I’ve been in mastermind groups for almost 20 years. I’m very clear that without the support and brainstorming of those groups I would not be the person I am today. Some of those masterminds were self-organized and to others I pay to be a member. I also offer mastermind groups in my business. They are my favorite group coaching program to lead, and my highest ticket offer outside of 1:1 coaching.
I’ve had hundreds of questions over the years about mastermind groups, so this week I asked Jay Fiset, an expert on masterminding groups, to write this article for you.
Mastermind Your Way to Millions
Much has been written and said about masterminds over the years. Napoleon Hill popularized the term and the process, in the seminal personal development book “Think and Grow Rich”, which has sold over 70 million copies (as of 2011). It is commonly accepted that the power of mastermind is the most significant of the 16 laws in Think and Grow Rich.
I have been involved in Mastermind Groups consistently for the past 15 years, in many roles; a participant, a leader and a trainer supporting others to design, launch and lead their own groups.
I can tell you that some have been AMAZING, some mediocre and some simply painful. Masterminds done well are nothing less than magical in their ability to accelerate learning and create leverage. Masterminds done poorly are nothing less than an epic waste of time and resources.
My purpose here is to share with you the most significant elements of what works in the most powerful masterminds, and provide you with the basics to implement masterminds into your "Expert Business". If you do it well, you can easily add six figures to your bottom line (seven figures with a bit of work).
Here are the three elements of mastermind programs that are the longest lasting, most valuable and have been most profitable for me.
1) Well-structured and well-led mastermind processes - The group must have an element where the members share with each other their experience, wisdom and network. One of my favorite processes for this is the "Hot Seat" where one person comes with a goal or issue and the rest of the group supports them with a resolution for moving forward. The Hot Seat is now being done in many environments; however their execution is not always done well. The truth is I have seen a few that looked more like train wrecks than structured support. Here is a hint - well-structured Hot Seats that hit the core of participants' goals and issues can be worth the entire fee that participants pay.
2)Powerful content - Think of it as group coaching that triggers stimulating insight, connection and conversation. This aspect is super simple for a coach, author or consultant (I will call you "Expertpreneurs"). You simply share some of your leading-edge learning, give some behind the scenes insight into your latest projects, share a book review that is breaking new ground in your arena, or share a case study of one of the participants. This is the easy part for Expertpreneurs... in fact the real danger is TOO MUCH content. All you have to do is stimulate and inspire connection and conversation. Your role is not teacher or coach; it is facilitator.
3) A context of authenticity and community - A place where people naturally feel compelled to support and connect with one another both inside the mastermind group and outside of it. This is one of the most important and significant aspects of a mastermind group that lasts. Here is my favorite assignment to create deep community connection fast: At the inaugural meeting, ask everyone to bring a gift of generosity as a way of contributing without hooks to the rest of the people in the group. I am consistently astounded with what and how people give.
There are many ways to implement and integrate all three of these elements and when you do, the programs are simply outstanding and the benefits to your business will be monumental!
Where Could a Mastermind Fit in Your Business Model?
Here are three powerful and accessible models for masterminds that can work for a skilled, grounded and competent coach or trainer:
1) The long-term support/implementation of your specific expertise. This is a simple yet powerful model usually in the low to mid-range of the price points for masterminds; in my experience around $297 - $497 a month.
- Benefits: A huge increase in your clients' success, a strong continuity model for your business, a strong selling point for clients dedicated to actual implementation and success. Often leads to great high paying "Done For You" clients.
- Drawbacks: Sometimes leads to "Done For You" entitlement, at a "Done With You" price, clients sometimes just want YOU the expert…not your coaches.
Quick Math: 3 groups of 8 @ $397 a month = $114,336 a year.
This approach is something that I believe should be a part of ALL Expertpreneur's business models. It is a win for EVERYONE!
2) Another super simple and often overlooked mastermind model is the entry-level mastermind. This is an offering that basically boils down to you running groups where you build relationships, contribute value and literally educate the members to become your higher paying clients while they pay $50 - $150 per month.
- Benefits: you get a phenomenal test bed for product and service roll outs, and a way to build significant influence with a relatively large community.
- Drawbacks: To be profitable you must have back end offerings. You need to run some significant numbers for this type of model meaning that you must have a conversion process that WORKS!
Quick Math: 4 groups of 10 at $100 a month is still $50,000 a year delivering only 4 times a month, this is clearly doable and profitable!
3) Targeting your "expertise" at a specific industry such as dentistry or chiropractic, and the group is the same business/industry but in a different geographic location. This way, participants feel free to share best practices, tips and tricks with each other without fear of competition and losing market share. These are generally more premium offerings in the range of $1000-$2000 per month and include consulting education as the powerful content and retreat locations for the meetings.
- Benefits: Easy to create custom content, excellent profit margin and an easy to target group of prospects.
- Drawbacks: Converting members in remote locations, travel and event administration.
Quick Math: 4 groups of 8 @ $2000 a month = $768,000
The reality is that I have never come across an Expertpreneur business that could not easily and profitably integrate masterminds to improve the value of their offerings to their clients, increase the intimacy and connection of their tribe or community and add at least six-figures to their bottom line. I am willing to bet that the same is true about you and your business.
Over the next two weeks, I will be sharing turnkey templates, tools, manuals and LIVE trainings to support you to launch your own mastermind fast!