Whether you’re a newer entrepreneur or established in your business, by now you’ve probably heard about many ways to grow your business and seen lots of resources on how to take your business to the next level. One powerful resource that millions of highly successful entrepreneurs have tapped into, that has proven significant to their success is joining a coaching group or mastermind program.
The difference between a coaching group program and a mastermind group
While both types of groups are effective, they are slightly different. First, a coaching group program is typically led by a professional business coach and is often based on a structured business development program. All participants focus on developing their business in the same area or complete the same content during each period of time (e.g. monthly) and then gather together to discuss progress, get feedback from other members, and be guided by the coach during the meeting. Often there are “laser coaching moments” in the meeting whereby the coach provides member-specific coaching, on the spot, to support the client with getting unstuck or to further develop ideas or capabilities. While there is a high amount of interaction and brainstorming between group members, the coach is highly involved. This is popular choice for those who: may be looking for a more economical option to private coaching, welcome multiple perspectives, want structure and accountability, and need to establish a strong foundation for your business with a clear plan for growth whether you’re newer in business, OR established and making a shift.
In a mastermind group, the dynamic is similar, however, the leader (preferably a professional business coach with many years of group facilitation experience) is less active in the conversation itself, and instead serves as a guide for members to share and brainstorm productively and ensures that each member gets what they need from the discussion. An experienced facilitator may insert comments and ideas related to member questions or challenges in order to boost their insights and understanding and to maximize outcomes for all.
Typically, the format of a mastermind group is not curriculum based, nor a structured business building program as is the case with many coaching groups. Instead, each member brings their idea or challenge to the table to get highly focused feedback and support, and can be on a wide range of topics based on what the member needs help with most at that time (e.g. revising your sales funnel, evaluating a new marketing strategy, system development to address a gap or inefficiency). In some instances, mastermind groups have a guided topic focus with a “theme” for each meeting or month to help guide the conversation (e.g. time management, marketing).
While both approaches are extremely valuable, in my experience, a topic directed group is best for newer entrepreneurs (or those in earlier growth stages), and an open topic group is best for those ready for “next-level masterminding” who are ready to further develop specific ideas or areas of business.
A mastermind group is great for you if you have already established a solid foundation for your business and are ready to focus on implementation, further development of specific business areas or ideas, and accountability. If you join a mastermind group prior to establishing a solid foundation and clear plan for your business, it’s difficult to know what you need support with most, and therefore challenging to get the most from the mastermind experience. Essentially, if you don’t know your question you may not get a relevant answer. In this case, you’d want to get more structure and guidance via group or private coaching.
For next-level results tap into the power of a coaching group program or mastermind group.
I provide both options as part of my services:
Group Coaching: Learn more and see when the next group coaching program starts HERE.
Fab Fempreneurs Mastermind Group: My mastermind group is a “next level” mastermind and is included as part of the Fab Fempreneurs Membership program. If you’re considering private coaching, I invite you to set up a consultation and see if we’re a good fit. As a private client you get to participate in the mastermind group- it’s a fabulously powerful combo! Set up your consultation HERE.
Not ready for either just yet? Get momentum going now with The Business Breakthrough E-course.
So, what type of group will you be joining? Have you participated in one already? Share your comments, questions and experiences below.