7 Ways To Grow Your Business Through Masterminds
Today, I am speaking about something that is so overlooked, yet one of the greatest things you could do for your business. As an entrepreneur, the more you talk to other people, the more you can engage with them. Even if it is in the same industry, the more leverage you are going to create.
I want to talk about creating great business masterminds. That means, you will have to create masterminds with some of the people within your industry. The people you might refer to as a competition. They could create some great amazing partnerships.
I say that because, it is one of the things that I have benefited from all the years. While preparing to share this with you, I was looking at the way the world is going and all the guys who are killing it in marketing & sales. They are masterminding. They create great master minds. They go to people within the same industry and they get together and find a way to change the industry.
Our biggest challenge, especially in this part of the world is, we always think he’s in the same industry as me, I can’t mastermind with him therefore he’s a rival and I am a rival. Then we miss out on some magic. Working with people where you bring something, they bring something and together you create magic. Building a mastermind is a business multiplier, it’s a profit multiplier. There are no two ways about it. Why create masterminds?
When you have great partnerships, you grow together in your industry. How do you create masterminds? A partnership with the people within your industry and out of your industry so that you can leverage it.
It becomes a pool of resources.
Every time that I catch up with my mastermind, usually it is virtual however, I also have a local mastermind. First, I am excited when am going to meet these guys. The next thing is, I know it’s a pool of resources. I know somebody is going to give me a nugget.
One of the challenges I have had in the industry I am in is, getting us together to say, together we can make this work. Why? My product could be the same as your product, however, certain people might not like me but might like you. There is plenty for everybody so, it is a pool of resources.
It is an idea’s hub.
It is like you going and finding great ideas. When people are coming for the masterminds, they will prepare and think. They’ll ask themselves, which idea can I take that is going to blow these guys out. I was listening to a gentleman called Jeff Walker and he was talking about his master mind. All the people who are in his industry are part of his mastermind. They are all rocking it and they are all multi-millionaires.
It helps you to come up with best practices.
It keeps you on edge, knowing what is happening. What is at the cutting edge? What is the best thing out there? It brings in information. You don’t want to be the one left behind in your industry. You want to know what the latest things happening are.
It gives you leverage.
People who are in masterminds will use the leverage of having these people lift them with ideas. So, it gives you an ability to go to the next level.
It’s a business driver.
Like you have never known. If you create a great mastermind, you will have people there who are there for one reason and one reason alone, to help you out. They are there to make sure that you are excelling.
Masterminds will always hold you accountable.
They will always hold you at a high level. They will always be saying we expect more from you, we know you are better, we know you can do better and that inevitably gives you personal development not just the company but you. Because, the more you grow the more your organization is growing. The more you grow, the more the people around you are going to grow.
How do we create a mastermind?
It doesn’t matter how big or small it is. Usually 5 to 7 is good, however some of doing 12 to 20. It’s still good. It’s amazing what those people can come up with. It is entirely up to you how big you want your mastermind to be.
It starts with you and your mindset.
You must embrace the fact that it is a necessity for success.
Decide how you are going to add value.
For any mastermind to work, everybody must come in with a mindset of adding value. It is not about going to get. Getting is just a bi-product but, you are going to give because, it is in giving that you grow, you get better and you earn a little bit more. Decide how you are going to add value.
Decide who you want to be within your mastermind.
I always look for people who are better than me or are doing much better or excelling which ever industry they’re in. They have got to be excellent and on top of their game. Why? You want people who are going to hold you at a higher level but, you also want people who you resonate with.
So, after you’ve decided how you are going to add value, you’ve got to decide what kind of people you want to mastermind with. Meet once a week and enjoy. They have to be people who you want to go out for dinner a second time.
Call these people up.
Get on the phone and call these people up. Start with how you can serve them. Long gone is the day it was about you. You call them up with a preposition to be of service or to bring them where they can benefit from. It’s not about you, it’s about them.
Go into service.
Go in to serve. It is about service. Go in with the heart to want to make a difference to other people. Just imagine that you have 7 people and they are all coming into this meeting to serve, give and to make somebody better. Imagine 6 people focused on how to make your business, life, work and they are all out there to make you a better person. They are all out there to make things happen for you.
How will that work for you. That is the magic of a mastermind. That is why it is not a luxury. It is a business necessity. You must go in to serve and then you create some magic which then takes the entire group to the next level.
You must enjoy the process.
If you have a mastermind which is not fun, is not bringing the joy and happiness out of you scratch it done. End of story. Why? Masterminds are supposed to create a certain energy and dynamic of happiness and bringing in some joy as you are making money and getting ideas. It’s a wonderful process and through that, you can attract more good things to you.
You’ve got to learn to pass it on.
Find a way to teach other people how to master mind, especially, people in your line of heritage. You got to teach other people how to master mind because, it is through getting together that entrepreneurs change the world, countries and economies.