A mastermind is a support group of like-minded individuals working to achieve a certain goal, and it’s one of the best resources an entrepreneur can have. This article will explain how to start a business mastermind on Facebook, and how to run it. Most businesspeople have heard of masterminds at some time, since the term was coined by Napoleon Hill in his book Think And Grow Rich. Finding such a group is easier said than done, though, and it’s even harder to keep it going as members’ schedules diverge. Hosting an online group that members can go in and out of on their own time is easier for everyone.
This article is part of a series inspired by the YouTube video, “7 Leverage Tools The Rich Use To Make Money,” by The Better Men Project. It covers tool #2, other people’s knowledge; #5, their network; and #6, other people’s ideas. Understanding how the very wealthy get to their positions can help common people prosper in ways that are fair and equitable.
The reasons to have a mastermind involve gathering individuals with different, yet complementary, skillsets, growing your professional network to find opportunities, and finding accountability partners to keep you on task. Other people have knowledge and ideas that can benefit your business, and you can help with theirs. They likely know other people you can sell to or partner with.
Starting A Facebook Group
Neil Patel has a good guide for starting and growing Facebook groups (“An Eye-Opening Guide On How To Grow A Facebook Group”). His first step is to define your group’s purpose, in order to bring in the right members. Patel’s article is aimed at starting a group to find customers, but we can tweak the plan. Your mastermind should be for businesses in a related field who aren’t in direct competition with each other. It can be for freelancers, bloggers, restaurant managers, or any other profession you happen to be in.
Patel’s next step is to log into Facebook, click the dropdown arrow in the top menu, and select “Create Group.” You’ll enter a group name, and you should make it a closed group. Only people who are in your group can see your content. Then you’ll need to add one of your Facebook friends as the first member. Communicate with this person beforehand.
Next, you’ll select an icon for the group, either one from Facebook’s library or something you upload. Then you’ll type a group description which members will see when they join. You’ll then select up to 5 descriptive tags, and add a cover photo (one of your own images or one that’s royalty-free.)
To improve the chances of your group being found, click the 3 dot icon, select “Edit Group Settings,” pick a group type, add a location if you want to focus on a certain geographic area, and create some questions for new members so you can screen them.
You should also create a separate Facebook Page. This will help you promote the group with public posts and paid ads. The process of making a page is similar to making a group; you start from the dropdown arrow in the top menu, and select “Create Page.” The type of page should be “Cause or Community.” Follow the steps presented and publish it.
Now that you have a Facebook page, you can run ads through it. You can log into Facebook Ads Manager and start an “Engagement” campaign. Neil Patel’s article does a thorough job explaining the advertising process. Another method of advertising is creating posts on your page and “boosting” them. The option to boost a post should appear immediately after it goes public, provided it adheres to Facebook’s terms of service.
To promote your group for free, share posts on your page about it. Do this between other posts where you share helpful content related to your business. You can also promote it in other groups that you belong to. It’s best to contribute good, sincere content in these groups beforehand so you don’t come across as a spammer.
Running A Business Mastermind
Once your Facebook group is published, there are guidelines for getting the most out of it. Remember the purpose and goals of your mastermind, and go forward.
Be selective of who you let in: As mentioned before, your members shouldn’t be direct competitors. They can be in the same field if you intend to subcontract work to or from them. Members should have similar experience levels and be able to communicate personably.
Set ground rules immediately: You should post these in the group’s description. Clearly state what content is acceptable, who can join, the process of joining, etc.
Introduce new members with new posts: When new people join the group, announce it to the rest of the group in a post, and encourage a warm welcome. Communicate to new members that they’re valued, and encourage them to engage with others.
Make it easy for members to communicate: You will likely have rules for acceptable content, but otherwise, be warm and open. Make members feel comfortable asking questions and be eager to share information of your own. You can invite members to direct message each other.
Ask questions: Questions are a great all-around social media engagement tool. Ask members their goals, deadlines, plans, and ask for ideas. You can present a problem in your business that others may have a solution to. When you lead by example, that makes other members more confident in expressing themselves.
No more than 2 posts per day: You don’t want to overwhelm your group with content, so limit your posts to 2 per day. If your post starts a lively conversation in the comments section, go ahead and share more in that.
Live videos/Events: At some point, you’ll want to have a simultaneous roundtable discussion with your members. You can do this by hosting a Facebook Live video, or setting up an in-person meeting in the Events tab. When running your video, read live comments from the audience. In either scenario, format your event with introductions, sharing members’ wins/achievements, and giving one or two members the spotlight so the group can help them with a problem.
Sources: Entrepreneur On Fire, “How To Run A Mastermind Group”; SCORE, “5 Essential Rules For Building A Mastermind Group That Gets Results”; Single Grain, “12 High-Performing Facebook Group Engagement Tactics”