This article was originally published in the Summer 2023 issue of ICON/REFINED.

One of the most potent tools at an entrepreneur’s disposal is the collective wisdom of a group of like-minded individuals, also known as a mastermind group. There are several types of masterminds, ranging from intimate networking and support opportunities to blow-out events featuring celebs and their mentors, but each has unique benefits that can help you grow your business, learn from others, and build your community. If you’ve ever considered developing one of your own, trust us: Building a successful mastermind isn’t as daunting as it may seem. 

Here’s a step-by-step guide to help you construct your own mastermind group and pave the way for shared success.

Step 1: Define the Purpose

A mastermind group without a clear purpose is like a ship without a rudder. Begin by identifying the purpose of your group. Is it for accountability, learning, or high-level strategic planning? Are you seeking to create a general business mastermind, or are you focusing on a specific aspect, like marketing, operations, or leadership? Having a clear purpose will guide your decision-making process throughout the development of your mastermind group.

Step 2: Determine the Structure

The structure of your mastermind will largely depend on your defined purpose. If your goal is to facilitate learning and growth among peers, a Peer-to-Peer Mastermind could be ideal. If you’re looking to provide specific guidance and insights, a Facilitated Mastermind led by an expert or a coach might be more appropriate. Choose the structure that best aligns with your mastermind’s purpose.

Step 3: Set the Rules

Setting clear guidelines is crucial to the smooth functioning of your mastermind group. These could cover aspects such as the expected level of commitment, rules of confidentiality, how conflicts will be resolved, and what consequences exist for members who do not adhere to the guidelines. Having these rules in place from the outset can help prevent misunderstandings and ensure a harmonious group environment.

Step 4: Choose Your Members

The success of a mastermind largely hinges on its members. Look for individuals who are committed, open-minded, respectful, and have diverse experiences and perspectives to enrich the discussions. The ideal size of the group could be anywhere from 6 to 15 members, which allows for a wide range of ideas without losing the intimacy of the group.

The connections you make with other members is one of many benefits to joining a mastermind group. It’s a safe place for you to come together and share challenges and successes, get instant, high-value feedback, collaborate and synergize, accelerate your growth through accountability, and ultimately develop winning habits.

Step 5: Decide on Logistics

Determine the frequency and duration of your mastermind meetings. These could be weekly, bi-weekly, or monthly, and last anywhere from 60 to 120 minutes. Choose a convenient meeting platform – this could be in-person if the members are local, or virtual platforms like Zoom for broader geographic reach. Also, consider having a secure online forum for discussions and resource sharing between the meetings.

A mastermind can go for as short as six weeks, or up to six or even 12 months.  As an example of how to schedule out one of longer duration and keep things fresh, you could run a 12-month mastermind that includes two in-person events—one at five months and one at the 11-month mark.  You could also bring in other experts that will benefit the group for these sessions and hold it at destination hot spots across the country.  A combination of virtual and in-person sessions can connect participants on a deeper level.

Step 6: Market Your Mastermind

Promote your mastermind effectively to attract the right members. Communicate your mastermind’s unique value proposition, its structure, and the benefits members will receive. 

Leverage your professional network, social media platforms, and relevant online forums to reach potential members. Highlight the value and benefits that participants will gain from being part of the mastermind. Emphasize access to exclusive resources, guest speakers, and workshops that will enrich their entrepreneurial journey.

Step 7: Plan Your Meetings

A typical mastermind meeting might include a check-in round, a hot-seat discussion, an expert presentation, and a wrap-up with goal-setting for the next session. Be sure to leave room for feedback and adjustments as you find what works best for your group. And don’t forget to leave room for fun and conversation.

Step 8: Maintain Engagement

Keeping your members engaged and committed is essential. This could involve regular communication, providing valuable resources, or organizing social events for the group. One way to keep everyone connected might be to enact a policy that encourages group members to support each other’s social posts on a platform of choice (LinkedIn, for example) at least once a week. Encourage members to share their successes and challenges, and celebrate their achievements to create a supportive and motivating environment.

Step 9: Facilitate Post-Mastermind Activities

Once the mastermind concludes, keep the momentum going. Create avenues for continued collaboration, such as online forums or social media groups. Offer follow-up sessions or one-on-one consulting, and consider organizing a reunion for past mastermind groups.

Four Types of Mastermind Groups

Most mastermind groups for business owners fall into one of four main camps, each with their own unique benefits. 

The Accountability Mastermind: Built primarily for accountability and support, these groups consist of people at the same level of business looking to hold each other accountable to their goals. Writing a book? Chances are you’re not alone so it might be helpful to have a conversation about the milestones you’re working towards as an author.

The Advisory Board Mastermind: These groups typically have a business coach or an expert leading the charge, providing training and guidance in a specific area. For example, the group could be themed around landing your first TEDX event and building a speaking tour around the topic.

The High-Level Mastermind: Comprising seasoned business owners, the purpose is to brainstorm strategies, tackle complex challenges, and spur growth. This is a great way to stay abreast of all the things hitting your unique circumstances, particularly for solopreneurs.

The Paid Mastermind: These are premium groups with a facilitator where members pay to access exclusive insights, resources, and networks. Some celebrities run masterminds that give you access to their coaches, resources, and networks.