A mastermind group can consist of two or more people working together for a specific purpose. Masterminds can be formal and informal, but the most effective are formed in a formal manner. When two people bounce ideas off each other, they come up with things they never would have on their own. The same can be said for adding more to the group. It is better to keep a mastermind group small, though, as it’s easier to manage.

Through masterminding you will get:

* Answers – If you’ve chosen a group well, you will be with people with different skillsets and experiences, and who are not competitors. This will help you get answers to whether or not what you’re doing is working or can be improved.

* Ideas – Spending time throwing out ideas on paper alone works well, but when you have someone who is responsive to throw those ideas at, the results will be improved upon exponentially.

* Experience – Where you may be lacking, another member may have ten years or more of experience. For example, if you wanted to learn how to source products to add products to a service-based business, someone who has a product-based business can be the perfect help.

* Skills – Even though your peers in the mastermind won’t actually be doing anything directly for you in terms of tasks, they can introduce you to people who have the skills you need, based on their experience. Of course, sometimes they may offer to help physically and you may even end up forming partnerships.

* Insight – Often, other people looking at your business can offer insight that you never considered. You can show each other your sales pages, product ideas, and more and get feedback from someone who will be honest.

* Connections – It’s said that your income is the average of the five people closest to you. When you make more connections, you increase your opportunity to raise your income exponentially. The shorter you can make the degrees of separation from where you want to be, the better.

* Accountability – Another reason you’ll improve your income with masterminding is the accountability the meetings will provide to you. Whether you meet with your mastermind group weekly or monthly, you’ll have to admit whether you met your goals or not.

* Support – Win, lose or fail, your masterminding will provide a lot of support to you. Not only that; you’ll feel really good supporting others too. One of the things humans need to feel successful, outside of money, is to help others.

All of these things can improve your income if you put the things you learn into action. You’ll learn from your peers what you are doing well, what you can improve on, and come up with new ideas you never thought of. Thus, you’ll increase your income faster than you would without masterminding.