Historically, mastermind groups for business owners were small, tight-knit communities that would develop naturally. Later, these groups were developed strategically, typically with a leader pulling different business owners together. Eventually, influencer culture and large-scale business development led to the commercialization of mastermind groups because they are such an effective tool for your business.
Online Mastermind Groups Became Common In 2020
Mastermind groups moved online in 2020 when group Zoom calls were free and no one was leaving home. As work-from-home and hybrid work have become more and more common over the past few years, so has the emergence of online mastermind groups.
2020 revealed to a lot of business owners that they need help. Businesses that could survive a comfortable economy were sent reeling in an economic spin we have never experienced before. Business owners were desperate for business advice from other business owners as well as professional business coaching for their business. The only problem was we could no longer meet in person for our mastermind groups.
That is when more mastermind groups moved online. For the past 20 years, there have always been virtual mastermind groups for business owners since many business owners need to be more tech-savvy, with many business meetings taking place on Zoom or Google Meets.
What Are The Pros & Cons Of Virtual Mastermind Groups?
Just as we learned that virtual work and meetings have many benefits, we also learned that there are apparent negatives to online meetings compared to in-person ones. We are going to explore the pros and cons of online mastermind groups.
What Are the Benefits Of Having Mastermind Groups Online?
There are so many benefits to having your mastermind group online. Just as there are benefits to working from home, being part of an online mastermind group allows for convenience, a possible increase in group quality, as well as flexibility for a business owner’s busy schedule. Below are the key benefits to being part of an online mastermind group:
1. Find The Best Mastermind Group Members
Online mastermind groups for business owners mean you are no longer limited by location. Your mastermind group can be carefully crafted into an effective group of individuals.
2. Online Masterminds Are Not Limited By Location
As mentioned above, location no longer limits your mastermind group. This is not only beneficial for bringing together people from different places around the world, but it means the mastermind group will have a wider world view. Also, there is so much convenience when work takes you to another location for a week, that you can still attend your mastermind group.
3. Convenience Is A Key Benefit To Online Masterminds
You just saved 2 hours not having to commute to a mastermind. You were able to go to your mastermind even though you worked from home that day. Mastermind groups that take place on a Zoom call open up a world of convenience.
4. No Competitors In Your Online Mastermind Group
If you have a mastermind group that is industry-focused and meets in person, it is likely you are bringing top competitors together. What this means is less honesty and less sharing about important aspects of business growth and operations. With an online mastermind group, you can avoid direct competitors.
5. Effective Information Sharing Online
Have you ever met with a mastermind group in person, and half the group is talking about a video or business tactic only half the group is familiar with? With an online mastermind, you can quickly watch the video together. Or has anyone in a mastermind group said they would share this amazing resource when they get back to the office, and they never share it? In all online video conferencing, you can send links, share files, and effectively share resources.
6. Clear Scheduling With Online Mastermind Groups
Since the mastermind is online, everyone knows where it takes place. There aren’t any business hours conflicting with the work schedule. A mastermind group that is held online makes it simple and convenient for everyone.
7. Online Mastermind Groups Can Be Lower Cost
Usually, this is the first question a person asks before joining a mastermind: How much does a mastermind group cost? If the mastermind groups meets online it is automatically more affordable because a space does not need to be rented for each meeting, there isn’t the cost for the commute and with that convenience comes the affordability of being part of an online mastermind group.
What Are The Negatives Of Having Your Mastermind Group Online
While there are many positives to technology, there are also negatives that can impede your mastermind group’s effectiveness and growth. We have carefully considered these negatives at Business Builder Camp because we care about our mastermind group’s effectiveness and have certain tactics to counteract the negatives that we will share at the end.
1. Constant Online Mastermind Group Rescheduling
Rescheduling can occur a lot when your mastermind group is online. While it is convenient to schedule and plan, it also lowers the commitment level and allows for easy cancellation.
2. Technology Problems In Online Mastermind Groups
We have all seen major technical failures happen on Zoom. From people literally getting caught with their pants down to government officials having a cat superimposed over their face. Technology problems can hinder your mastermind group online.
3. Online Masterminds Lack Of Personal Connection
Meeting in person adds a personal touch. People who are interacting in person are able to develop a deeper connection.
4. An Extra Barrier In Communication With Online Mastermind Groups
While there is the personal barrier of being online, there is also a communication barrier. On Zoom, there is always hesitation and lag time between people talking. Body language and eye contact is hindered in a way that conversation is hindered.
5. Online Mastermind Group Security Concerns
Sometimes, information and security breaches occur. Or the person joining your open mastermind group does not have your best interests in mind. Unless you are in a professional mastermind group, you may have security concerns with the online group.
How To Counteract The Negatives Of A Virtual Mastermind Group
All of the negatives of digital mastermind groups can be counteracted very simply. By doing the following, you can keep from rescheduling occurring, tech problems from hindering the online mastermind, or any lack of communication or personal barriers that can develop.
Join Our Online/Hybrid Mastermind Group
Be part of a professionally run mastermind group with a set schedule and occasional in-person events. Join Business Builder Camp to enjoy the positives of an online mastermind without the negative drawbacks.