How Can Franchisors and Franchisees Benefit from a Mastermind Group?

It was over 20 years ago when I first read Think and Grow Rich by Napoleon Hill., I have reread this life altering little book on many occasions, always discovering something new and relevant. One of the most influential concepts that this book brings forth is that of a “Master Mind Group” and its power to help us achieve our goals and objectives.

The premise of the “Master Mind Group” is that before we can achieve our goals and desires we must first acquire the specialized knowledge in the field we have chosen tor bring our dreams into reality. Hill claims that it’s unlikely that we possess or that we are willing to learn all the knowledge we need in order to make this happen, and that a Mastermind Group can and will ‘bridge our weaknesses.’

What does this all mean in the world of franchising?

Franchisors, regardless of their industry, share common goals of awarding more franchises, supporting and training franchisees towards success, and operating a financially rewarding company.  For new franchisors the world of franchising is complex, multifaceted; and, at times, quite scary. Most new franchise companies try to learn as they go, yet this is not the most efficient or effective path. If experience is not complemented by other methods of acquiring knowledge and information, new franchise companies struggle needlessly and the growth of mature companies becomes sluggish. Hiring coaches is one option that can pay for itself by avoiding costly mistakes. Forming or joining a Mastermind group is another powerful method to help companies learn the skills and access the information that will empower them to excel in franchising.

Franchisees can also benefit greatly from joining a Master Mind Group. There is a lot to learn about growing a successful franchise and Mastermind groups can certainly shorten the learning curve for new franchisees while assisting mature franchisees get out of unproductive ruts.

Whether you are a franchisor or a franchisee joining a Mastermind group can:

  • Bring you and your objectives into focus
  • Provide accountability
  • Support you in your efforts to achieve your goals
  • Offer new information and specialized knowledge
  • Afford you the opportunity to learn new strategies and methodologies
  • Bring a new perspective and new ideas
  • Help you formalize an action plan and keep you on track

For Mastermind Groups to work in franchising they must:

  • Meet on a regular basis
  • Follow an agenda
  • Have members committed to sharing  and supporting others
  • Maintain perfect harmony
  • Have diversity of experience and knowledge in the areas that support each member’s needs

Napoleon Hill shares how Mastermind groups worked for Henry Ford and for Andrew Carnegie. They can also work for you! Accepting that we don’t know everything and that others can assist us is the first step. Seeking help is what brings winners closer to success!

Consider joining or forming a Mastermind group today!