Being an entrepreneur and business owner can be a lonely experience at times, especially when it comes to developing and evaluating new marketing ideas and promotions. This is why few successful business owners are “doing it on their own” and instead have some type of go-to network for bouncing ideas around.
Napoleon Hill coined the “master mind” in his Laws of Success which he wrote in the 1920’s and it’s still applicable to you today. The coming together of like-minded individuals for a common purpose can result in amazing things, which is why I have been a part of similar groups for years.
You can do the same thing by creating a group of local, success-oriented business owners and meeting once a month. You can also ask several key customers to be a part of an ongoing customer advisory panel to help you flesh out appropriate marketing promotions.
Try it and see for yourself how the power of the “master mind” can result in amazing things! My dinners at the furniture markets are actually the beginning of a mastermind. I bring dealers from non-competing geographies and marketing experts together for dinner at High Point Market usually at Fleming’s in Greensboro, NC. We share success stories and resources to help my dealers make more money. Everyone likes a great meal, but learning how to make more money from a fellow store owner is something my dealers love!
At our last dinner, fellow mattress store owner and marketer extraordinaire Jeff Giagnocavo, and The Testimonial Guru, Simon Aronowitz, shared so many great ideas with my dealers that I thought their heads were going to pop! It was fun and educational at the same time. My good friend and co-host of The No BS Sales, Marketing & More Podcast For Furniture & Mattress Stores, Doug Stewart, was like a kid in a candy store. We all had fun learning from each other that night. Dealers shared resources with each other that reduced their costs and made them more money. One dealer had a printer who prints good quality flyers for much less than anyone at the table had ever heard of. Another dealer had a great resource for financing. I was really proud of my dealers when they swapped phone numbers and promised to stay in touch with each other. When it was time to leave, I could tell no one wanted to. It was a great experience for all.
Masterminding with other furniture and mattress store owners is a great way to grow your knowledge quickly. In a properly structured mastermind, there are serious accountability mechanisms put into place. This helps you get done what you commit to. The fastest way to success is through a well run mastermind.