One of the best-kept secrets of success, besides coaching, is masterminds. Having a group of like-minded people helping each other to grow is a remarkable business growth tool. Some of the benefits of a mastermind include access to strong networks, accountability, referrals, emotional support, and powerful high-value friendships. You can really change the course of your business by joining an effective mastermind.
When it comes to masterminds, you have the option of paid or peer mastermind. Each one operates differently and consequently, each delivers a different result. How do you know the right one that fits your needs? Here is a list of the major difference between the two types of masterminds.
The first difference between a paid and peer mastermind is that the former is organized while the latter is not. This is because paid masterminds are run by effective facilitators that manage the group. Although they don’t really control everything, they ensure things are on track. It is the job of the facilitators to ensure the discussion is flowing and everyone is benefitting from the meetings. Peer to peer masterminds, on the other hand, are handled by the members of the group. Although these can run smoothly, most of them often lack a sense of direction and organization.
To state the obvious, paid masterminds are, well, paid. The members of the group must pay the facilitator in charge of leading the meeting. The cost covers their skill, experience, time, and commitment to running the group. Peer-to-peer masterminds are often free.
If you are looking for a mastermind that will keep you on toes, a paid mastermind has got you covered. For some reason, human beings take paid stuff more seriously than free stuff. In a free peer-peer mastermind, members are likely going to skip meetings, fail to be accountable and fail to follow through with what they learn during the class. However, those who put their money on a paid mastermind are likely to be committed and stay the course until the end.
Thanks to the presence of an actual facilitator, it is easy to become accountable in a paid mastermind. This is because the individual will keep track of your progress, reminding you about your goals and promises until they come to pass. The other group members are also happy to hold you accountable no matter what it takes. They will call you, write emails, and even drop by your company to see how you are doing. Sadly, this level of accountability is not common among peer-to-peer mastermind groups. You’d be lucky if you form strong friendships that stand the test of time.
Most paid partnerships are curated to ensure that people who share the same goals are placed in the same group. The person running the group takes their time to carefully select the people that are in the same stage in matters business. They won’t place millionaires with billionaires because they will have very few things in common. With peer-to-peer masterminds, it is not uncommon to run into groups that have people with varied purposes. This compromises the effectiveness of the mastermind group in the long run.
Finally, the price barrier is a filter of some sort. It locks out jokers and people who don’t want to put their money where their lips are. This is a good thing for those who find themselves in such a group. It means everyone is willing to pour their hearts and evolve together. This is where you will get honest feedback and solutions that free masterminds don’t offer. People are willing to become vulnerable and share their deepest fear, concerns, and words of wisdom in a safe and secure space. This opens the door for great value as opposed to being in a free mastermind that is open for all.
You know by now that a peer-to-peer mastermind doesn’t compare to a paid mastermind ineffectiveness. In a world where businesses fall over, it is vital to do all you can to keep yours running for the long haul. As you hustle your way out of the struggles that come with running a business, don’t forget the importance of being in a paid mastermind group.