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Income Boosters: Mastermind Groups and Why They are Important

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I'm often asked  “What are the biggest things you've done to increase your income so much in such a short time?”

There are a few factors and I'll cover them in the coming days and weeks ahead.

One of the Top Things that has boosted my income is Joining Mastermind Groups.

It is *very* hard to achieve your financial goals when you're working in a vacuum.

A mastermind group is an entire group of people who share a common interest and work together for the better of the entire group, by helping other members to reach their personal goals. In this type of group, everyone gives and everyone benefits.

Normally, a mastermind group costs less and you’ll get to pool resources from different areas that you might not have with a one-on-one coach.

For instance, I belong to a few mastermind groups including this one.. Our group is made of internet marketers all over the world, who run every type of business you can think of. No matter where we live, what our lifestyle is like or the type of business we run, we all have 2 things in common:

  • We're investing money in our businesses.
  • We want to work with others.

The point is we’re there to help one another with anything and everything we can. Just a few of the advantages of being a member of a Mastermind may include:

  1. Coaching and Advice from other business owners
  2. Business Resources & Tools only available to group members
  3. A place where others “get” what it is we’re doing.
  4. Positive reinforcement and butt kickin’s when we need them to keep us from giving up when things get tough.
  5. Accountability from other members.
  6. Contacts that serve us well in specific areas of our business (i.e. affiliates, partners, etc.)
  7. And that’s just the tip of the iceberg!

The cool thing about Mastermind groups is that they are everywhere. Here are a few examples of Mastermind groups I’ve seen:

  • Mom Business Owners.
  • Online Business
  • Product Sellers
  • Writers
  • Service Businesses
  • eBay Sellers
  • Copywriting
  • Internet Marketing
  • Exercise
  • Health & Diet
  • And so much more

How else can an online Mastermind group benefit you?

As you may know, in sports, having a good coach will increase your chances of success. Also, the players on your team can make or break your game. If you play on a team with players who are mediocre, your game will remain mediocre. If you join a team with better players who take the game seriously and you add a a great coach, your game will improve as well — significantly.

How do you choose a quality Mastermind group?

In a good Mastermind group, you'll find people who take their business seriously. Think about it. If  the other members are willing to invest money to be there, you know they want to learn. Their business is not treated as a hobby. The members are dedicated to their businesses and work hard to achieve success.

There are several key factors to deciding if a Mastermind group is worth your time and effort.

1. The leaders
Do they know what they're talking about? What are their qualifications? A good group will be led by experts in their field, by true leaders who have experience in the topic and know how to share that information in a clear, concise manner. They are not afraid to share their success and are confident in themselves to be able to lead others to succeed as well.

2. The Resources
Most Mastermind groups offer resources that are only available to their members. These may be interviews with experts, ebooks, audio and video teleseminars, and software. Take a good look at the resources available. Oftentimes the resources alone are worth many times the price of the membership.

3. The Forum
A good Mastermind group will include a forum where you can brainstorm and build relationships with other members. This is where you'll get specific and applied help. The coaches or leaders should also have a very visible presence on the board, personally answering questions and giving guidance.

So, yes, there are great free forums online and valuable free resources. But, if you want to improve your game, then find the best coaches and jump into the game with a team who can take you to to the top.

Two Mastermind Groups to Consider:

Mom Masterminds – This is where I originally started. Kelly McCausey take you by the hand to help your Online business succeed. MomMasterminds offers a free trial membership. It's a bit pricey if you don't see the fine print that you “graduate” after a year and never had to pay again. The free trial will give you a taste of what's inside and if it's the place that you'll want to call “home”.

Lynn Terry's Elite Group – Run by the awesome and brilliant Lynn Terry. This is the place to hang if you want to make the big bucks as an Affiliate Marketer and is the place that I hang out most these days. Would love to have you join us.

The cool thing is that you bond with the people in these closed-door forums and get to know them as family.

For instance, I met Carrie Lauth in Mom Mastermind years ago. Here's a picture of us from this past weekend when we FINALLY got to meet. Aren't her babies adorable?! I wanted to squeeze them so badly, but didn't want to scare them off. 🙂 She's a smart hard-working marketer, an excellent writer (very entertaining and informative) and I'm delighted to have finally met her in person.

carrie-fam-nik

And, here are some pics of me hanging with members of Lynn's Elite club. (I'm on the right with the brown sleeveless shirt.)

sittingaroundthetable

I highly recommend that you invest in a mastermind group before you even think of buying another ebook. Rather than pouring through ebook after ebook, trying to find the answers to your questions with no one to ask, you can spend the same amount of money and have an entire GROUP of successful internet marketers who will answer any questions that you might have.

