Challenges will always shadow business owners. An online membership group benefits entrepreneurs in such a way that allows them to effectively tackle those challenges head-on.
Running a business bears a certain weight on an entrepreneur’s shoulders, but connecting with others who have that burden in common makes it a lot easier to carry or, ideally, lift off.
But, finding the right group is never a simple task, and comes with certain challenges of its own. In spite of that, the ultimate rewards in finding the right community are well worth the search.
2 Common Challenges for Business Owner
Feeling Lonely at the Top
To lead a business oftentimes means to be alone, especially if we’re chasing first place. Not to get too cheesy, but 1 definitely is the loneliest number!
Feeling lonely may not seem as serious a matter at first glance. The truth is that loneliness is a gateway to ailments, both mental and physical.
Increased stress is the first. As the person on top, you have to handle all the important decisions, foresee (as best you can) the outcomes of events in order to strike the best deal, perform the most daunting business maneuvers, and make some heavy decisions that could put pressure on your psyche and business.
After increased stress, your physical health is the next to potentially take a hit. You are probably already familiar with how stress affects physical health – increased blood pressure and susceptibility to heart diseases are just some of the effects.
The Wrong Kind of Companionship
After an entrepreneur discovers that loneliness is indeed troubling him or her, they’ll more often than not turn to the wrong people.
Yes, family and friends can be a great source of support, but you can’t always interact with them fully about the responsibilities of your position. They can’t necessarily give you any advice or discuss the elements of conducting business on equal terms with you.
Most people aren’t business owners and won’t always understand what you’ve put into creating what it is that you now have.
These are times that truly call for a mentor. Someone that not only understands but who has also been where you are now and can coach you through to the other side. A support group can offer you many!
Are you tired of doing it all yourself, genuinely want to build a dream business, and take some time off? Join my upcoming free live webinar “Rapidly grow your dream business”.
3 Common Challenges When Looking for a Support Group
Finding the right people
Most would think that you can simply type “mastermind” into your Facebook search bar, and you’ll find a nice little group in a minute.
If only it really worked like that.
Of course, you can end up in a free group in a flash, but what kind of value are you subscribing to?
Most of the time free groups don’t usually provide the kind of value that you need to make a substantial change in your business.
On the other hand, getting into a high-profile mastermind group can cost a great deal of money per month. Many quality masterminds can often be unaffordable for most entrepreneurs.
Some can go as high as 1,000$ per month and counting; a mastermind not for the uncommitted!
Online membership groups might seem like the most natural gathering of eager entrepreneurs, but even at that, it can have numerous disadvantages, like:
- Mandatory attendance: a potentially hefty drain for your wallet;
- Unpredictability: you may encounter exactly zero people with whom you have something in common;
- Inexperience: most of the time newcomers think of such masterminds as referral markets.
10 Online Membership Group Benefits
Joining an online membership group benefits all entrepreneurs by being an excellent counter-measure for these drawbacks. It’s an option to further integrate your business into a financial and technical conglomerate with all the benefits of a sprawling, developed group.
These advantages can make for a prosperous business.
Once you overcome that rough beginning and find the group you feel connected to, you’ll start noticing things in and about your business you wouldn’t have had you remained group-less.
1. Increased Self-Esteem
By contributing information and/or advice, you’ll be helping someone to improve and develop their own firm. While teachers often make the best students, yes, in imparting your own wisdom, you’re sure to feel a boost in morale!
Knowing that you have something to share and teach not only boosts self-esteem but also reaffirms the value you bring to the table.
An increase in self-esteem also comes from being an accepted member of a community which strives to, through alliance and unity, achieve common goals.
Don’t take this first benefit lightly. It is indeed big!
When you actively contribute to a group (being the mysterious silent type doesn’t really work!), people will inevitably get to know you and your brand. Everything you share with the group has the potential to build stability and security and a solid reputation in the eyes of other members.
And, such a reputation never stays within the inner membership circle. Once you’re an active and valued participant in the group, people will remember you and most likely think of you when making recommendations.
Always think of what value you can add to the group you’re in. In order, to build-live-give, you sometimes have to first give!
The companionship and support you receive from an online membership group is the most fitting and appropriate type of relationship to have from a business standpoint.
You’ll be able to discuss what you do with someone as like-minded as you. Together with a group, each member can create and innovate much more effectively than if they were each by themselves.
4. Content and Information
Being in the right place, at the right time might be less important than being with the right people. You never know what information you have that might be valuable to someone else in a big way and vice versa.
Two heads can be more effective than one, right? What about three or even ten heads? What about a whole community?
5. Efficient Support Infrastructure
Communing with like-minded entrepreneurs with similar or related brands can potentially help cut down on the costs you have toward other support branches like call centers and staff.
If you find that the mastermind group can meet a lot of the needs for your business’s support infrastructure, there’s no need to keep on any added costs.
Not to mention the fact that this type of support system directly takes care of the loneliness challenge we mentioned before. You’ll be surrounded by other top leaders in your industry!
6. Customer engagement
When you produce something useful to and meaningful for a customer, they’ll remember you and keep coming back.
Likewise, if your customer knows you’re affiliated with a certain group or community, they’re likely to make that community their first stop in purchasing something else.
When a mastermind group generates valuable content and growth, people take notice. If they’re already engaged in buying services from a member of that group, the odds of them buying from someone else in the same group a high.
This works particularly well when you can recommend them to members who can fill a need that you yourself don’t specialize in. The more good experiences customers have, the more solid the reputation – yours and the group’s.
Related post: How to Boost Profits by Measuring Customer Profitability
7. Interconnected Market Venture
To piggyback on the last online membership group benefit, stepping out onto the market together with other members can actually increase the chances of “shared success.” As long as your main value doesn’t overlap or interfere with your colleague’s, they’d be able to refer their clients to you in areas that relate to theirs but that they don’t necessarily specialize in.
This opens up their platform of viewers to your business and vice versa. You now have eyes on your products and services that you wouldn’t have otherwise had without the collaboration.
8. Marketing channels
Online community members also have the added option of approaching marketing by means of joint opportunity.
In the same way as creating an interconnected market venture (i.e. sharing your platform with another business that complements your own), you can create complementary marketing strategies that would more effectively reach your audience.
Brainstorming is much more productive when done in groups than when done alone.
You gain access to more ideas from people with different backgrounds and mindsets. If you brainstorm alone, chances are you’ll find yourself getting less innovative and more repetitive.
Have you ever felt a little betrayed when spending a lot of resources on training an employee, only to find they’ve opted out of pursuing the job or, worse, have left for a competitor?
Being in a community actually provides you with an opportunity to find already experienced employees from a source (i.e. other group members) you can trust. This is particularly helpful for those positions which are virtual.
If properly done, it could lower the amount of training needed, or completely eliminate it altogether.
Related: How to Keep Good People
However heroic going it alone may seem, or however tiresome looking for the right group is, being in solitude is bound to take its toll. Foregoing the “trouble” it takes to find the right group isn’t worth leaving all of the substantial benefits on the table.
Every successful entrepreneur attests a part of their success to an amazing mastermind group. Invest the time, money, effort it takes to find the one that’s the most in sync with your values, your business needs, and your goals.
Are you tired of doing it all yourself, genuinely want to build a dream business, and take some time off? Watch my free on demand training “Rapidly grow your dream business”.