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Scott Bolinger

@scottbolinger

07-09-2019

Are Mastermind Groups Worth It?

I was recently asked to join a mastermind group and I declined. It got me thinking, are mastermind groups worth it?

I was in a mastermind group for a while, it was full of very talented, smart people. At first it was great, we all shared some things we did well, and things we struggled with. I enjoyed seeing one friend grow his company significantly over a short period of time, another got acquired, another transitioned from client work to full time products, and we all learned something.

After a while it became a lot of the same old same old, because what really changes in a couple weeks, or even a month? I tried to keep the group interesting by bringing in new people, but several months in I could feel that it had lost its value. A few people dropped out, or stopped showing up, and it was time to call it quits.

I’m grateful for the time we had together, but I’m not sure I’d do another one anytime soon. Here’s a few things I learned (or struggled with):

It’s best to have people with similar businesses, but not too similar. Selling products and agency work don’t mix well, they just have different problems. However, if everyone is selling WordPress plugins, there is a lack of new insights to share. This is a hard mix to figure out. Once per week is too much, but if you go once per month and some miss the call (which they will) then it’s not enough. I like chatting with 3-4 other people. 8 people is too much, but if you only invite 4 and 2 show up, it’s not enough. Everyone should have similar goals, and probably similar revenue numbers. If one person is way ahead of everyone else, they won’t get much value and won’t stick around. Are you in a mastermind group? What do you find really valuable about it?

Update: after I posted this, I got some responses on Twitter. In general I think lots of people find value in mastermind groups.

Starting a Mastermind Group

If you’re looking to start a group, I’d reach out and try to find some like minded people. Here are a few tips:

Find people who really want to be in the group, not people who are “internet famous” or way ahead of you in revenue. Choose people doing similar things, for example client work and products don’t mix well. 3-4 people is plenty if they all show up. If you can’t find 3 other people, maybe try something like Mastermind Jam.

quick thoughts

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