Sunday, July 12th, 2020

A Coach or Mastermind Group will skyrocket your business!

By Karen Dodd on Jun 14 2010 • Filed under New Clients by Design

One of the most significant things that got my business to its present level was to hire a coach. By working with her one-on-one, as well as being part of a small mastermind group, I made some amazing breakthroughs – both personally and professionally.

I spoke to someone recently who complained, "Is there anyone out there who isn't a coach?" And I must admit, in the past, I have sometimes felt that way myself. However, what I've come to realize is that if you choose your coach wisely (just like you'd research and interview for any other member of your team), this person can help you realize the potential of your business.

You may be sitting on a million-dollar gold-mine and not even know it! It often takes a coach or other objective party to help you see the bird’s eye view of your business, and how just making a few small shifts may be all you need to see your business skyrocket without much effort.

Here are five things YOU may gain from hiring a coach:

1.  Stop 'ladder climbing' and start 'leap-frogging.'

Often, when left to our own devices, we get caught up in the day-to-day activities of just keeping our business afloat and as such, we may focus too much on the how-to's before we'll make that leap.

By being totally objective about your business – and not being 'mired in the muck', so to speak – a coach can pry your fingers from the slow ascent of the ladder rungs to help you make that leap.

Here's a real-life example of one of the women in my mastermind group. When she was working on her own (and already well-respected in her field), her income was $50K the first year, $80K the second year and $100K the third. Not bad – but that is ladder climbing and for her, it felt painfully slow. Once she hired a coach, her income shot from $100-thousand to $1-million in one year!

2. Learn from someone with a broader perspective.

To be sure, you can learn a lot from someone who has already done what you are trying to do. But, it can be extremely helpful to learn from someone with a broader prospective than just your particular industry.

Not only can a coach fit this bill, but that's where a small mastermind group can really serve you well.

The particular group that I was part of last year was made up of six women in four different countries. Although we never got to meet face-to-face, the group worked amazingly well and we were really able to help each other because of, rather than in spite of our differences.

Having said that, if you have never been part of a mastermind group before, my suggestion is that when you first start out, it can be easier if you can meet in person at least once or twice a month. If you are looking to start or join a group, make sure that it is small and that the other members are serious about their personal and business development. In other words, don't let it turn into a social gathering. You want people who are willing to be held accountable, and who will hold you accountable. 

While some prefer to mastermind with members of their own sex, don't discount the power of learning from both the feminine and masculine sides. The woman I mentioned in my earlier example had a female coach, but was the only female in her male-dominated mastermind group. In part, she credits her huge income leap to "being around the guys," many of whom were multi-millionaires.

3. Start Not From Where You Are But From Where You Want To Be.

A good coach will certainly take the time to get to know you and to analyze your past successes and challenges in your business. However, she should spend most of her time helping you clarify what you want going forward and then keep you accountable to a plan that will ensure your plans come to fruition.

She should have you actually start thinking and making decisions based on how you would if you’d already achieved your goals. In other words, you want to act the way a multi-million dollar business owner would…TODAY.

Whenever I'm faced with a decision in my life, I think of someone I admire and ask myself, what would so-and-so do in this situation.

4. Plan carefully but don't sit on your plans.

Legendary marketer, Dan Kennedy, once said "Money likes speed," and "You don't have to get it right, just get it started." Rather than dwelling on the how-to's, focus more on acquiring the right philosophies and the rest will follow. 

5. Surround yourself with people and environments to support you.

This may be the biggest reason to hire a coach and incorporate a mastermind group into your business.

If the person giving you advice has already done what you're attempting to do, then great. But all too often, the people who are closest to us are not the ones to whom we should be looking for business acumen. You wouldn't get your brother-in-law or your friend to do brain surgery on you – even if they'd do it for free! So, pay an expert who knows how to bring the best out of you and who can get you firmly on the road to where you want to go.

And finally: "Remember – even if you're on the right track, you will still get run over if you just sit there!"

Your assignment, if you choose to accept it, is:

Research Master Mind Groups in your area. (If you want to research coaches instead, just substitute MMG with Coach):

  • Ask other business people if they use one and if so, can they tell you what it’s like?
  • How do people help each other in a MMG?
  • Also look on the internet or in the library for information.

Examine whether a MMG is right for you:

  • If you were interviewing a group to find out if it was right for you, what questions would you ask them?
  • Write down five things you’d like to accomplish and ask yourself how a MMG might help you achieve them.
  • What can you bring to a MMG?
  • What would you like to get out of a MMG?

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