you can quickly gain fresh perspectives and ideas to take your business to the next level.
You are guaranteed to make better choices with a whole team of experts at your back.
2. The Second Reason Why You Need a Mastermind Group – Get Expert Advice
The average person makes 35,000 choices a day. That’s about 2,000 decisions per hour. And I can almost guess that business owners make more than double that.
If you’ve been around long enough, you’ve probably heard me wonder at this statistic: 69% of business owners admit to taking advice from friends and family who have never been in business.
And most of them probably regret it sooner or later.
Mastermind groups are great places to seek the right advice. Most members are qualified and experienced.
Why is a mastermind group the best place to seek expert advice?
They’ve Probably Faced a Similar Problem
Our mastermind groups are composed of diverse, ambitious, and respected business owners with real-world experience, honed skills, and a vast range of knowledge.
They are likely to have, at one point or the other, faced the same problem. It’s easier to navigate an issue when speaking to people who have overcome it. That’s what you get from a mastermind group.
They Willingly Share Advice with You
The best mastermind groups have people who care. People who want to see you grow in your businesses. And people who want to see you succeed.
A mastermind group is like a sounding board. With members of different skill sets, you’re offered numerous solutions and can decide which direction to take.
You’ll definitely find it easier to make small and big decisions.
At Mastermind9, we carefully vet the interested small business owners before adding them to a mastermind group.
3. The Third Reason Why You Need a Mastermind Group – Generate More Leads
It’s almost every business owner’s dream to grow. We want to expand our businesses, employ more people, make more money, and probably let the business run without our daily input. But sometimes, it’s not as easy as it seems.
Generating new leads can be tricky. You may attract the wrong target audience or none at all. With the support and accountability offered by a mastermind group, you’re almost guaranteed to generate more leads.
How? With a mastermind group, you will:
Work Harder
A famous saying goes, “You are a sum of the five people you hang around the most.” And if there’s anything I believe to be accurate, it’s this.
At a mastermind group, when you experience the amount of thought and work people put into their businesses, you will also be compelled to work harder.
Feel More Confident
It’s hard to know if you’re on the right track when doing things yourself without a proper sounding board.
But when eight people are behind you, you develop a sense of confidence and feel more affirmed in your business as you gain more clarity on what you’re doing.
4. The Fourth Reason Why You Need a Mastermind Group – a Sense of Community
“If you want to go fast, go alone. If you want to go far, go together.”
Research shows that a support system has advantages, such as higher levels of well-being, better coping skills, and a longer, healthier life.
Being a business owner is like riding a rollercoaster. There are constant ups and downs. Having a support system is important in each of these situations.
Why is a community so important?
A Sense of Belonging
A mastermind group gives you a sense of belonging. You immediately become a part of a tribe. You can quickly build honest relationships and feel valued. All the feelings of loneliness in business slowly start to disappear.
And you know what they say – when you feel better, you do better.
Continuous Learning
There’s almost always something to be learnt from everyone you come across. You can’t exhaust your knowledge, and that’s the beauty of the world.
When you belong to a community, you can learn about the business from one another. If you’re an accountant, you can always learn from a legal person. A marketer can always learn from an HR.
Every business owner has something to benefit from being part of a community.
5. The Fifth Reason You Need a Mastermind Group – Solve Business Challenges
Challenges in a business are inevitable, and that sucks! Problems in life are inevitable. But how often you fail doesn’t matter. You only have to be right once.
Failures are lessons. Because once you fail in one area, you’re far less likely to repeat the problem.
Mastermind groups can help you solve problems in these two ways
Turn a Challenge into a Blessing
“A problem shared is a problem half solved.”
There are brilliant ways to shift a problem and turn it into the biggest blessing of your life.
In a mastermind group, the members help each other navigate problems and solve them in unexpected ways.
Shift of Perspective
I know what you’re thinking – not every problem can be turned into a blessing.
Trust me, I get it. But even when that isn’t possible, your members will give you solutions. They’ll change your mindset to move from the problem towards the solutions.
6. The Sixth Reason Why You Need a Mastermind Group – Become Accountable
Have you heard the story of the four people named Everybody, Somebody, Anybody, and Nobody?
There was an important job to be done, and Everybody was asked to do it. Everyone was sure Someone would do it. Anybody could have done it, but Nobody did it.
Somebody got angry about that because it was Everybody’s job. Everyone thought Anyone could do it, but Nobody realised that Everyone wouldn’t.
It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done.
Accountability is necessary, no matter how old you are. How often have you said that you’ll do something and ended up not doing it? How often have you procrastinated on the things you are sure are the path to your success?
You’ll be held accountable for everything you say you’ll do at a mastermind group.
How Will You Be Held Accountible at Mastermind9?
Through Action Points
At the end of each session, everybody goes away with an ‘action’ they need to work on for their business.
You will be held accountable for what you say you will do in the next session. When there are people watching out for you and rooting for you, you are bound to succeed.
Personal Accountability
With time, you’ll find that you can hold yourself accountable. In addition to the accountability from the group, accountability will become a habit for you, and you’ll see its benefits.
Six Reasons Why You Need A Mastermind Group – Our Conclusion
Business owners are much more similar than we think. We face the same problems. And because of this, we need one another. We need a support group to guide us through.
At Outside ideas …, we have seen the transformational power of mastermind groups. We’ve worked with business owners and have seen them grow tremendously simply through the power of a mastermind group.
In summary, the six reasons why a mastermind group is essential are:
- Generate New Ideas
- Get Expert Advice
- Generate More Leads
- Develop a Sense of Community
- Solve Business Challenges
- Become Accountable
We would love to have you join us for a FREE Mastermind group taster session. Feel free to contact Outside ideas … if you have any other questions.