How much does a Mastermind Group cost? If you are launching a Paid Mastermind Group, how much should you charge your members to ensure that your Mastermind Group Launch is a success for them and for you?
How much you plan to charge for your Mastermind Group is determined by a number of factors. However, let’s start by looking at the one which is always interesting, how much additional income will be added to your own business’ turnover.
How Different Pricing Points Of Your Mastermind Group Impact Your Income
I will base each of the following examples on a group with 6 members.
If you would like an increase of income of £3,000 per month, each member will need to pay £500 per month, which, in my view and experience, is the minimum that you should charge of a traditional ‘Round Table’ Mastermind Group.
Any less than this and you may look like an amateur.
However, £3,000 a month for one day and some email support in between, maybe with the odd telephone call, is not a terrible start.
If you charge £750 a month, this becomes £4,500, £1,000 obviously becomes £6,000 a month, or £72,000 per annum (more than most people’s annual salary).
The top price I have seen charged by those with a long track record of success is £2,000 per month per member which would be £12,000 per month for your group.
That is definitely something to aim for, but you will need a lot of success stories behind you to recruit members at this level, or be able to prove that you will still be able to provide a significant return on investment for your members even at an investment of £24,000 per annum.
On that point, whilst I normally am a huge fan of guaranteeing your services, I do not apply this to Mastermind Groups.
Because some members will simply not take the required action, even though they agree to do so at each session.
Therefore, it is simply impossible for you to guarantee your members’ results because you cannot guarantee that they will take action.
You might wonder why people attend a Mastermind Group but do not take action; I certainly do!
What I have realised is that some people are simply happy to pay to be part of something that is exciting, where they see people take action and achieve amazing results, and where they feel a part of a community.
It would never be enough for me, but I know from experience that it is definitely enough for some people, who each month attend, commit to do what they said the previous month, or a slightly modified or tweaked version of it, but then do nothing again.
Don’t worry, as long as you only have one of these people in your group it will not stop your other group members from achieving amazing results.
Also, I will show you how to weed out these people on the Mastermind Group Interview process, so you will ensure that you have enough ‘action takers’ to make your group a roaring success.
Now that we have covered pricing, I have a question for you:
Q. What is your price going to be for your Mastermind Group?
The Annual Income From Your Mastermind Group
Now that you have worked out your pricing, how much extra income will this produce for your business every year if you sell each of your slots?
Price per member £…………………..
Number of Members: ……………
X 12 =
£…………………….. per annum
Look at that number.
How does it make you feel?
How much easier or better would your business and personal life be with that extra income coming in?
Would it remove some stress you currently have around income?
Does it excite you?
I hope so, because it should.
There is very little in business that can change an income so dramatically for a small business than a Mastermind Group.
If the sum does excite you, the next part is crucial:
You must commit to launching your mastermind group; whatever it takes!
Free Sample Of My Mastermind Group Bluperint Training
The above is a small section of my paid training entitled ‘The Mastermind Group Blueprint, which covers everything that you need to know and do to start your own Mastermind Group successfully.
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