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Are you interested in learning how to start a mastermind group on your entrepreneurial journey? Then, read up on our interview with Dr. Nikki Siso, founder of the Council of Legend, a mastermind for healers in Austin, TX.
Being an entrepreneur takes work and can often feel lonely. The essence of a mastermind group is having a group of like-minded individuals alongside you, supporting you, offering different perspectives, and holding you accountable.
Napoleon Hill made the concept of a mastermind group popular in his book “Think and Grow Rich.” In this book, he outlines the principles of success, one of which is the mastermind group. The book draws particular attention to the power of collective intelligence.
Napolean Hill believed:
- When people with similar goals come together and work together, they can create a “third mind” that is more intelligent than any of the individual minds in the group.
- People aligned in purpose and Spirit create positive energy to attract resources, opportunities, and success.
- No one has all the answers, so by collaborating and sharing ideas, people can access more knowledge and make better decisions.
- Mastermind groups can also provide accountability and support, which can help people stay on track and achieve their goals.
To Hill, a “mastermind” is more than just collaboration; it represents the harmonious synchronization of knowledge and effort among individuals driven by a shared goal.
Before we jump into the interview, let’s unpack the essence of mastermind groups and shed light on the steps to create your own mastermind group.
Why Start a Paid Mastermind Group?
Before diving into how to start a mastermind group, it’s essential to understand its value. A mastermind is a curated group of individuals, often from different industries, who bring in their expertise, experiences, and, most importantly, their commitment to seeing fellow group members succeed. They gather regularly, in person or through online groups, to brainstorm solutions, set goals, and keep members accountable.
For Dr. Siso, the beauty of a mastermind lies in its diversity. “When you bring together people from different professional backgrounds, you invite an influx of different perspectives. This can be invaluable for small business owners or anyone looking to make real progress in their personal or professional life,” she shared.
Steps to Create a Mastermind Group
- Clearly define the group’s mission and its interests. Clarity will help attract the right participants.
- Decide on your group’s size based on the depth of discussion you aim for. Everyone should be dedicated, actively contributing, and genuinely invested in the group’s goals.
- Regular, structured meetings with a clear agenda are important. Ensure a mix of deep dives into individual challenges and quick updates from all members. Create systems for goal-setting and member accountability, ensuring continuous progress.
- Create a collaborative atmosphere where challenges are presented, feedback is given, and solutions are co-created. A dedicated facilitator should manage discussions, ensuring inclusivity.
- Promote resource sharing, be it contacts, tools, or knowledge. A variety of experiences can enhance trust and understanding.
- Create ways to provide open, constructive feedback. As the group matures, introduce new techniques, guest experts, and learning resources. Be open to evolution as the group matures.
- Discussions should remain private. Mutual respect and a shared growth mindset should underscore all interactions.
- Consider a defined duration for the mastermind, with strategies for member exits or periodic evaluations. This ensures clarity and adaptability.
- Prioritize continuous education through workshops, speakers, or shared resources.
Lastly, if you want to start a paid mastermind group, then introduce a payment method to monetize the mastermind prior to starting, ensuring that the price reflects the value and expertise provided. Remember, the essence of a successful mastermind lies in the synergy of its mastermind members and their shared commitment to growth.
How do you structure a mastermind group?
Here are some tips on how to structure a mastermind group. There are many different ways to structure mastermind group meetings. You can use:
- brainstorming sessions,
- case studies,
- and other formats to keep things fresh and engaging.
Setting ground rules for your mastermind group is important to ensure everyone respects each other’s time and opinions.
Be flexible and willing to adjust your plans as needed. Things don’t always go according to plan.
Before you start your mastermind group, it is important to set clear goals and expectations for the group. What do you hope to achieve by joining a mastermind group? What are the expectations for members?
Make sure that everyone in the group is on the same page and committed to achieving the group’s goals.
The members of your mastermind group are essential to its success. Choose members who are supportive, motivated, and have similar goals to your own. It is also essential to have a diverse group of members with different skills and experiences.
