Why a Mastermind Is The Crucial Next Step for Your Business

by D'Arcy Benincosa

After the shit show 2020 has been, I bet you’re ready to step into the best year of your life… am I right?! I want that for you too, and that’s why I want to make sure you have the right tools (and people) by your side to make that happen. If you’re willing to let yourself DREAM BIG, then this one goes out to you, my dear. It’s time to stop treading water, and strut down the beach in your bikini without a care in the world. It’s time to turn your hustle and grind into a 6 or 7-figure income. If you’re wondering what can get you to that place, I bet you can guess based on the title of this episode, that the answer is “a Mastermind,” but there’s so much more to it than you might think.

In this episode, my friend Julie Solomon, a chart-topping podcast host (who I met because of a mastermind) and I discuss why you should join a mastermind, and how to find the perfect one for YOU that will give you the greatest return on your investment. Hit play to find out WHY a mastermind can change your life and business. I promise this is a must-listen!

About Julie Solomon:

Julie is a brand strategist, digital marketing expert and host of chart topping The Influencer Podcast (a regular in iTunes Top 5 with millions of downloads in 170 countries) with a Tennessee accent, sweet husband, two beautiful babes, and a passion for helping creative visionaries like you!

As an expert in marketing, PR, and personal branding Julie has supported businesses, authors, and personal brands over the last decade in growing their impact and income with the power of influence. She’s spearheaded book campaigns that broke New York Times Best-Selling records and worked with dozens of best-selling authors who have collectively sold over 100 million books worldwide as well as trained, mentored and taught tens of thousands of entrepreneurs how to pitch to the media, gain exposure, and strategically grow their businesses.

What is a mastermind?

Masterminds are an opportunity to surround yourself with masters who have their own zone of genius to come together to up level and support each other to rise up to the next stage of their businesses.

Is a mastermind for you?

If you want to surround yourself with people and a facilitator who have done and succeeded at what you want to do, then a mastermind is for you.

If you look around the room and realize you’re the only person in the room, or you’re the smartest person in the room, then a mastermind is for you.

If you’ve gotten your business as far as you can take it, then a mastermind is for you.

If you’re ready and open to hearing the ways that you’re holding yourself back, then a mastermind is for you.

If you’re committed and ready to not only RECEIVE feedback, ideas and different perspectives from others, but also GIVE feedback, ideas and different perspectives to the group, then a mastermind is for you.

If you’re truly ready to invest in yourself just as you invest in a computer, software, a studio space, etc. then a mastermind is for you.

When searching for masterminds, there are two general structures. It’s important to assess where you’re at in your business so you know what you’ll receive with your investment.

If you’re making under six figures (less than $100k) then you’re at a stage in business that creating an offer, growing your audience to sell it to, and learning how to sell it is your ultimate goal that will push you above the six figure mark.

If you’re making over six figures, you most likely already have a successful offer, a large audience to sell to, and systems in place to sell them. These masterminds are generally more about networking opportunities that will help you make your brand a household name so that you can get on stages, become a best-selling author, and cross the seven figure mark. They’ll also focus a lot more on mindset and team growth because as Julie said, “You can hustle your way to 100k but you can’t hustle your way to 1 million dollars.”

Now that you’re clear on the type of mastermind category you fall into, you might be ready to start your research, but first, we have a few tips for questions you should be asking so that you invest in the mastermind that is perfect for YOU!

What should you be looking for in a mastermind?

Who is the leader or facilitator?

When looking for the right leader, Julie and I recommend that you find someone who is extremely credible. It’s imperative that they have successfully accomplished what your goals are.

“Do not follow the advice of anyone you don’t want to become.” – D’Arcy

What is the mastermind promising you?

Get really clear on what you will leave with if you show up and do the work. Is the promise something that is aligned with your goals?

What is the structure?

A mastermind that allows you to meet in person is key to really build relationships with the people you are in a mastermind with. At the same time, it’s important to make sure the structure suits your lifestyle and learning style. If traveling to multiple mastermind retreats is not for you, then keep that in mind on your search.

Who will be in the group?

It’s important to know who you’re surrounding yourself with and what their superpower might be. Sometimes this isn’t always possible, but even finding out what other types of people have applied will give you a good idea of who the group might consist of. You’ll get the most out of a mastermind if you’re not the smartest person in the room, so keep that in mind.

What is the duration of the mastermind?

Julie and I are true believers that it takes 9-12 months to not only make connections, but to truly make a difference in your business and achieve lasting growth.

Most importantly, join a mastermind that is going to push you to think bigger and play bigger.

The Difference Between Private Coaching and a Mastermind:

Both Julie and I get a lot of inquiries about Private Coaching from entrepreneurs who Private Coaching really isn’t the best option. Let’s break down the difference, and why a mastermind might truly be what you’re in need of…

Private Coaching is a one-to-one experience that consists of one or a package of private calls with a credible leader who has done what you desire. Private Coaching is only valuable if you already have offers, systems, and an audience in place.

When is it time for a Private Coach? Truly, a private coach is an investment for someone who needs specific coaching on a pivot or breaking a certain barrier. It’s not a “pick your brain” session.

Masterminds are often a better investment because, truthfully, being an entrepreneur can be so isolating. Even with a private coach, you don’t have the same accountability or networking as you have in a mastermind group. Plus, to have more perspectives than just one is such an amazing resource.

Some business owners have to unlearn the idea that our businesses and our problems are so unique that you need a private coach. Truth be told, there is always another business owner who has or is struggling with the same thing, and they are an AMAZING resource and support too!

What is the investment for a mastermind?

There is a wide range of investment levels for masterminds. It truly depends on the credibility of the leader, the level of the group, and the size of the group. While some start at $10k, others are upwards of $100k.

While both of those numbers may seem hard to swallow, I like to think of investing in a mastermind the same as investing in a computer or camera or studio space. These are all things you NEED to do business and grow. The same goes for coaching and masterminds.

A few last thoughts… You’ll get out of the mastermind what you put in. If you invest a good amount of money, odds are you’ll take it more seriously, put in the work, and make that money back in no time.

Lastly, you can’t put a price tag on relationships. I’ve connected with some of the most amazing people and had some of the most rewarding opportunities because I invested in myself. Now it’s time for YOU to do the same.

If you’re interested in Julie’s mastermind, click here. If you want to learn more about my Self Made Mastermind, click here to apply and we’ll hop on a call. We can’t wait to take you to the next level.