Partnering with a business coach or joining a mastermind group is among the best ways of achieving clarity, obtaining focus, and maintaining momentum in your business. But what’s the difference? Which one is better for your business? Well, as a guide, here is a quick overview of what you need to know about business mastermind and coaching.
Mastermind Groups versus Coaching
Coaching entails one-on-one interaction with a professional coach who assigns action items that are tailored to your business. Coaching sessions last for about 30 minutes to 1 hour and can be done via email, video, or texting. You can discuss your personality, things that may be affecting your leadership style, issues with your business, and something that you may need your coach to help you with.
On the other hand, mastermind groups entail getting together with other like-minded people to share business tips and other issues that may be affecting members’ lives. Mastermind group meetings may be held weekly or bi-weekly, and most of the things discussed often remain confidential.
While peer mastermind groups tend to focus more on relational aspects, paid mastermind groups focus more on business issues. So, if you can’t find the type of advice that you are looking for in a peer mastermind group, you can opt for paid mastermind groups. You only need to ensure that you are getting a return on your investment.
What Mastermind Groups or Coaching can Do for Your Business
A coach is someone who has probably been in your current situation and done whatever you are trying to do. So, they can give alternative points of view and let you choose the best option that makes more sense to your businesses. They can also provide you with the necessary skills and tools to meet your goals.
Even if they are experienced in other fields, most coaches have had deep experience in the coaching world and can offer you alternative paths that you may consider. In other words, they can become your voice of reason or your teacher.
Some coaches tend to be very pragmatic and can offer you more informed paths of work and exploration. Some coaches are also very spiritual and can give you a framework that’s designed around certain religious teachings. Others also incorporate energy and meditation concepts into their practices.
Like any other service out there, not all coaches are created equal. So, when choosing a coach, go for someone who has a lot of experience in what you want to achieve. Choosing the right coach can shorten your learning curve because they have accomplished whatever you want to make.
- Business Mastermind
Some of the benefits of joining mastermind groups include:
- Better problem-solving: Having a mix of entrepreneurs participate in a group helps ensure that there is a fresh approach to problem-solving. If you feel like you are banging your head against a wall when it comes to dealing with specific challenges in your business, then you should consider joining mastermind groups. You will get an opportunity to share the problems with other like-minded people. In the end, you will benefit from the ideas of different perspectives.
- Accountability: According to Maui Mastermind, sharing some of your goals with other people can hold you accountable for accomplishing them. That is because you won’t be comfortable to show up in the next meeting or report your progress to other members without a win. You will work hard between the sessions so that you can have some good news to share.
- Relationships: Members of your group will often end being some of your best referrals in business and life in general. When you spend more time with people, you get to know them better, and you may find yourself referring business their way and vice versa.
So, which one is right for you? Well, when you are looking to speed up your learning curve, a business coach with a deep understanding of whatever you want to achieve might be the right choice. However, if you’re going to build connections and want people who can hold you accountable, a business mastermind may be the best bet. Whatever direction you take, remember that it is still your responsibility to take action to accomplish your goals.
What is not a mastermind group?
It is not a coaching session.
It is not a consulting or advisory session.
It is not a class or course or mentoring.
It is not a networking meeting to attract customers.
It is not brainstorming.
A mastermind is nothing like this, but it does have a bit of everything.
What types of mastermind exist?
In their publication “How to create your ultimate mastermind,” Liz Seda & Scott Dinsmore define four types of mastermind groups:
Masterminds based on a theme. These groups are based on specific topics, for example, well-being, and health, healthy eating, veganism and vegetarianism, fathers and mothers, learning English, etc.
Masterminds are based on a mission or objective (GROUP). These groups are 100% focused on the group reaching a predetermined goal. These are members of some community/group organizing a joint event, for example, a group of 4 or 5 directors of a school coordinating and evaluating the activities carried out and carried out month by month. In private areas, it could be a small group of managers of a company or agency that meets weekly to discuss the course of the business.
What are the benefits of a mastermind?
The most obvious benefit of creating and participating in a mastermind is: to achieve the objectives and goals we set.
Another benefit is to learn from the other participants in the mastermind group. We must also share our experience and not just limit ourselves to take the knowledge of others.
Finally, the most important reason is the following: to surround ourselves with people who “think big” so that we begin to think in the same way.
How long should a mastermind last?
There are no rules for the duration of a mastermind session. Generally speaking, a 1-hour session of 4 people participating in the mastermind. On some occasions, these groups end because the objective has been achieved. On other occasions, the mastermind group must dissolve in the right way because the members can no longer contribute or benefit from each other.
Plan a mastermind in 5 steps:
That is the most natural part before starting a mastermind:
- Choose a topic. It depends on your goals and interests at a particular moment in life – business, personal development, and others.
- Choose members. A mastermind consists of at least two people (ideal 4) who must be chosen carefully to “fit” in the group.
- Choose the duration: usually, a mastermind of 4 people should last 1 hour.
- Set some rules: establish what style the mastermind will take. It is essential not to waste anyone’s time.
- Mark date and time: like any meeting, we must define day and time and respect them.