What is a Mastermind Group?
I define a mastermind group as a select group of people who work together to help each member of the group overcome challenges and achieve their goals.
The term was first coined by Napoleon Hill, author of Think and Grow Rich. Hill defined the “Master Mind” as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
In his research, Hill had surveyed hundreds of the most successful people in the world. The Master Mind concept was inspired by Hill’s many conversations with the highly successful businessman Andrew Carnegie. Importantly, Carnegie attributed his entire fortune and success to his mastermind group.
It is so important having experts in the business field helping you create your private practice. Having on your mastermind panel a mentor midwife that is currently doing what you want to accomplish is essential. Get membership with organizations supporting your needs like AABC, ACNM, Midwifery Works, MANA, etc. Their knowledge and national expertise will really help navigate regulation questions. Here are some other suggested team members to collaborate with to make your business planning have a strong foundation to grow from. Take them out to dinner minimum of every three months during planning, first year of operation, and yearly after that point. Some may expect to be paid hourly rate for attendance of business meeting. This pooled resource of experts will really accelerate your profits and sustainability
What are the Benefits of a Mastermind Group?
There are many benefits of being a part of a mastermind group including:
1. Support: you have a group of other people to help you succeed.
2. Ideas: other members of your group give you new ideas, different perspectives and critical feedback. My favorite ideas are when other members of the group explain what’s currently working best in their businesses; and you can then just apply this to your business with great success.
3. Resources and connections: members of your mastermind group will each have their own rolodexes and can introduce you to people and resources that will help your business grow
4. Partnerships: oftentimes you will find other business owners in your mastermind group in complementary businesses that you can work with to collectively grow.
5. Quick learning curve: members of your mastermind group will possess skills and ideas that may have taken them years to develop; and they can often share them with you in a matter of minutes.
6. Accountability: your mastermind group keeps you inspired and accountable, so you achieve your goals.
Mastermind Groups are Really That Powerful
Imagine what the right mastermind group could do for your business. If you were able to get expert feedback and new ideas on an ongoing basis? If you got introductions to amazing people and resources that could help you grow your business? And simply, if you just got to spend more time with other exceptional, motivated entrepreneurs who were committed to achieving massive success, and who were dedicated to making sure everyone in the group did the same. I have attached midwifery business recommendations for your Mastermind Team:
1. Midwife Mentor (preferable from same state and doing same business venture you are working on)
2. Collaborating Physician / Medical Director
3. Office Manager (if already picked out)
4. Legal Services (KKOS or Susan Jenkins)
5. Accounting (Kohler & Eyre CPAs)
6. Marketing (Messmer Marketing)
7. Business Consultation (Midwifery Business Consultation)
8. Malpractice Insurance Carriers (Coverys, Contemporary Insurance Services)
9. Billing Service (Midwives’ Advantage, Larsen Billing)
10. Electronic Medical Records (Athena Health)
11. Funding source (bank loan officer, private investor, or non-profit community member)
12. Contractor/architect (if creating birth center)