February 18, 2013, 5:18 am

The Benefit of Love – How a Mastermind Group Can Help You Reaching the Next Level

by: The Financial Blogger    Category: Blogging,Business,Career
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Since today is the month of the birthday of Love, I thought of sharing how love can help you reach the next level ;-)… All right, I’m going a little bit far with the concept of love… let’s just call it friendship or cooperation. I recently joined a Mastermind Group and wanted to share with you how it really helped me to reach a new level earlier this year.

 

I Got an Email Between Two Rides at Disney

 

While I was on vacation at the beginning of February, I received an email from a fellow blogger who recently started to comment on my blog. He had this idea of creating a Mastermind Group and invited me to be join it. The funny part is that the three other members included in this group weren’t not part of my “natural” blog circle. I barely knew them!

 

I went on their websites and saw that they were serious about what they did. After all, the guy who contacted me was someone who already makes a lot more than me in the online industry. I thought that if this guy wanted me in his group, I could bring something to the table and others would contribute as well. I decided to join without hesitation thinking that if this wasn’t for me I could always opt-out after a few weeks. But this Mastermind Group rocks!!

 

Not Another Meeting!?!

 

My wife’s reaction wasn’t as enthusiastic as I was. Who are these guys? Why do you have to meet each week? What are you going to do with this? Don’t you think you have enough on your plate?

 

This is a normal reaction and I expected it. My life is already pretty busy and it’s true that I don’t need more commitments to keep me busy throughout the week! However, I was looking for a way to bring my business elsewhere. After shifting our business model in 2012, it’s time to create some growth again and generate more money!

 

What’s a Mastermind Group and Why Should You Care

 

If you have read a few books about how to get rich, most writers have a common piece of advice: be part of a group or find a mentor. I always thought it wouldn’t apply to my model since I’m pretty busy and wasn’t sure I wanted to “report” to someone else. I’m not a group guy and would rather do my things on my own. But I don’t know why, this time, I decided to give it a try. Here’s how it works:

 

Each week, we get together for an hour. The meeting is done with Google Hangouts which is free and works very well (it’s like Skype on Steroids). The meeting goes as follow:

 

We each share a win (roughly 20 minutes)

Someone is on the hot seat (roughly 30 minutes)

We share our goals for the next week (roughly 10 minutes)

 

The goal is to keep the meeting efficient and short. Two things I truly appreciate!

 

How many times have you set goals for yourself and didn’t do anything? I’m not talking solely about blogging here. If you hold yourself accountable for losing weight, completing a course, writing a book, getting a promotion, building a company, etc, you won’t make it. It’s not a coincidence that there are runner groups and business meetings. We are all stronger with a group than by ourselves.

 

Share a Win

 

Have you ever thought of having to share a win every single week of the year? This is a huge moment of truth for every blogger as accountability jumps in. If you don’t really have a win this week, this is because you didn’t work on your project. So if you didn’t work and have nothing to say, it’s okay (the group won’t kick you out), but you will feel ashamed and most likely will work very hard the next week to have something to share.

 

The point of sharing is not only for accountability. After all, we are not business partners so we don’t owe anything to each other, but it helps to keep track of our goals. The second advantage of sharing your goals is to learn from each other. We get to see each person’s strengths and we can benefit from their experience. It’s an awesome chance to take notes and copycat effective methods.

 

Hot Seat

 

The hot seat is my favorite moment. Each week, a member is given about 30 minutes to share his work about one of his projects. The project must be already in place and the “hot seater” must provide detailed information on the following:

 

What his goal is.

What he has done so far.

What challenges he is facing.

 

Once the other members receive this information (it’s usually done throughout the week prior to our meeting, we give our feedback and thoughts about the Hot Seater’s project.

 

I started the group with the first hot seat. I must admit that I was truly amazed by the amount of feedback I got. The quality and the quantity of suggestions were terrific. I submitted my Dividend Growth eBook project and asked them how I can make sure to continue to sell several books monthly and transform this project into a stable passive income source.

 

Guys didn’t simply bring me a few tips that I could improve; they literally analyzed my whole marketing process and provided me with pages of feedback! It was awesome to get so much feedback from people that weren’t aware of my book at all and were looking at the entire process with fresh eyes. They definitely set the tone for the next hot seats!

 

In February, I’ll be working on these improvements and I’ll share them with you, both the results before and after making changes.

 

Setting Goals for Next Week

 

While it’s fun to share wins and the benefits from the hot seat period is awesome, what I really needed in my business was the last part of this meeting; weekly goals to achieve. We not only share them during our calls but we also put them in writing in our private Google + community. No matter how I hate Google sometimes, these free tools are just awesome!

 

I’ve had taken a step forward a year ago with my partner by setting Quarterly Goals. But with weekly goals it ensures that you constantly work on your stuff. There is no more “I didn’t have time” which is often the translation of “I felt like a slob this week and didn’t do it because I’m lazy”.

 

Weekly goals are quite different from yearly goals and quarterly goals. This is not a huge thing that must be done. It is really a moment to work on “all the small things” that will help you achieve your bigger goals. It has helped me to breakdown my bigger goals into small actionable steps. Here again, if you don’t make them by the end of the week, you feel like you didn’t work properly in front of the group.

 

Setup Your Own Mastermind Group!

 

The simplest things are the best ones. A mastermind group doesn’t have to be heavy and complicated. Pick three other fellows that share a similar goal. It can be pretty much anything as long as you all have the same goals. Then, set a day of the week with a specific time and get started. You can have 3 points for each meeting as we do.

 

The key is to keep this straightforward and make sure that everybody gets something out of this meeting. If it’s effective, a weekly hour meeting is more than enough to create a Mastermind Group. Accountability and effectiveness, these 2 requirements must be at the center of your group. If you achieve this, your group will grow into friendship and something very powerful will come out of it!

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Comments

Being in the hot seat seems like a huge advantage to participating in this kind of group. A dynamic and helpful collection of people giving you feedback can really open your eyes to suggestions that you didn’t even consider or think about before. Its good that the meetings are short because you can dedicate your time to making them and get great ideas and always fit it into your schedule.

I think a mastermind group sounds incredibly useful, especially for those of us who work full-time at writing/blogging. I might look into joining one!

by: The Financial Blogger | February 18th, 2013 (9:30 pm)

It’s awesome, but it requires a lot of time 😉

Sounds neat. I think weekly is too often for a part-time blogger.

For someone like myself who might only spend 3-5 hours per week, there just isn’t enough happening each week to justify a meeting.

it all depends what you are looking for your blog but definitely, if you are not up to work on your site, Mastermind Groups are useless.

I’d be up for this kind of an activity too!

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