So you’re on the hunt for mastermind groups for entrepreneurs.
Mastermind groups are a killer tool for taking your business to the next level, with all kinds of benefits that can help you become a badass, successful CEO.
But not all mastermind groups are the same. Not even close, my friend.
Within the world of mastermind groups for entrepreneurs, there are a few distinct types, each with their own format, structure, strengths, and disadvantages.
There are three main types of mastermind groups for entrepreneurs:
- Coach-led mastermind groups
- Do-it-yourself (DIY) mastermind groups
- Professionally managed peer mastermind groups
There’s not just one “right” way to mastermind. Finding a mastermind group that really works for YOU starts with picking the right type.
And that’s what we’re gonna help you do in this post. We’re getting into the nitty-gritty of the different kinds of mastermind groups, so you can figure out what makes the most sense for you and your biz.
Coach-Led Mastermind Groups
This type of mastermind is led by a coach or trainer. You might be familiar with Russell Brunson, James Wedmore, Michael Hyatt, or Joe Polish; they all run their own mastermind groups.
Typically, mastermind groups led by big-name coaches are only offered to the top students in their online courses or membership. The price can range from $30,000 to $100,000 per year 💸
Are coach-led mastermind groups available at lower price points? Sure. But those coaches essentially just assemble people in groups and then give guidelines so that the participants can manage themselves.
That kind of coach-led mastermind is more like a DIY group; we cover the pros and cons of DIYs in the next section.
Strengths of coach-led mastermind groups
- You often have direct access to the coach
- You can get the coach’s personal input on how to implement their teachings in your business
- The coach can go deeper on the strategies and tactics taught in their courses or memberships
- The mastermind group members will be well-versed in the coach’s teachings, so you can get guidance from others who have taken similar approaches in their business
- These kinds of groups often meet in person once or several times per year
- The coach might promote your business to their large audience of followers
- The coach might provide introductions to people that you might not be able to access on your own
Disadvantages of coach-led mastermind groups
- There’s usually not a rigorous application to join. It’s unclear what factors are used to determine whether the group members will be a good fit for each other — if at all! #buyerbeware
- Sometimes these groups wind up being a group coaching session. There’s a big difference between coaching and masterminding. In group coaching, the coach teaches their way of doing business. In mastermind groups, participants get the varied experience of everyone in the group
- These groups can be quite large (sometimes up to 100 people!), which limits your direct access to the coach — and the one-on-one feedback they can give you
- Members of these groups tend not to offer as much feedback or their own perspective because they think it’s the coach’s job to provide the service and solutions
- If the coach isn’t growing and expanding their teachings, the approaches and solutions can easily get stale
- Coaches aren’t usually 100% focused on their mastermind group. They have other elements of their business to look after
Do-It-Yourself (DIY) Mastermind Groups
DIY mastermind groups are usually formed when someone recruits acquaintances from a Facebook group or their real-life business contacts to team up and participate in a mastermind.
A DIY group might be one that you start or one that someone else has started and you join.
Strengths of DIY mastermind groups
- They’re free (though this is also a weakness…)
- They can be valuable IF the participants are well matched
- They can be productive IF there’s a strong leader at the helm
Disadvantages of DIY mastermind groups
- Because they’re free, participants often value them less. That means a lower commitment to the group, poor attendance, and not a lot of engagement
- There’s no strategic matching of participants. Members are usually invited because they happen to be willing and available. That usually leads to clashing personality types, a lack of diversity in skills and experience, and poor communication
- Because the leader isn’t an expert in managing masterminds, they’ll be winging it. That leads to major disorganization
- Serious drama can arise between participants who are committed to the group and those who are not
- If the group is online only, the level of connection and intimacy will remain low
- DIY groups tend to fizzle out pretty quickly
Professionally Managed Peer Mastermind Groups
In a professionally managed peer mastermind group, participants are analytically matched to ensure they’ll have the best possible connection and the most value to offer one another.
The group has a proven structure and format, and is managed by a company whose sole focus is mastermind groups for entrepreneurs.
These companies are few and far between. Some only offer matching services. Some just teach others how to run their own.
Kickass Masterminds is one of the only companies that does the full shebang and does it well.
Strengths of Kickass Masterminds mastermind groups
- At $9950, the annual costs are a fraction of a coach-led mastermind group 👍
- Groups are formed based on a matching algorithm that analyzes 50 factors, including psychology, communication, intelligence, business stage, business growth aspirations, tactical skills, and more
- Not everyone who wants to participate is accepted. There’s a rigorous application and interview process to ensure only the best of the best make it in
- A professional manager leads each group. This person handles all logistics and communication. They also run the meetings, keep the group on-task, and provide recordings and notes from meetings
- Because the group members have been matched based on diverse backgrounds, skills, and business philosophies, you get a variety of solutions offered up for your business challenge
- There’s a process for daily communication and a more elaborate monthly meeting
- There is an annual in-person retreat to increase the closeness of the relationships and the level of trust
- Group members are deeply committed to each other for a minimum of one year
Disadvantages of Kickass Masterminds mastermind groups
- You don’t get direct input from your favorite coach
- You don’t get the potential of introductions to your favorite coach’s network of contacts
Ready to Mastermind and Improve Your Business?
There are pros and cons to each type of mastermind group. The most important thing is to figure out what’s most important to YOU, and then find a group that offers that.
If you think a professionally managed group like Kickass Masterminds could be the right fit for your biz, then let’s chat.
No, really let’s chat! In a non-salesy, no pressure, shootin’-the-business-breeze kinda way.
You can ask me alllllll your burning questions about masterminds and about Kickass Masterminds.
In return, I’ll be honest with you about whether a mastermind group is right for you and whether Kickass Masterminds is the best fit for you and your biz. And if it’s not, I’ll be happy to recommend another mastermind group.
All good stuff. And no pressure. I won’t bite. Promise.