Starting a business is a daunting prospect for many people. There’s products, finances, employees, work-life balance, and the pressure of heading a company to think about, and that only scratches the surface of the stress that most business owners face daily.
While it’s exciting to think of the personal and financial growth that could come from starting a business, it’s easy to overlook the statistics that say 80% of small businesses fail in the first 10 years and that burnout is a very real problem many entrepreneurs face. Overwhelm is a common complaint among small business owners, and often, it’s one they bring on themselves by failing to set consistent working hours, not taking time off, letting coworker relationships deteriorate, or neglecting personal relationships and responsibilities.
If you’re ready to take the leap into business ownership, having a circle of people you trust and who understand your lifestyle can be a game changer – and that’s why you should join a mastermind group.
Mastermind groups are cohorts of business owners who meet at set intervals to discuss a certain topic or hear from guest speakers in their industry. These groups usually have certain criteria for membership, such as yearly profit ranges or
These groups exist all over the world, and finding the right one for you is game-changing. Before jumping into just any group, ask yourself a few questions to weed out those that won’t be a good fit:
- In-person vs Virtual – Is it important to me that I be able to meet with this group face-to-face?
- Location – Does it matter to me whether other group members are located in my city/state/country?
- Focus – What am I hoping to get out of this group relationship (business strategy, personal friendships, access to guest speakers)?
- Time Commitment – How often does this group meet? Am I expected to do extra work for the group outside of our meeting time?
- Price – Am I willing to make an investment of a certain amount in exchange for the insights this group provides? What does my membership fee pay for?
- Relatability – Are the members of this group in a similar niche/sales figure range as I am?
With so many groups to choose from, it’s worth exploring what a mastermind group has to offer you as a business owner.
Being self-employed is an end goal for many people who don’t like to answer to a boss. But what if you’re the kind of person who works best on a deadline, and the only one to enforce that deadline is…you?
Masterminds can act as peer accountability groups for any goal you set for yourself or your business. Sometimes just the social pressure of a monthly check-in with your group is enough to kick yourself into gear on a project, and some groups may even assign accountability partners within the group itself.
You may create a long-term plan for yourself that includes personal, professional, and business goals for a specific period of time and then use that template to assess whether the members of your group are staying on track. Or your group might be less formal and keep tabs on one goal for each member throughout the course of a month, year, or sales quarter.
Whichever method your group chooses, it’s important that the other members take your goals seriously and vice versa. Because you all have similar stakes in completing your goals, the chance to form an accountability group with like-minded business owners is invaluable for your productivity.
Entrepreneurs have a unique set of challenges in the business world; they tend to have a lot on their plate at any given time, and depending on their niche, they may not have anyone to connect with who understands their day-to-day issues on a personal level.
If you’ve ever tried to complain about part of your workday to your significant other and were met with a blank stare, it may be time to join a mastermind group.
Since so few people understand the plight of the small business owner, a mastermind group can provide the camaraderie and personal insight you need to prevent burnout. These are peers who know exactly what you mean when you tell them you had a stressful call with your accountant that afternoon and who will celebrate with you when you have your first five-figure month of sales.
Besides providing a way to connect personally with fellow group members, your mastermind can also be a solid source of advice. Since your group understands the issues you’re facing as a business owner, they may be the best place to crowdsource an answer to your problems.
The strength of the group is the strength of its members combined, so your mastermind is the perfect group to bounce ideas off, as well as ask for help. While one member may have a keen eye for business strategy and growth potential, another may be a gifted communicator, and yet another may understand logistics better than any warehouse manager you’ve ever met. By teaming up with a group of like-minded peers, you’re effectively “diversifying your portfolio” of opinions and ideas when trying to solve a problem.
Before deciding which group may be right for you, it’s important to keep your options open until you find a good fit. Many groups will allow you to sit in on a meeting or two to try the group on for size before paying a membership fee.
Masterminds are an excellent solution for business owners who feel overwhelmed by the burden of carrying a company on their shoulders. No man is an island, and the antidote to the isolation you may feel as an entrepreneur is to reach out and join a community of peers who understand.
Blog post submitted by Seller Accountant