A good mastermind can be one of the most useful investments a business owner makes. A bad one is an expensive monthly call where you listen to other people’s problems and get generic advice about yours.
The difference usually comes down to fit: the right people, the right structure, and the right expectations. Here’s how to find one that’s worth your time and money.
Start with what you need
Before you look at any group, get clear on why you want one. Different needs point to different groups:
- Accountability: you know what to do, you’re just not doing it consistently.
- Perspective: you’re making decisions alone and want smart people to think them through with.
- Experience: you want to learn from people a few steps ahead of you.
- Connections: you want relationships that lead to referrals and collaborations.
If what you actually need is to learn a specific skill, a course or coach may fit better. Mastermind vs Networking walks through where each format fits.
Look closely at who’s in the group
The members are the product. A few things to check:
- Stage. You want people roughly at your level or a bit ahead. If you’re far ahead of everyone, you’ll do most of the giving. If you’re far behind, the conversations may not apply to you yet.
- Variety. Some mix of industries is good. It breaks up shared blind spots and makes members less likely to be direct competitors.
- Commitment. Ask about attendance. A group where half the members skip half the meetings won’t build the trust that makes masterminds work.
- Selection. How are members chosen? An application or conversation before joining is a good sign. “Anyone with a credit card” is not.
Understand the structure
Ask what actually happens in a session. Good masterminds usually have:
- A consistent schedule
- A facilitator who keeps the conversation focused and fair
- Time for each member, or a rotation for deeper “hot seat” discussions
- Some form of follow-up on commitments from the last meeting
- Clear confidentiality expectations
Be cautious of groups that are mostly the leader teaching. That can be valuable, but it’s a coaching program with a mastermind label.
Questions to ask before you join
- How many members are there, and how long have most been in the group?
- What does a typical session look like?
- What’s the total cost, including events, travel, or upsells?
- What’s the commitment, and how do you leave if it’s not a fit?
- Can I talk to a current or former member?
- Can I sit in on a session first?
A good group will be happy to answer all of these. Vague answers, pressure to decide quickly, or big promises about income are all reasons to keep looking.
Give it a fair trial
Masterminds take time. The first couple of sessions are mostly getting to know each other. The value shows up once members know your business well enough to give specific input. Give a good group three to six months before judging it, and show up prepared: bring real questions, share real numbers, and do what you said you’d do.
Not ready to commit?
Try small-group conversations first. WEN Round Tables are free, small, and held on Zoom, with no pitching and no presentations. They’re a good way to find out whether peer conversation helps you think, and to meet women you might want to build a deeper group with later.
