The Power of Masterminding – WPCAST035

Masterminds have had a huge positive impact on both our businesses. In this episode, we share what we’ve learned participating in various mastermind groups.

The Core

• Types of masterminds we’ve tried:
  • Startup mastermind:
    • Format once a week
    • Officially 10 people but usually only 6 showed up
    • Got a lot out of it in the first few months but felt there were diminishing returns
    • Problems: businesses were too different, too many people, not everyone attended regularly, time zone issues (the reason why I ultimately left after about a year, when I went back to the US)
  • Our WordPress mastermind, 3-4 people, weekly, then monthly, now semi-monthly
  • DCBKK mastermind:
    • One day
    • People were matched up by the DC staff
  • Heroic Escape
    • 10 day retreat, luxury accommodation and activities in Ao Nang, Thailand
    • Cody McKibben of Thrilling Heroics
    • This group is 6 people, not sure what the maximum size would be, but guessing it would have to be kept under 10
  • “Ongoing in-person mastermind”
    • small group of people to talk business with / coworking
• Takeaways/advice:
  • Find mastermind members in places like Matt Medeiros’ Matt Report Pro, Dan & Ian’s Dynamitecircle, Rob & Mike’s Founder Cafe
  • Twice a month seems to be a good balance, once a week is too often, once a month isn’t often enough
  • Keep the group small (maybe 6 or less), otherwise everyone gets less time each call, or it takes too long to get a turn in “the hotseat”, it’s easier for people to skip in a bigger group because there are plenty of others
  • Relevant businesses are helpful
  • Structure is important