If you are thinking about setting up and running a paid mastermind group, you already know just how valuable this can be for your business.
You can leverage the power of several minds to help your clients solve the challenges faced in their businesses faster and in a more sustained fashion than if they try to go it alone at the same time as dramatically increasing your own income.
This page is all about setting up a Mastermind Group in the right way to ensure that it works for you and for your business. It is based on my own experience of running Mastermind Groups and attending many. I know what works and what doesn’t. I want to save you from making the costly mistakes that most people new to running a Mastermind Group make.
Why are Mastermind Groups so powerful?
When a group of individual minds are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual in the group.
A Mastermind Group is a perfect business offering. At the same time as allowing your business to offer one to many business mentoring, which is far more scaleable than one to one consulting or coaching, your clients gain insights from a range of business owners in addition to your advice.
In this day and age of transparency where every business must get a great benefit from working with another one, Mastermind Groups really do fit this bill very well.
I have been in dozens of mastermind groups and run many for my own clients.
I have seen every mistake made and also seen every aspect of a marketing group that is done very well.
What I had not seen before now was a Guide showing new Mastermind Group owners the power of a Mastermind Group and how to get the basics right so that it works for you and for your clients.
Where most people go wrong when setting up a Mastermind Group
It is important to start here. I have seen so many people attempt to set up a mastermind group and fail.
Why does this happen? They have already decided that a mastermind group is a good fit for them and for their clients so they decide to take the plunge and set one up. Then they fail miserably.
Why does this happen?
In my experience of setting up my own mastermind groups and coaching other expert business owners to set up their own mastermind groups, there are three main reasons:
- They do not fully ‘commit’ to setting up the group;
- They do not have a plan to follow to help them set up their mastermind group the right way; or
- If they have a mastermind launch plan, they do not stick to it.
The commitment part is absolutely crucial. If you take the eminently sensible position that running a mastermind group is a good thing to do for your business and your clients, you have an absolute duty to commit to seeing it through. Sadly, I know that so many expert business owners give up at the first hurdle when setting up their mastermind group.
They do an initial flurry of activity, send an email or two, speak with one or two people and then when they fail to convert them they feel deflated. Usually they fail to dive sufficiently deeply into the needs of the client and how a mastermind group will meet them, so when they come to the end of the call and mention the cost, the person on the other end of the call says that it is too expensive for them. I promise you this: price is NEVER the issue. It is the failure of the mastermind launcher to connect the value to the potential group member that is the issue.
I speak from experience here. I have set up mastermind groups for my own business and for my clients’ businesses.
I have seen some people, myself included, fail spectacularly at first, but then go on to get it right (my second attempt and each attempt since).
When you consider that ‘getting it right’ is usually worth anything from £5,000 to £20,000 a month in income to the person running the mastermind group, it is an end very much worthwhile working towards.
Let’s take a look at the range of prices for a paid mastermind group.
Paid Mastermind Groups – How Much Should You Charge?
How much you should charge for your paid mastermind group will depend on a number of factors, but the key factor is how much value you are going to add to your paid mastermind members’ businesses.
If you can always come back to the value that you add, you will easily be able to charge a very good fee for your mastermind group membership.
There are a range of prices for paid mastermind memberships, ranging from a few hundred pounds per month to as much as £2,000/$2,500 per month for the established paid mastermind groups with a long track record of client success stories.
If you are launching your own paid mastermind group, my advice is to charge a price that you are happy with and that your members can easily afford. Your first paid mastermind group is the most important becuase it will provide you with all of the case studies and success stories that you need to then launch your second, higher priced mastermind group.
Online Or Offline For Your Paid Mastermind Group
The good news today, as we all discovered during the Coronavirus pandemic, is that the world is far better coped to work from pretty much anywhere than it ever has been before.
However, that has been the case for some years now.
I launched my first online mastermind group in 2012 and charged a monthly fee of £750 per month despite that paid mastermind group being completely online.
So you can easily launch an online paid mastermind group.
Are You Serious About Launching A Paid Mastermind Group?
So, are you ready to set up your mastermind group?
Are you committed to running a paid mastermind group?
Would you like a mastermind group launch process which I have used myself and which works?
Would you like that mastermind group launch process to be yours now and without cost?
Why do I offer this free of charge?
You might ask me to coach you through the process later. You might want some help from someone who has been there and done it. You might not too – that is fine too!
Whatever you do, if you download this Mastermind Group Guide, you will be in a much better place for setting up and running your group. As my business is based around helping other expert business owners to grow their business, I am fulfilling a part of my mission.