Regular meetings are essential for keeping your mastermind group on track and productive. Decide how often you will meet and how long each meeting will last. Choosing a meeting time that works for everyone in the group is also essential.
A facilitator can help keep your mastermind group on track and ensure everyone has a chance to participate. The facilitator can also help mediate any conflicts that may arise.
It is essential to create a safe space where members feel comfortable sharing their ideas and challenges. This means being respectful of everyone’s opinions and experiences.
Mastermind groups are all about giving and receiving feedback. Be open to hearing what other members have to say about your ideas and plans. This feedback can help you improve your ideas and make better decisions.
It is important to celebrate successes as they happen. This will help keep the group motivated and engaged.
Mastermind groups should be enjoyable. Make sure to have fun and enjoy the process!
Benefits of being part of a mastermind group
Support and Encouragement
When working towards a goal, having people who believe in you and are willing to offer you support and encouragement can be helpful. A mastermind group can provide you with this support.
Feedback and Advice
The other members of the mastermind group can offer feedback on your ideas and plans. They can also offer you advice on how to achieve your goals.
You learn from others
The other members of your mastermind group can share their experiences and knowledge with you. This can help you learn new things and avoid making the same mistakes they have made.
When you are part of a mastermind group, you are more likely to stay motivated to achieve your goals. This is because you will be surrounded by people who are also working towards their goals. When you’re unmotivated, you have someone to hold you accountable and help you get back on track.
How do you market a mastermind group?
Create a website
Your website should be your central hub for everything related to your mastermind group. It should include a clear description of what your group is about, the benefits of joining, and how to sign up.
I recommend using Showit.co to create a website or Go High Level as an all-in-one marketing and sales platform.
Use social media
Social media is a great way to connect with potential new mastermind group members. Share content about your group and connect with other groups and individuals in your industry.
Attend networking events
Networking events are a great way to meet potential members of your mastermind group face-to-face and connect with like-minded individuals.
Partner with other businesses
Partnering with other businesses can help you reach a wider audience for your mastermind group. Look for companies that offer complementary products or services to your own, and reach out to see if they would be interested in partnering with you.
Offer a free trial
Offering a free trial of your mastermind group is a great way to let potential members experience the benefits of your group before they commit to joining. This will help you to convert more leads into paying members.
Word of mouth
Word-of-mouth is one of the most effective ways to market your mastermind group. People who are happy with their experience in your mastermind group are more likely to tell their friends and colleagues about it. This can help you to reach a wider audience and grow your group.
By incorporating these elements, a mastermind group can create a thriving environment for collaboration, mutual support, and success. Now, let’s dive into the interview with Dr. Nikki Siso.
Introduce yourself and tell us about your business and customers
Hi! I’m Dr. Nikki, a Holistic Health Coach and Diabetes Specialist. I host a podcast called Legends with Dr. Nikki, where experts and I explore ways to elevate ourselves to our highest potential.
My latest endeavor is forming a Mastermind for Healers, The Council of Legends. We are a like-minded community of Holistic Healers who support each other and our businesses with referrals and collaborations.
What inspired you to start your own business?
Thanks to Aspen’s Success Coach, Jeff Paterson, I discovered that I had a passion for interviewing Legends. I hired him to help me find my purpose, and he keenly noticed the twinkle in my eye when I mentioned that I always dreamed of being the next Larry King.
The Health Coaching was triggered by being diagnosed with Type 1 Diabetes. That catapulted studying for a Ph.D. in Holistic Health and Nutrition and energetics behind dis-ease in the body.
Lastly, the Council of Legends was formed out of a desire to work in the community. As a Healer myself, I became well-versed in the struggle with business strategy and how to find ideal clients. This led me to bring together business coaches and fellow healers to support each other.
What were the main challenges you faced when starting your business? How did you overcome them and stay motivated?
The main challenge with the podcast is that it’s not a lucrative business at first. It takes a lot of time and money to grow an audience. My main issue with the Health Coaching was consistently posting. The Mastermind flowed with ease.
