What Is A Mastermind Group?

What Is A Mastermind Group?

Self-education is no longer the wave of thee future; in fact, it’s the wave of the now: $3300 is currently spent per second on info products. 

Self-education and E-learning industry is forecasted to grow to a whopping $325 Billion per year by 2025. E Learning Climbing To $325 Billion By 2025 UF Canvas Absorb Schoology Moodle, TJ McCue

It’s no wonder that more and more people are building legitimate businesses by creating courses, info products, and live and virtual workshops and masterminds.

There is truly no better time than now to start your very own business using the knowledge, skills and expertise that you already have. 

That’s where mastermind groups come in. 

What is a mastermind group?

What is a mastermind group and is this the right business model for you?

A mastermind group is a concept first introduced in Napoleon Hill’s Think & Grow Rich. Hill suggests that the power of the collective mind is greater than the mind of  a single man alone. 

The mastermind principle consists of two or more people who work in perfect harmony for the attainment of a definite purpose.

– Napoleon Hill

A mastermind is a group of people who use their collective knowledge to solve a common problem, work toward a common goal, advance their knowledge on a particular subject, or get specific help growing their business, improving their lives or their relationships.

Traditionally, a mastermind was a group of businessmen and entrepreneurs who gathered to help solve each others’ problems, share knowledge, skills and business connections.

Today masterminds are formed across all manner of subjects from painting, wedding photography, digital marketing, dentistry – you name it, it exists. 

You don’t have to monetize your mastermind; however, creating your own mastermind can be a great way to share the knowledge you already have with others for a profit.

I love this business model: it’s available to anyone who is ready to start her own business.

Of course, you will need to determine what your area of expertise is. Your knowledge and expertise might come from your current position in corporate, a skill honed while practicing a hobby, or a topic you know inside and out because you have obsessed over it for years. Once you extract your knowledge and skills, you’re ready to start building your own mastermind.

What’s more, even if you are not an expert on a subject yet, you can become a knowledge broker. A knowledge broker uses the knowledge and expertise of an industry leader, a friend, a sibling or colleague.

Get creative! You are sure to know someone who has expert knowledge on a subject you are interested in.

As a knowledge broker, you work with the expert to create an event around the body of expertise of the expert. In this case the knowledge broker and the expert split the profits from the event. Meanwhile, both parties have gained in knowledge, experience and have successfully impacted the lives of the mastermind attendees.

Masterminds don’t have to be in-person. 

Virtual masterminds are possible using online softwares like Zoom for video conferencing. You can use Facebook Groups, or create your own online course or membership site.

The possibilities that open up as you start to explore this business model are truly endless.

Be sure to check out my article: 10 Surefire Steps To Create A Mastermind You Can Monetize.

Want to learn how to create and market your own mastermind? Yes? Join my group of heart-centered women entrepreneurs: Digital Marketing, Sales + Masterminds.

Download my Knowledge Extractor now. This worksheet aides you in finding your true passions, skills and superpowers to help get you started on your path to creating your own first mastermind that you can monetize.