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What to look for, what to avoid, and how to make the most of your investment.
9 min read
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Mastermind groups provide advice, connections, and support that can transform your business. But new ones seem to pop up every week, often with hefty price tags. These business masterminds and advisors from The Oracles share how to discern whether a group is worth your time and investment—and how to maximize your ROI once you join.
Dean Graziosi
Image credit: The Oracles
1. Think of yourself as a gold miner.
Masterminds have been one of the biggest influences in my business and personal life. Don’t go into it worrying about whether you will get your money’s worth or thinking this will solve every obstacle you’re facing. Instead, think of yourself as a gold miner sifting through all the information. Look for just one golden nugget that can change your life or business.
I’ve found that when I leave with one or two golden nuggets—rather than a laundry list—I can implement what I’ve learned. I already know much of the information presented at my GeniusX meetings, but there’s always at least one new insight that makes the event, and the whole year, worthwhile. —Dean Graziosi, 16 years daily on TV and one of the most watched real estate and success trainers of our generation; follow Dean on Facebook, YouTube, or Instagram
Swatick Majumdar
Image credit: The Oracles
2. Look for value beyond the events.
Consider the community, including faculty and alumni, as well as the curriculum, which ideally mimics real-life business situations. Avoid events that classify you into identical groups, which prevents you from mingling with those who have different perspectives.
Pay more attention to the value, not the price. You should receive value outside of the events themselves. For example, those who attend Survive and Thrive Today can seek help from the community for as long as they like. Avoid overly large conferences and those focused just on keynote presentations or showing off new products. The goal is to take your business to the next level and make it sustainable through new challenges. —Swatick Majumdar, co-founder of Survive and Thrive Today
Scott Oldford
Image credit: The Oracles
3. Leave your agenda at the door.
Masterminds aren’t about learning. They’re about connecting deeply with others who share your values and goals. The right group is highly vetted and curated. That said, masterminds are not a place to network, so don’t be too “salesy.”
Everyone should be open minded and leave their egos at the door. Masterminds are most valuable when the group is there to help each other. So, come to help others with no other agenda. No ego and no expectations. Have an abundant, rather than scarcity, mindset. And be prepared to invest a lot of work and energy. —Scott Oldford, founder of The R.O.I. Method; helps entrepreneurs scale multi-million dollar businesses using frameworks discovered after growing his own multiple seven-figure businesses
Marina Rose
Image credit: The Oracles
4. Make a plan and set boundaries.
First, consider whether a mastermind group or a private coach is best for you. I consistently uplevel and upgrade my mindset by working on myself and with the latter. People from all walks of life attend masterminds for different reasons: Some are lonely and have nothing else to do, while others need another’s perspective on important issues; some love giving advice, while others want to overhaul their lives. It’s prudent for you to really know who you are and what your business really is; otherwise, a mastermind can be a negative mind trap that actually holds you back in your life, career, or business. Without proper due diligence, the wrong mastermind could be a time-sucking brain drain.
Before joining a mastermind, know your “why” for joining. Is it a safe place for you? What will you learn? Be clear and focus on what you want to create in your life, career, or business. Then set strong, powerful boundaries so others are unable to “chip away” at you, your life, your business, and your business mission.
Time is your most precious commodity, so identify a plan to get maximum results in minimal time. Remember, you can leave if you’re not getting the results you need. Always remove other's limitations of you by being your own visionary and inspiration. —Marina Rose, QDNA®, founder and developer of Quantum DNA Acceleration®, a revolutionary technique for quantum growth in health, life, and business; connect with Marina on Facebook
Sharran Srivatsaa
Image credit: The Oracles
5. Audit the group before you join.
First, sit in on the group before you join, even if you pay a fee. Second, clearly explain your objectives to the group leader. If they can articulate your goals back to you, they can make powerful connections for you right away. Third, identify a plan to give back to the group. The more you give, the more you benefit and feel connected. Finally, block several days after each event to reflect and execute your learnings.
You can get 10X ROI from your first meeting if you’re in the right room. I’ve also left masterminds that weren’t a good fit. —Sharran Srivatsaa, angel investor and CEO of Kingston Lane, a push-button technology execution platform for real estate; grew Teles Properties 10X to $3.6 billion in five years; follow Sharran on Instagram
Scott Shainman
Image credit: The Oracles
6. Find your personal board of advisors.
Look for groups with a smaller community within the larger organization. It’s great to listen to speakers with 100 of your friends, but masterminds are best for building close bonds with others you can count on when you need advice.
For example, if you are a CEO or president, consider the Young Presidents’ Organization, which blends a large, international community with smaller local chapters. Every month, members meet with their “forum,” a group of no more than nine that acts like your personal board of advisors. This is where the true value comes for both personal and professional growth. —Scott Shainman, President of Getac North America, who helped lead the company to become one of the world’s largest rugged laptop and tablet manufacturers; connect with Scott on LinkedIn and Instagram
Jason Capital
Image credit: The Oracles
7. Use the ‘Three Non-Negotiables’ checklist.
I once paid $25,000 to join a star-studded mastermind with a lot of fluff and no value. I joined for the wrong reasons: because the leader was famous. I’ve found those with big names often have no game.
My group, the Million Dollar Accelerator, focuses on "Three Non-Negotiables" for our members’ growth: plan, tools, and help. The mastermind you choose should do the same. Before joining, ask yourself: Will this group help me plan for my business growth? Do they provide the tools I need to implement the plan? Can I call on their help when I get stuck? If the answers are yes, you're in good hands. —Jason Capital, White House top 100 entrepreneur under 30, bestselling author, high-income coach, online marketing expert, and founder of High Status; connect with Jason on Instagram
Ryan Dossey
Image credit: The Oracles
8. Focus on the lifetime value.
Identify what you want from the experience, then find a community that’s extraordinarily successful in that area. Don’t pay a premium to learn from average.
When weighing the cost, I focus on the lifetime value of the skills I’ll learn. For example, I joined a mastermind for online advertisers because learning to run profitable campaigns would easily return the $1,200 investment.
To maximize your ROI, aim to master what you learn. Afterward, create a case study including where you started, where you ended, and how long it took. By publishing those results, you help build the community, which the founders will never forget. —Ryan Dossey, founder of Call Porter and partner at Stewardship Properties; 24 years old and owns nearly 50 rental properties across the Midwest
Jason Hall
Image credit: The Oracles
9. Find those who share their success secrets.
I joined my first masterminds in 2013: one run by the ClickFunnels creator, Russell Brunson, and the other was Ryan Deiss’s War Room. To this day, I continue to provide and receive enormous value from the relationships I formed. The latest mastermind I joined was with Billy Gene Is Marketing. When I noticed his potential and charisma back in 2016, I had to fly to San Diego and work with his team one-on-one.
Without these mentors and fellow peers, my skills would have been limited. And when your capability to grow your clients’ businesses is limited, you’re out of business.
The best communities don’t protect their secrets to success. Find a group that ecstatically shares and compares business strategies. Private Facebook groups filled with mastermind members is the fastest channel of support. Simply post a question, wait a few minutes, and dozens of responses will begin to flow in from veteran resources. That knowledge, power, and skills should propel your business to record growth. —Jason Hall, author, founder, and CEO of Five Channels; generating $30M+ in sales revenue for clients in 2018
Want to share your insights like those above in a future column? If you’re an experienced entrepreneur, please get in touch here.
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