Investing in business coaching or a mastermind group can propel your business to the next level. But which one should you choose? Learn what to consider as you make this important business decision in today’s podcast episode.
Are you interested in growing an online business? Do you want to pick the brain of someone who has done it?
This has to be one of the most common questions that I get – how I run my business and how I got started with building Simple Pin Media.
So today, I am offering some insight into how I have grown Simple Pin from very humble beginnings to a team of 40 and a company that manages Pinterest accounts for more than 130 clients, and much more.
This episode will not be covering Pinterest marketing. So if this is your first time listening to the podcast, go back and listen to our recent episode about setting Pinterest marketing goals. And make sure you download the Simple Pin Pinterest Planner to get 20+ pages of tips and tricks to help you in your Pinterest marketing.
Coaching Group or Masterminds: Which One’s Right for You?
One thing people ask about often is coaching and mastermind groups.
I do take advantage of one-on-one coaching for my business. It’s one of the first things I invested in when we decided to grow SPM from being a side hustle to an actual business.
It was a big investment but was something that I knew I needed. I invested in my first business coach, Leslie Samuel. He allowed me to see my business from a different perspective.
I’ve also done paid masterminds and am now in two peer masterminds. I’m also currently back in a one-on-one coaching situation.
Should you invest in coaching or a mastermind group?
Through the experiences that I’ve had, I feel like I can share some advice on which is best for you and your business.
Before you make the decision to do coaching or a mastermind, there are four things you need to consider.
1. Your Why
Why do you need somebody to help you reach your goals?
Who is the person that can help you reach those goals?
This means you need to know why you’re actually hiring someone. Knowing this is incredibly helpful for you and for whoever you end up hiring.
2. Time Commitment
How much time do you have to commit to the coaching, meetings, and the tasks you’ll be assigned as part of the process?
If you do private coaching, you can plan to meet 2-4 times a month for about an hour. In a mastermind, you’re potentially meeting every week, for much longer, depending on how many members are in the mastermind group with you.
3. Your Personality
I’ve talked a little bit about the Kolbe personality test on the podcast. I’m a fact-finder – I like to gather a lot of information before I make a decision. Joining a mastermind is hard for me because then I have a lot of different opinions speaking into my business. Given my personality, I make better decisions with just one person giving me feedback.
Knowing how you’re wired will help your coach or mastermind know how to push you forward.
4. Your Budget
This is a big one.
How much are you willing/can afford to spend on a mastermind or for coaching?
I set aside money to invest in these particular areas of my business because I knew that there would be a return on my investment. A good rule of thumb is to allocate about 10% of your overall budget for courses, coaching, or mastermind groups.
The Difference Between Coaching and Mastermind Groups
What is the difference between coaching and a mastermind group?
Peer mastermind groups – In this type of mastermind group, you get together with a group of other people and meet weekly or bi-weekly. I recommend you don’t join a group larger than 6 people. I am part of two peer masterminds: one with 4 members and another with 5 members.
In any mastermind or coaching relationship, everything that’s shared should be confidential. It’s not always about sharing business tips. Group members also encourage each other in so many other areas of life.
Paid mastermind groups – While the relational aspect of peer masterminds can be so much more important than anything you can pay for, sometimes a paid experience is what you need for your business.
Personally, I prefer coaching over paid masterminds because of my personality. I think that most of us don’t need to pay to have more people just giving us ideas for our business. Most entrepreneurs are not idea-poor.
Maybe you can’t find the collaboration or relational aspect you’re looking for in a peer mastermind and that will make it worth it for you. You just need to make sure you’re getting a return on your investment.
Coaching – This is usually a one-on-one interaction in which you meet about 2-4 times a month. Sessions are typically an hour long and can take place via video, email, Voxer, or texting. A coach works with you and assigns action items for your business.
You can discuss personality types and what exactly you need from your coach to propel you forward. I chose my coach to help me grow my agency holistically. We’ve overhauled our departments and messaging in the time we’ve worked together. So the return on my investment has been significant.
Vet the Coach
Before you hit the “buy” button for coaching sessions, be sure to interview the person. You need to get them on a call and ask them some specific questions. Have 4-5 questions ready to go.
Are you the type of person who gets sucked into a promotion or do you wait until you really need it for a specific skill? I would encourage you to always stop and ask others their opinions. Getting feedback is one of the most important things you can do.
Everyone is in this business to make money. But you want to make sure that the person who is coaching you is not only making money from coaching you, but also helping you make more money for your business.
A low-cost alternative to coaching is membership communities.
You will get targeted feedback from the leader and the community, as well as training. You’re also able to ask questions of the community.
These membership communities are a good entry point that allow you to get through the content with an ongoing coaching model without the fee of one-on-one coaching.
I’d love to hear your experience with coaching or mastermind groups. When I get questions about coaching and masterminds, I can also point them to your comments.
For Further Reading/Listening: