Both coaching and mastermind groups are a step forward in business growth, especially for business owners who are looking for actionable tips on how to scale up or grow their businesses. But which option is the best for your business? When are masterminds better? Well, let’s find out.
For starters, business coaching entails interaction with a professional coach who advises you and assigns action items based on the needs of your business. It is usually done through one-on-one physical interaction, video, email or texting. You can discuss your business goals, issues affecting your business, leadership style, personality, or anything you may need your coach to help you accomplish.
On the other hand, masterminds entail interacting with other like-minded people to share business strategies, challenges, and other issues that may be affecting the personal lives of members of the group. Mastermind meetings are held based on the group’s agreement and can be weekly, bi-weekly or monthly.
There are instances when masterminds make more sense than coaching, including:
When you are looking for refinement and support.
To be a successful entrepreneur, you need a good support system to take your business from one level to the next. However, finding empathy in your own circles is never easy. Although your close associates might be somewhat supportive, they may not understand your business challenges. A mastermind group gives you an opportunity to share with like-minded peers who “get” what you may be going through and whatever you are trying to do. A mastermind can give you the needed support and help you remain motivated during your low moments.
When you want to scale your business.
Unlike coaching that tends to be more focused on business growth, masterminds are suited for people who are looking to scale. In fact, there are certain masterminds that are only composed of business people who are already earning a certain amount of money per month and are already growing their businesses. Members of such mastermind groups are looking for ways to scale their businesses and get more freedom as well as move towards diversification of their products and services.
If you are looking for networking opportunities.
Members of mastermind groups are mainly successful people who are looking to interact with other members with similar qualifications. Joining business masterminds gives you a chance to make valuable connections that could open new doors for your business. Unlike coaching where you only meet and discuss your challenges with a coach, mastermind allows you to share and make connections with leaders and business owners that you wouldn’t be able to access otherwise.
When you are looking for better problem-solving opportunities.
Unlike coaching where you only listen to insights and ideas from your coach, mastermind group entails a mix of leaders and business people who participate in a group to ensure that there is a fresh and unique approach to problem-solving. By sharing your challenges with people in other industries, who are facing similar challenges, or who may have faced such challenges in the past, you get a variety of ideas which help you solve your problems better.
Hopefully, now you know why joining mastermind groups makes more sense than having a business coach. Like any other business move, it is important to do background research on the business mastermind you plan to join. For instance, take your time to learn about the group’s policy, the composition of its leadership, and what you want to gain by joining the group. If you are not free to share business insights with competitors or people in your industry, for instance, look for masterminds where you would be the only representative in your niche.