In this video, we are going to talk about how to run a successful business mastermind and I have a lot of experience. I have been a part of masterminds. I have also run a lot of masterminds. So, I am going to tell you some of the advice that I have learned over the years.

First of all, let me tell you the format that I use currently for my masterminds. We use what is called a rotating hot seat which means that in each session we focus on a different person’s business. So, in the early days, each person was allowed maybe 15 minutes to share. If you are not aware of what a mastermind is, let me just explain how my masterminds usually work. Typically, my masterminds have six people involved and that is was the way it was in the early days. Each person would get 15 minutes.

We meet every other week now. One of the things I found out about meeting every other week is that people forget which week they were to meet. They would think, “Oh, is our meeting this week or is it next week.” They do not get in the routine when it is every other week. So now, I have all of my meetings, all my mastermind meetings for one hour, once a week. That seems to be a good rhythm because you know every Wednesday at 12:00, we will have a mastermind. There is no question. There is no thinking is it this week or is it next week. There is no forgetting about it because you are not in the flow. So, that is the first part.

Now, I do the rotating hot seat so each one of those six people now gets a full hour, more or less, focused on them. When I say more or less, it is actually only 40 minutes that they get focused on them. The first 10 minutes, we go around and we ask everyone what they accomplished the previous week. We ask for an update on what they did last week. So, that is the first 10 minutes. So, the first 10 minutes we go around all 5 or 6 people and ask what they did the week before. The last 10 minutes ask everyone about their action items. What are their action items and what are they going to get done by the following week. This is my favorite part of the mastermind because this forces you to actually say, what that you are going to take certain actions and are going to get certain things done. I would almost always say something that I have been thinking about doing and I have wanted to do but for whatever reason, I just did not get myself to do. An example of this might be “All right, I am finally going to order the catalogs for Bdancewear. I have been talking about it but I just have not clicked that buy button yet.” When you say it out loud and you say it to the people that are going hold you responsible for it, you end up doing it. So, that is one of the big things I have found there. So, we do a rotating hot seat 40 minutes, 10 minutes at the beginning going around with updates and during the 10 minutes at the end with action items.

Some other things, some other tips for running a successful business mastermind are to try to get people right around the same level in the group. I have mixed different people and you know the inexperienced people tend to be happy that there are higher level people in the group but the higher level people hate that. Also, I do not feel like the less experienced people get quite as much out of it when everyone else is at a higher level because the kind of questions that they have just are not really relevant to the higher level people.

If you are running a meeting, one of the things you need to do is just try to get involved and try to get everybody talking. Try to see if someone has a question and make sure that they have an opportunity to ask their question. It is all a lot of common sense stuff here but that is the format for my mastermind meetings.

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