Next time you're networking with a group of entrepreneurs, keep your ears peeled for a certain word floating above the conversation.

The word is "mastermind," and it's a concept that is trickling down from the multimillion-dollar start-up set to homegrown entrepreneurs like you and me.

If you're not familiar with the term, the term "mastermind" can have a very "Great and Powerful Oz" sound about it. Simply put, a mastermind is a small, very focused group of business owners who meet regularly to sharpen and strengthen their business strategies.

One of the biggest advocates around for mastermind groups is Jaime Tardy, founder of EventualMillionaire.com. Jaime is the kind of person anyone would want in their mastermind group--she has razor-sharp focus, unwavering commitment to her goals, an insatiable appetite to learn...and she's also a lot of fun to talk with!

Jaime joined me this week to talk all things mastermind, and the takeaway is hugely informative. If you've been thinking about creating or joining a mastermind, or even if this is the first time you've the term, this episode is going to spell out exactly what the benefits are, what kind of mastermind you should be looking for, and how to conduct operations once you get started.

Jaime also put together a worksheet for forming your own mastermind, complete with email scripts for contacting potential members. Click here to download it so you can get started right away!

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Should I Pay to Join a Mastermind?

There are lots of opportunities out there to join an existing mastermind for a subscription fee. I did this early in my business, and it was helpful...but Jaime says that the most valuable masterminds don't involve money changing hands.

"Peer masterminds," as they're sometimes called, have these advantages over paid groups:

You have equal say to everyone else in the group--no single person is controlling it.
They tend to last longer than paid subscription-based groups.
It's easier to form true friendships with others in the mastermind.

Should My Mastermind Only Have People from My Niche?

Definitely not! Jaime is in a mastermind with a financial advisor, an internet marketer, and a professional sword swallower! What they do have in common is a high regard for systems and processes, and a level of success that they're trying to reach.

"You have heard the quote, 'You are the average of the five people that surround you.' We want the level of just about everyone else in the group to be about the same, or at least have different niches of what they can talk about. You want to make sure that each person has an expertise that other people could use."

It's also a good idea to reach out to at least one or two people who are way more experienced or profitable than you currently are. These people will raise the bar on the meetings and bring insight that could take you months (or years!) to achieve. These people should be at the top of your list to invite to your mastermind...even if it's a little scary to reach out to them.

"If it scares you, that’s a good thing. You are going to be creating something that you can have for three to five years. This group could help your business make so much money. Yes, you might be super scared to email them once. But what’s the worst that will happen?"

What Happens in a Mastermind Meeting?

You can organize a mastermind meeting in any way that makes sense, but here is the rough outline that Jaime's mastermind uses:

First 15 minutes: The group goes around on the call and shares their wins from the previous week. Whether it's making a million dollars or cleaning off their desk, no victory is too small to share.

"We are always looking forward, and never realize the amazing stuff that we are already accomplishing. So being able to share that lets us all rejoice in each other’s wins. And it is really inspiring."

30-40 minutes: Each week, one member takes the hot seat with a specific issue they're facing in their business. They bring any collateral or examples that can help inform the members about the issue--they might even email everyone ahead of time. The rest of the group will weigh in on the issue and offer their unique expertise to solve the problem.

"You can bring whatever you want to the hot seat. You talk about it and at the end you usually have some sort of clarity or direction to go in whether it be a resource, something to try, being introduced to a person. That makes a huge difference."

Final 10-20 minutes: The group selects the next member to take the hot seat for the following week. With the others' help, the upcoming member reviews his/her goals for the quarter, so that the group can help them solve a problem that gets them closer to that goal.

"As entrepreneurs, we can get really distracted. We are trying to make sure that our actions actually align with what we want. That is when you see massive progress."

How Do I Know if My Mastermind Is Working?

The same way you know if any relationship is working--if you feel mostly positive effects from being involved with it.

There are definitely masterminds that are not a good fit for you, that just don't offer what you're looking to get out of it.

Or perhaps it's going great for you, but someone else in the mastermind is routinely late to meetings, participates minimally, or contributes negative energy.In either case, a few meetings is usually all it takes to know that something's not working right.

"The level of commitment matters. If it doesn’t, people are not going to feel like they are getting value from it, and they will start backing off or will quit. And then it starts to feel icky."

Get Jaime's insights for keeping your mastermind on track! Click here to listen to the full interview now.

Commit to Your Own Success

It can take one or two tries to find the right group of people for your mastermind. But from my own experience, I can tell you that my entire business changed when I finally locked into the right group.

I want you to have the same experience, so if this is something you have been thinking about for a while, commit to yourself:

"In 30 days I will have created my own small mastermind of five people."

Best of all, forming your mastermind is so incredibly easy if you follow Jaime's step-by-step worksheet. Click here to download it now!

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Get the 6 Easy Steps for Forming a Mastermind

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