What is a Mastermind and How Can it Help You Radically Grow Your Business?

Connections are the single most important tool when it comes to expanding your business. Having a group of individuals with similar goals, different experiences, and the willingness to help you succeed is key to your growth.

In business, it’s crucial to start building relationships that will support and encourage you from early on. Establishing these relationships can make or save you a lot of money by learning from their successes, avoiding mistakes they made, and more.

These types of relationships are best developed through a mastermind group. True mastermind groups are a combination of networking, support, shared resources, and mentorship. They are groups built around the concept of each person helping the other people become successful. They are common in industries, such as dental practice masterminds, or for general business purposes, such as masterminds for entrepreneurs.

If you’ve been curious about joining a mastermind, here are some key points to remember as you move forward. 

What is a Mastermind? 

When looking for a true mastermind group, be careful that you are not just joining a group coaching program. While group coaching programs are highly valuable, they serve a different purpose than a group coaching program.

A mastermind is a group of like-minded people who meet regularly and work together. They are led by a mentor or group of mentors but also connect regularly with each other to help and support each other. They provide education, peer accountability, and support to one another, even as they are mentor-led.

Contrast that with a group coaching program, which generally involves one or more mentors teaching content to a group that is not intended to network with each other. This education is valuable but is not structured to facilitate a true mastermind experience with each member adding their own value and experience on top of the mentors’. 

The Benefits of a Mastermind 

Joining a mastermind group has many benefits. Here are three of the greatest benefits people experience after spending time in a mastermind group.

Openly sharing your goals with others will provide accountability.

When you share your goals with others, you’ll feel more driven to commit to your mission. Sharing with others creates a means of accountability between you and your goals, as well as with those you share with. Having these individuals will motivate you and keep you on track with your goals. 

Having people you trust keep you accountable will also keep you in line with your values. This is important because without these people, it’s easy to let those values fall on the back burner. Sharing your ideas will also push you to take the first step that many of us are often too scared to take. 

You will learn from others’ skills and experiences to expand your own knowledge.

Along with getting to share with others, you’ll also have access to other professionals’ tips, strategies, and resources. When other individuals share their plans or past experiences, it may help redirect your planning process. Having open communication with entrepreneurs with more experience will always bring valuable insight. 

Having the opportunity to build a relationship with these individuals can enhance your skills and help you avoid costly mistakes. Not only will you grow as a business professional, but you’ll learn how to implement their successful character traits into your day-to-day life. 

You will gain ideas, solutions, and connections that you may not have on your own. 

You’ve all heard the saying “two heads are better than one,” but how much better would 20 or even 50 heads be, especially when each of those belongs to a professional who is dedicated to helping you grow? That’s exactly what you get in a mastermind. When faced with a problem, bringing it to your mastermind group is a great way to receive creative solutions, ideas, or even connections that you may not have had on your own.

Why Should You Join a Mastermind? 

There are many benefits to joining a mastermind: connections, support, and opportunities. This applies to personal improvement, too. Some of the greatest improvements people talk about who join mastermind groups are how much they grow as a person.

If you want to learn more about mastermind groups, join me at our next Dental Festival on Land where our team will lead powerful conversations about mastermind groups, building your business, and more.