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Mastermind group vs private mentoring? If you are looking to invest in support to take your business to the next level, it can be difficult to know what is best. In this blog post, I’m going to walk through some of the major differences between a mastermind group and private mentoring so you can make an informed decision about what is best for you and your business.
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MASTERMIND GROUP VS PRIVATE MENTORING: WHICH IS BEST FOR YOU AND YOUR BUSINESS?
What is a Mastermind Group?
A mastermind group is traditionally where a group of peers will come together to support one another. It’s a space where people will share problems and then work through ideas and solutions with the rest of the group. Napoleon Hill is often quoted as being the person who made the term popular, and I first came across the term in his book Think and Grow Rich.
In recent years masterminds have grown in popularity in the online space. But some masterminds don’t work in the traditional way. For example, traditionally a mastermind would have been a small group 8-12 who could all sit around a table. Now it is possible to get into a mastermind where there are 10s of people (which in my eyes is more like a group program). Also, with masterminds that are hosted by a coach or mentor there is likely to be a larger emphasis on getting support from the said coach or mentor, and then the support from the peers is additional.
A mastermind group will usually meet up at a pre-determined frequency, which can happen either online or in-person.
What is Private Mentoring?
Private mentoring (also called one-to-one mentoring, individual mentoring or 1:1 mentoring) is where you’ll work directly with a mentor and be given personalised and tailored guidance and support.
Mastermind Group vs Private Mentoring: What are the main differences?
One of the reasons why it can be difficult to choose between joining a mastermind group or investing in private mentoring is that both are great options, which will help you. However, there are some key differences and understanding them might help you to choose which is best for you and your business.
When looking at a mastermind group vs private mentoring here are some of the key differences:
Support
In a mastermind you’ll be supported will be in a group format. You could be on group calls, have a private online community (like a Facebook Group, Telegram, Slack etc) or meet in person. You’ll be able to get support from both the facilitator and the peers.
In private mentoring you’ll be working one-to-one with the mentor. This means all of advice and support will be tailored and behind closed doors.
Cost
Due to the lack of proximity it is usual for a mastermind group to cost less than mentoring (but that isn’t always the case)
Focus
Masterminds will often have a focus so the group has some similarities, which means working in a group format can still be powerful. For example, there are masterminds for business owners in specific industries or at a certain level of business. In private mentoring, since it is just you and the mentor, the focus can change and that is ok.
Networking
A major advantage of being in a mastermind is the networking opportunities. Working in a close group format with people often an extended period of time gives you the opportunity to develop strong relationships that can last long after the mastermind is over. This is very different to working with a mentor one-to-one where you may not even know who any of their other clients are.
Accountability
In a mastermind there is the opportunity to get accountability from both the facilitator, as well as other members in the group. However, if you don’t keep to a commitment you might not be truly pulled up and given the support to actually follow through. Whereas in private mentoring the accountability will be done by the mentor and since you are their sole focus in session they’ll be able to work with you if you aren’t following you to find out why and help you to take the actions you’ve agreed to.
Who Benefits Most from a Mastermind Group
As you have seen there are some considerable differences between a mastermind group and private mentoring, and the fact is certain people will benefit more from one than another depending on their personality type and their current goals.
A mastermind group is a great option for you if you are looking to build a community with other business owners who get it. With the opportunity to share your experiences, hear other people’s experiences, support and be supported over an extended period of time there is the ability to build strong relationships.
Masterminds also work best for business owners who are happy to share infront of others. To get the most out of a mastermind you’ll have to be willing to be honest in front of others, which can be difficult for some. As someone who has cried on a group call with my business coach I know this isn’t something everyone is willing to do.
Also to get the most out of a mastermind you’ll want to ensure your business goals and the focus of the mastermind are closely aligned. Due to the focus in a mastermind being limited those who get the most out of a mastermind will have a business that at the moment fits that mastermind. For example, for my mastermind LUMINARY is designed for online service providers who are aiming to hit six-figures and multi-six figures in the next 12 months – and are predominately using organic content marketing to drive those sales. Therefore if a business owner is relying on networking, ads and affiliates then it wouldn’t make sense for them to be in LUMINARY.
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Who Benefits Most from Private Mentoring
Given the personalised nature of private mentoring it works best for those who don’t fit the mould – and that could be your business doesn’t fit the mould or you have a different situation. For example, a number of my private mentoring clients are serial entrepreneurs with multiple businesses. This means when making decisions about one business we’ll often be considering how that works alongside their other businesses.
Private mentoring is also a good option if you prefer to keep things private. Working directly with a mentor means they are the only person you have to share information with and that may enable you to properly open up, which will enable you to move the business in the direction you truly want and in a way that really works for you.
Also, with private mentoring you’ll get more expert guidance. If you are someone who wants focused personalised attention then working directly with a mentor is a good option. For example, with all of my 1:1 mentoring clients I will physically map out launch plans, offer suites and funnels, as well as reviewing sales pages, emails and social media posts.
| GET PRIVATE MENTORING TO GROW YOUR BUSINESS ON YOUR TERMS
Each year I take on a limited number of 1-to-1 mentoring clients to help them to grow their business on their terms. If you are a (predominately) online service provider who wants grow your business in a way that truly works for you then my 1:1 business and marketing mentoring will help you to do that. I’ll be by your side (as a business mentor, marketing strategist, accountability partner and cheerleader all rolled into one) for 6-months with totally personalised support based on the goals you share at the beginning of our time together. |
Like The Sound of Both? Look out for Hybrids
If you’ve just read through the differences between a group mastermind and private mentoring, and you’ve looked through who will benefit most and are thinking I want both then you might be able to.
There are a number of masterminds, LUMINARY included, that are now hybrid, which means that you can get the best out of both worlds.
Usually what will happen is that the majority happens in a mastermind format, but there are some one-to-one elements. This combination is very powerful as not only does it give you the opportunity to have those moments where you can be super honest or tackle something very personalised, but these one-to-one elements with mean the faciliator knows your business closely so even when asking in a group format afterwards you’ll get better support.
That’s why in LUMINARY you’ll get an onboarding strategy session and then quarterly strategy sessions.
How to Decide Which Is Right for You and Your Business?
Mastermind Group vs Private Mentoring vs Hybrid – what sounds best for you? If you are still struggling to decide here are some final questions to ask yourself
- What is my goal for the business over the next 12 months? And to achieve that goal what is going to be the most important – Accountability? Tailored support? Community? Brutal honesty?
- Are you able to take generalised advice and then adjust it so that you can apply it your business?
- Do you think you’ll be honest enough in a group format for you to get the advice you need?
- Is there a mastermind that you think “yes this sounds like me and my business and I’ll fit in perfectly?
That’s it. You now know the differences between a mastermind group and private mentoring and should be able to choose which is Best for You and Your Business.
There is no doubt that deciding to invest in a mastermind group or private mentoring will help both you and your business. But as shown there are some differences between the two and that might mean one may be better for you and your business than the other.
Let me know in the comments what your biggest takeaway has been.
And if you decide private mentoring is for you you can check out my 1:1 Business and Marketing Mentoring here.
And if you are looking for a hybrid mastermind you can check out Luminary here.
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