So you’re looking for a “Mastermind Group Near Me” and what do you find? A bunch of things calling themselves “Master Minds” but not actually a good nearby mastermind group.
Why is it so hard to find local mastermind groups? And what kind of group is right for you and your business?
What I’ve typically found – and I’ve been part of many Mastermind groups over the past few decades – is that Mastermind Groups fall into one of 3 major categories. No one type is good or bad, per se, but it does matter what you’re looking for.
What are the key differences and which group is right for you? Let’s take a look at each type of Mastermind group.
“Accountability” Mastermind Group Calls
The first kind of group you may come across is a group that meets up weekly for a one hour check-in phone call, Zoom, or coffee to cover accountability items or “hot seat” one or two people. Meetup is full of these kinds of meetup “Master Minds” as is Facebook, Craigslist, and more. Sometimes these are no more than local networking events or the top of a consulting sales funnel…
Cost wise, these so called “Master Mind” groups typically range from free to maybe $97/month.
As you can imagine, with only one hour to connect, you can’t get too deep into anyone’s individual business or challenge. Additionally, at such a no-to-low price point, there’s not much “skin in the game” and attendance is generally spotty at best.
Don’t expect to get much time to share resources, dig deep into any issues, or really have a chance to discuss topics in depth.
Before I knew better, I was part of a few of these groups over the years and they generally fizzle or have the same few folks showing up week after week with the same issue and nothing new.
Members are generally newer/younger/aspirational businesses and are often solopreneurs or very small business owners. You’ll even find members working a full time 9 to 5 J.O.B. somewhere else while trying to kick off their new side hustle new business that they talk about at the group.
- Free to Cheap
- No / low travel required
- Easy to get into
- Good for networking
- Typically solopreneurs or very small businesses
- No time to really connect with members
- So frequent, it’s rare to get high level or strategic
- High churn and low show rate for members
- Members rarely DO anything and often bring the same challenges week after week
High End “Destination” Mastermind Groups
The other extreme category of Masterminds you may find out there are typically part of an “Ascension” program within a larger community and not something you’re going to find online.
These higher end groups are run much like a country club with high fees keeping membership just to those members who can afford to “be in the room”. That’s not a bad thing, mind you, and it helps to screen members as part of a larger application process.
Cost wise, membership is typically in the $25,000-45,000 range per year and that doesn’t include travel or accommodations. Businesses are typically in the $3mm-20mm in annual revenue range.
Meetings are typically 2-4 times per year, often for 2 days, and usually somewhere far away. I’ve been parts of these high end Mastermind groups and destinations include private tucked away mansions, Caribbean resorts, luxury ski mountains, and other exotic cities around the globe.
Expect to spend at least one day traveling to and another day traveling from each meeting with anywhere from 2-5 days actually at your destination.
The caliber of members you’ll connect with is high, the time provided lets you go deep, and you have “down time” to get to know other members, too, which is valuable.
The frequency of meetings, however, being only two to four times per year, means that you’re typically not working on tactical changes and are usually more at the strategic level with a lot changing in each person’s business between meetings.
Lastly, these are typically “guru led” groups where everyone is in the room because they want to be around the group organizer specifically as they’ve read their books, taken their courses, attended their events, and want to learn more from them. The other group members – like you – are secondary.
- High caliber members
- Exotic / Luxury destinations
- Time to dive deep
- Expensive ($25-45k/year + Travel / Accommodations)
- Lots of travel required (4-7 days 2-4x per year)
- Far Away
- Infrequent (Only 2-4x per year)
Monthly Full Day In Person Mastermind Groups
The third category of Mastermind you’ll find out there are like our Bay Area Mastermind where we meet in person once a month for a full day of working ON your business.
The full day format allows enough time for each member to present on their business and dive deep while still providing downtime between each member session to network and connect with other members.
The monthly cadence provide enough time for implementation but not so much time that a business has completed a full pivot between meetings. There is accountability and the time to implement on the items that matter – both strategic and tactical.
Members are still investing in group membership – both financially and with their time – and are committed to growing their business. Membership in these kinds of groups typically ranges from $497-$1,297 per month.
These groups are sometimes “guru led” (see above), but are often far more about connecting with the other members in the group and the group leaders’ role is more about facilitation and connection.
Expect to be around local, vetted, like-minded members like you who more identify as entrepreneurs, founders, and business owners (vs. “solopreneurs” or “small business owners”).
Fellow members are growth focused, have team members supporting them, are profitable, and typically have revenue in the $500k-$5mm/year range.
Format wise, at the Bay Area Mastermind, for example, each member has a dedicated presentation slot during the day where they cover four main topics:
- What’s Changed Since Last Time (i.e. accountability)
- What’s Working Well (with resources to share)
- What’s Not Working (and lessons learned)
- Where They Need Help (i.e. biggest challenge)
Some months may even feature a sourced guest expert speaker on a topic that the group is looking to learn more about. At the Bay Area Mastermind, for example, past experts have run workshops with us on topics from Exit Strategies, PPC Marketing, Book Authoring, Crypto, Email Marketing, Hiring, Financial Planning, Membership Sites, and so much more.
- Vetted members investing in themselves and their businesses like you
- Local and nearby (no travel)
- Time to dive deep
- Time to connect with fellow members
- Monthly cadence allows time to implement bigger initiatives and be held accountable.
- Requires a full day once a month to focus ON your business
- Requires a commitment and an investment in yourself and your business
Choosing The Right Mastermind Group Nearby
So how do you choose the right Mastermind group “near me”?
You’re likely looking for a group that is:
- Local and nearby so you can drive in and back the same day
- Focused on businesses of a similar size to you looking for peer advisory
- Discerning in members with a good vetting process and membership investment
- Able to provide enough time to go deep into each member’s business / challenge
- Generous with time to connect with fellow members for deep connection
Once you’ve found a mastermind group, ask if you can meet some of the members in a “test drive” and actually participate in the Mastermind for a day.
While in your prospective Mastermind, ask good questions of your group. Participate. Challenge what doesn’t make sense. Share resources. Be open and honest. Provide feedback and input in your area of genius.
Worse case, you meet other local business owners like you that “get you” and understand the challenges that you’re facing – members who’ve “been there, done that” and can provide unbiased feedback. And you walk away with some new ideas and input on the ideas and challenges you already had.
Best case, you find the community you never knew you were missing, your second family, “your people.”
Who’s Your Peer Advisory Group?
Who do you bounce ideas off with, get expert insights from, and share resources with?
Ready to connect with like minded Business Owners, Founders, and Entrepreneurs who’ve “been there, done that” ?