Staying motivated when nothing was moving was challenging, especially when the finances ran out. But that is when I doubled down on giving. I asked Spirit who I could serve and contacted the people whose names came to mind. I also offered a business coach friend in exchange for his guidance for my health coaching. He agreed, and I devoured his $10K sales program. The following week, I closed $20K. Saved!
What is your long-term vision for your business?
I see creating an international Mastermind for Healers so that there are councils of holistic healers in each city around the world.
Could you share a pivotal decision you made that significantly impacted the growth and success of your business?
Focusing on one offering made all the difference. Prior to that, I was spread too thin.
What are the most important lessons you’ve learned as an entrepreneur?
It’s OK to pivot. Keep trying until you find something you want to produce and that people want to pay for.
What Resources Have Been Helpful In Your Personal And Professional Development?
- Abraham Hicks,
- Brendon Burchard,
- 10X is Easier than 2X: How World-Class Entrepreneurs Achieve More by Doing Less.
What Platform, Software, Or Tools Do You Use To Run Your Business?
- Go High Level
- Spotify for Podcasters
How do you maintain a work-life balance as an entrepreneur?
That’s easy – I work in social settings. And I always make time for lunch with friends.
What Advice Would You Give Aspiring Entrepreneurs Who Are Just Starting Their Journey?
Focus on what lights you up and match it to what you’re naturally good at. Then, study to get even better. And get started! To be truly comfortable with your craft, you need practice.
Is There Anything Else Valuable You’d Like to Share with Aspiring Entrepreneurs?
If you are not sure of your offer, ask for support. From me, from Spirit, and from your friends. Ask, “How could I best serve?”
Where can people find you?
Mastermind groups are more than just business meetings. They’re a coming together of minds, a synergy where the combined intelligence of the group often exceeds that of any one individual.
For those ready to leap, Dr. Siso’s insights offer a concrete roadmap on how to start a mastermind group. Whether you’re an entrepreneur or someone seeking growth in your personal life, there’s immense power in collective wisdom. Take advantage of it, and success might be a group discussion away.
FAQ’s How to start a mastermind group
Q: How many people should be in a mastermind group?
A: The ideal number of people in a mastermind group is 4-8. This number is small enough for everyone to have a chance to participate but large enough to provide a variety of perspectives. However, it could be as few as three and as many as 100. It will all depend on your industry.
Q: How long should a mastermind last?
A: The length of a mastermind group can vary depending on the group’s goals and the members’ needs. Some mastermind groups may last for a few months, while others may last for years.
Q: How much do you charge for a mastermind group?
A: The amount you charge for a mastermind group will depend on several factors, including:
- Your experience – The more experience you have, the more you can charge.
- Your expertise – The more specialized your expertise is, the more you can charge.
- The size of the group – The larger the group, the less you can charge per person.
- The frequency of meetings – The more often you meet, the more you can charge.
- The more value you provide to the group, the more you can charge.
It’s important to set a fair price for both you and the members of your mastermind group. You don’t want to charge so much that people can’t afford to join, but you also don’t want to undervalue your services.
Q: How do I find a mastermind group?
A: There are many ways to find a mastermind group. Here are a few ideas:
Talk to your friends, family, colleagues, and mentors. See if they know of any mastermind groups that would be a good fit for you.
There are many websites that list mastermind groups. You can search by location, interest, or other criteria.
Attend events where you can meet other people who share your interests. This is a great way to find potential mastermind group members.
If you can’t find a mastermind group that’s a good fit for you, you can start your own group. This can be a great way to connect with people who share your goals and interests.
Q: Are mastermind groups worth it?
A: Whether or not a mastermind group is worth it depends on your individual needs and goals. It is worth it if you value the accountability, collaboration, feedback, networking, and support of joining a mastermind group.
If you resonate with the inspiring stories you’ve read here and have your own incredible journey as a self-made entrepreneur (or know someone). You could be featured in our next article and make an impact on aspiring entrepreneurs.
Your story could be the catalyst someone needs to embark on their own remarkable journey of success.
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You might also enjoy reading my full review on Go High Level.