What is mastermind coaching, and should you run a mastermind group coaching group or join one as a participant? As someone who has run many mastermind groups as well as someone who has been in many mastermind groups, let me share with you some details.
What Is Mastermind Coaching?
In short, mastermind coaching is a group of people who meet, online or in person, on a regular basis, either monthly or quarterly usually, to discuss their business aims and objectives and seek help from the group to move to the next stage.
Usually, there is a paid group leader (which always makes it work better – see why later), who sets out the agenda for the day, who will speak when, how much time they will have to discuss their issues and seek help etc, along with when there will be breaks for coffee/tea and lunch, and when the day will end.
If the mastermind group is very well run, the leader will usually invite each participant to outline their problem, then encourage questions from the other participants solely about the question being asked to start with, to ensure that they fully understand the question, but also to see if the person asking it has really understood the question that they need help with.
Often, this drawing out the question at the beginning brings out other issues that the person seeking the help of the group had not considered but which will ensure they end up with much more rounded help from the group.
Once the question is clearly defined, members of the mastermind group and the group leader will all start to offer their thoughts, assistance and guidance.
At the end of each participant’s mastermind coaching session, the leader should summarise the outcome and ensure the participant lists out the action that they are going to take following the session.
I have always discovered that it adds huge value if the participant writes out the action points on a whiteboard, then the leader photographs it so that everyone is clear about what they must do before the next meeting and each participant knows that there is no hiding from the actions that they must take, which is one of the main reasons that mastermind group coaching works so well.
Why Do Mastermind Groups Work So Well?
The key point I have mentioned is that they work so well because each participant is accountable not only to each other but also to the mastermind group leader, who will usually check in with them in between sessions to ensure that they are following through on their actions.
However, accountability is not the only key issue.
Another vital factor to the success of the mastermind group is that usually participants pay to be a member of a mastermind group, and usually they pay a lot.
In all of my business years since 2003, there is one thing I have discovered that runs true in business over everything else:
FREE IS WORTH EVERY PENNY THAT YOU PAY FOR IT!
If someone does not pay to be a member of a mastermind group, this is what usually happens:
- They find it easy not to attend the sessions because it will not cost them anything; and
- If they do attend, they do not follow through on their agreed actions, again, because they have not paid which would ensure that they did follow through.
If you are thinking of joining a mastermind group, you can expect to pay anything around £1,000 / $1,000 per month, and more for higher end mastermind groups.
If you are thinking of starting your own mastermind group, you need to charge enough that people will completely BUY IN to the process, attend the sessions and complete their action plans.
When they do this, the amount they pay becomes insignificant compared to the amount that they will make by way of return on investment in your group.
Should You Start Your Own Mastermind Coaching Group?
If you are a coach, consultant, mentor or expert, starting a mastermind group does two things:
- Ensures that your clients get great results; whilst
- Dramatically increasing your income.
Click the button below to discover more about starting your own mastermind coaching group:
Should You Join A Mastermind Group?
If you run your own business and want it to turnover more, make more profit, be easier to run, provide more time away from your business for you to do what you wish, then a mastermind group is a great way to make this happen faster than trying to do it all on your own.
Why struggle when someone who has already been there and done that can show you precisely what you need to do, and more importantly, how to do it, then hold you accountable to ensure that you do?
You do not have to, so click the button below to discover more about joining a mastermind group: