Four Types of Business Masterminds

Business masterminds are groups of business owners, speakers, or creatives who have a commonality in the way or type of business they have. The purpose of joining a mastermind is to assist you in accelerating your business and reducing the time it takes you to achieve your goals.

There are many different types of masterminds you can join. To decide which type of mastermind you’d like to join, you’ll want to start with your end goal first. For example, do

you want to know more about your industry? Are you looking to network with complimentary businesses? Would you like to know more about productivity software or meet others in the same industry as yourself?

Once you have connected your business goal to a purpose for networking, then you can choose a mastermind that will be most helpful to growing your business. Since there are many types of mastermind groups, you’ll want to narrow down what types of groups you’ll want to network with before you jump in together. While some masterminds are free, others give a free trial or are a monthly membership, so keep in mind the amount of time you have to spend when you join a mastermind to get the full benefit of membership networking with other members.

Here are four different types of masterminds you can join and the formats in which masterminds are offered. When choosing a mastermind, make sure you are stoked to jump into it and meet each week with the members. If you’re not passionate about the focus or the members of the group, your membership will be short-lived.

Industry-Specific Masterminds 

These groups focus on a specific industry, such as real estate, digital marketing, or e-commerce. If l you’re looking to learn more about your business vertical, this is the type of mastermind you’ll want to consider. 

Niche-specific Masterminds

These groups cater to a specific niche within an industry, such as luxury real estate or affiliate marketing. Niche masterminds are specific to a sub-category within an industry and have a very focused target market. 

Entrepreneur-specific Masterminds

If you’re looking for a group of entrepreneurs looking to get started or have recently started a business, this is the group for you! These are groups designed specifically for entrepreneurs, start-ups, and small business owners across all industries. The goal for these masterminds is to help entrepreneurs succeed in their first year of business, no matter what type of business they have. In addition, these groups usually give emotional support and help you through the highs and lows of owning a business.

Executive-level Masterminds

An executive-level mastermind will be a good fit if you’re a C-level corporate employee or an executive business leader. These groups cater to high-level executives and business leaders and typically have a more exclusive membership. These masterminds will have a different jumping point and pace than other types of masterminds, and members are expected to participate at a higher level, so keep that in mind if you’re looking to join an executive-level mastermind.

Mastermind Formats

Now that you understand the basic types of mastermind groups, you’ll need to choose a format you like. The format is just as important as the type of mastermind because the format of the mastermind is also a factor in how involved you’ll be in the group. 

Make sure to choose a format that works for your schedule and your interests. Lastly, consider the amount of time the mastermind meets. For my schedule, meeting more than an hour cuts into my work time too much, so I only join networking and mastermind groups that meet for an hour or less each week.

Online Mastermind Groups

Online masterminds are virtual groups that can be accessed from anywhere and may be facilitated through video conferencing, chat, or forums. While these are convenient because you don’t have to spend time traveling or dressing up, you don’t get the same interaction as in-person meetings. However, if you like the members and the group’s focus, and there isn’t a mastermind with a focus you like in your geographical area. An online mastermind may be your only choice. 

Another benefit of an online mastermind is the larger quantity of available mastermind options. You’ll have more choices of the types of masterminds when you’re looking at the online format.

Regional or Local Masterminds

Local mastermind groups bring together business owners and entrepreneurs in a specific geographic area for in-person meetings and networking opportunities. I prefer these types of groups because you get to talk one-on-one to other members of the group and get a better read on other members. Another benefit is spending more time together in person and getting to know the other mastermind members better when you’re in person.

A mastermind is a great way to accelerate your business and personal growth as an entrepreneur. In addition, you can also add other business owners to your network who you wouldn’t have met if you didn’t join your mastermind. Take advantage of a mastermind near you or online to reap the benefits of group problem-solving and support for your company.

And if you’re looking for a marketing mastermind to help you with your digital marketing, come and join the Marketeers Mastermind Community! Get your marketing questions answered live or in our group and find out how to build your marketing organically from the ground up.

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