Of course, if you want to pick my brain, I'll be in the Elite Group. I'm not there every day, but I do try to stop in a few times each week. (Lynn and the other marketers are there daily.) 🙂

Oh, and here's a recent pic of me and Lynn hanging out last weekend. I'll post more about the conference soon, but am still gathering pics – as you can tell.

3833658933_3ba8f0ea60

Pssst. You can order that shirt “I'm Blogging This” at Think Geek.

Have a productive day!

Warmly,
Nicole

13 Comments

  • Glenn Sojourner
    Reply

    Hey Nicole! Great post. More people need to realize the real power from a Master Mind. I have to laugh about the “don’t read another e-book” because I am working on a Master Mind e-book at the moment.
    .-= Glenn Sojourner´s last blog ..Use Your Mind, Don’t Let It Use You =-.

  • Arika
    Reply

    Mastermind groups have been the responsibility of much of my success as well. Between them and coaching/mentoring I would most likely still be sitting at my computer thinking…HUH?!
    .-= Arika´s last blog ..Moms Talk Network Kicks off Affiliate Blog Tour =-.

  • Allen Taylor
    Reply

    Nice writing. You are on my RSS reader now so I can read more from you down the road.

    Allen Taylor

  • Carrie
    Reply

    Thank you for the mention Nicole. It was sooo nice finally meeting you offline! I wish I had had more time to spend with you all. 🙂
    .-= Carrie´s last blog ..Meeting Elizabeth and Nicole =-.

  • Kelly
    Reply

    How great that you were able to meet Carrie! I’m so looking forward to doing that someday 🙂

  • Wendy aka CalvaryGirl
    Reply

    Very informative article. I didn’t know those kind of groups exist. Definitely something to chew on now as I have been considering ways to make my site better.

  • Terrance Charles
    Reply

    Great post Nicole, you brought up a really powerful point. Like I always say, it’s not about what you know all the time, it’s who you know and how you both can benefit each other.

    90% of my success is from my partners and friends, I find that doing Joint Ventures such as List Swap, Content Swapping etc, your putting yourself out there through the leverage of other people are their doing the same with you.

    If there’s one thing I would tell anyone trying to get ahead, start surrounding yourself with other like-minded people who are successful at what their doing or is already going somewhere, you’ll have no choice but to become that yourself 😉

    Terrance Charles
    http://thesimplecodemanuscript.com

  • Dori
    Reply

    You have inspired me to find a mastermind group to join!

  • Loretta
    Reply

    I love being part of Lynn’s mastermind group. IT is definitely the best thing I’ve ever done. I put it off for so long thinking I didn’t need a mastermind group, those were for other people… blah, blah, blah. Then one day in the fall I was feeling extra stressed out and thought “I wish I had someone to talk to about this that understood what it was like…” and I joined Lynn’s Elite Membership that day. It really is a great experience and it helps in so many ways I can’t even begin to tell you.
    .-= Loretta´s last blog ..5 Tasks that a Busy Blogger Can Outsource, Pt. 5 =-.

  • TrishL
    Reply

    Great post – and I could not agree more. I am new to the Mastermind Group concept – but am loving it so far. I’ve read a lot – in fact, I spend a ton of time researching the topics I write about on my blog – but being able bounce ideas off others with similar interests (and varied experience levels) is exciting!

    Really looking forward to the future with Lynn Terry’s Elite Group!
    .-= TrishL´s last blog ..Time Management and Content Marketing =-.

  • Andrea
    Reply

    thanks for the read, really.. i’ve never read anything like it before… it’s a very nice concept and people who have businesses should do it too because it really makes sense… thanks for walking us through it! 🙂

  • Renee Shupe
    Reply

    Nicole,

    Great article and I appreciate the information you provided. As a facilitator of mastermind groups I agree with everything you said when seeking out someone who offers mastermind groups. I did take one tip from you in thinking of providing more and even more resources for my members, so thank you. I will be incorporating this into my membership more!

  • Daniel Holmes
    Reply

    Hi Nicole,

    Great job on this article, all the power to you! Love the tidbit that there are so many kinds of mastermind groups that people maybe interested in that work in their niche. I also, like that section on resources and have access to the things people need to help them on their way to success. Would you except http://imindlive.com as a likely resource for you readers…there is a lot going on over there.

    Thanks for posting this wonderful article to spark peoples interest in masterminding groups. Regards, Daniel

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