Chances are, if you landed here, you may very well be a little skeptical about online business accountability groups, or perhaps you’ve received some information about them that you’re not sure you believe.

Over the last decade of running my coaching practice, I’ve moderated and been part of various forms of business accountability groups offering various support options, so I wanted to give some insights about some myths I’ve noticed floating around the net about what these groups can and can’t offer you.

In this article, you’ll learn:

Let’s dive right in!

The four biggest myths of online business accountability groups

1. You have to invest a fortune for it to be worth it.

I have personally spent between $0 per month to $2000 per month to be part of various business accountability groups that offered various levels of interaction and support with the group. There are also mastermind groups out there with a buy-in investment of over $100K. So you can see that there’s a vast range.

Although I can’t tell you what the advantages are of investing in a $100K group, I noticed that I was definitely more invested in my $2000 per month online business accountability group than in the one where I paid less. However – when I compare my results across the board – I received great results being part of all of them.

So, when it comes to investing to be part of an online business accountability group – paying more will not necessarily get you better results.

Your results will be determined by a few other factors - like:

The objective of the group
Who’s in the group
Your participation and effort
The moderator and leader’s expertise.

Stay tuned for a future blog post where I’ll discuss four more factors to consider before joining an online accountability group!

2. Industry-specific groups are best.

This myth is a big one – but I can also see why it’s so natural to want to join an industry-specific online business accountability group.

However, when you only surround yourself with people in your industry who do exactly what you do, you may lose some of your innovative factors and opportunities.

You'll gain more dynamic and robust ideas if you find an online business accountability group with people from various industries. You’ll get to see what’s working in other industries and adapt it to yours. You’ll also be challenged to think in different ways with new perspectives – which will allow you to build a brand that is so unique and stands out from the crowd.

So being part of a business accountability group with businesses from various industries will allow you to gain a competitive advantage.

3. Bigger is better

When it comes to online business accountability groups, bigger is most definitely not better.

In fact - I’d say that you’ll gain a more personalized and high-touch experience in a small group that allows the opportunity to build deep, meaningful relationships and where there is the opportunity to know and understand each business owner in the group’s personality, and more significant business goals in a more comprehensive way.

Personally, I have found that when I’ve been part of bigger groups, I tend not to engage as much and don’t feel like I was getting the personal attention that I needed and craved, which directly influenced the results I received from the group.

4. Business accountability groups are the only way to grow a business

The way online business accountability groups are marketed can very often give the illusion that the only way to grow your business is to be part of a mastermind.

However, there are so many other ways you can work on growing your business, such as hiring a business coach or consultant.

Determining if an online business accountability group is the best investment for your business growth will depend on how you learn, what your business needs are, and what works best for you!

If you’re not a group person and you don’t learn well in group settings, private business coaching may be better for you. But if you are craving business friends and community, online business accountability groups may be very valuable for you.

No matter which option you choose, It’s important to remember that you don’t have to go at this alone. You can get all the support you need – you simply have to know what you need and ask for it.

Click the play button below to learn more!

In this episode, you’ll hear:

I was recently part of a discussion where a business owner who said that they’d never want to join a mastermind because she’d hate for the community to know that there was something wrong with her business.

I smiled and nodded - but inside, I cringed.

In today’s episode, you’ll find out why and I’ll also bust a few more myths of masterminds. Read the transcript below!

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Ok, so I’m part of this conversation, and I hear this person say: she would never want to be part of a mastermind because of fear that it would get out that she had problems in her business.

Besides cringing on the inside - my heart also broke for them just a little for various reasons.

That I’ll share as we bust the myths of masterminds.

So let’s start with number 1:

Not wanting other people to know that you have problems in your business.

A - when you join a real deal mastermind ( Or I should say when you join MY Masterminds) you normally sign an NDA and confidentiality agreement. ( not all masterminds do this by the way - so be sure to look out for this) This is part of my process to create a safe and trusted space so we can share openly and freely.
B - businesses don’t only join masterminds to overcome their challenges, they do it so they can be part of a community, to brainstorm new ideas, get feedback on marketing and managing styles, build referral partnerships, gain business resources, and share and celebrate wins. You’ve heard me talk a lot about when you step into your CEO role you also step out of your business - yes, you bring employees into the fold with you to help and grow, but certain things about the business still falls on you and can’t necessarily be shared with your employees or they may not understand it. And that’s where having a community of business owners who gets what it’s like to be in the trenches of running a business becomes so valuable. Sharing what’s really going on behind the scenes, being vulnerable - serves as inspiration for others, helps everyone realize that they are not alone. It builds camaraderie and community.

2 - You have to join a mastermind that focuses on your specific industry:

I’m going to argue that actually you DON’T want to join a mastermind filled wiht peeps in your industry as that stunts innovation.

If you can join a group that has folks from various industries it will give the group a more diverse, dynamic and robust experience as you’ll be challenged to think differently, gain new perspectives that otherwise wouldn’t have occurred to you.

3 - You must join a mastermind with people who are at the same stage of business then you are.

The verdict is out on this one. I’ve personally been part of masterminds where we had less than 100K - million dollar business owners - and everyone got a lot of value from it. It’s my experience that you always get what you put in. Instead of focusing on the $ number - start to think of what your objectives are and find a group with the same objectives. For instance, in the Savvy Business Masterminds, the sole focus is to help people transform to Savvy CEOs, working less and earning more. As a result, we talk about hiring, outsourcing, delegating and leadership/personal development and mindset A LOT! (sure we cover marketing questions, offer creation etc too.) BUT our big focus is to help folks work with more intention and ease.

Here’s why I’m focusing on that more than the individual’s income $$ - and more on what their business is and the qualities of the individual itself. What are they bringing to the table from past experience as well as present?

So when choosing a mastermind - make sure that you trust and get along with the facilitator. If it’s a good facilitator who you enjoy - they’re likely to attract more people like yourself.

4 - A Mastermind is the only way to grow your business

Nope not at all. There are many things you can do or invest in to help you grow your business. It all depends on what you need, how you learn and what works best for you. For example: If you’re not a group person and don’t find that you learn best in group settings - private business coaching may be a better option for you.

Or if you’re craving more business friends and community - masterminds may be your thing.

In order to know what would be best to invest in to help you grow your business to the next level - it’s important for you to know what you want. Getting clear on your specific needs in this very moment will inform what you need to get yout there!

If you remember nothing else from today’s episode,except this, then I’ll be happy: know that you don’t have to go at all of this alone. You can get the support you need - you just have to ask! Whatever you do - please don’t suffer in silence because you’re afraid of what others will think.

Details about the best online business accountability group for service-based entrepreneurs

If you'd like to join the best business accountability group in Boston – as voted by our members! Be sure to check out Business Growth Achievers – a vetted business accountability group for high-achieving, independent service-based entrepreneurs.

Get the proven framework to consistently work on your business and become a strategic leader, accelerating business growth and building quality relationships with fellow service-based business owners who get you.

Click here to apply to be part of bga.

The Four Biggest Myths Of Online Business Accountability Groups