If you are only offering one to one coaching right now, this is the year to diversify your revenue streams. Your own Mastermind group is the easiest new program to offer. It’s a lower cost option for prospects to engage with you, and it will help you get off the money for time treadmill. As well as being a great stand alone program, a Mastermind group can be a great upsell or follow on program to a freebie, workshop or ebook.
A Mastermind is a group of like-minded individuals with similar goals, who meet regularly in person or by phone to support each other in manifesting personal and professional success. The members commit to attending group sessions, and participate by sharing stories and information while “holding space” for the transformative growth of each individual. The concept was popularized by Napoleon Hill, the author of Think and Grow Rich. He said:
No two minds ever come together without a third invisible force, which may be likened to a “third mind.” 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.
The result is that the generative power of the group far exceeds that of each individual. And it’s a fun way to be in community.
You don’t need to create training or didactic materials for your Mastermind. Your role is simply to facilitate the discussion, manage time, and create a safe, lightly structured environment or “container” for the meetings. Time in session is spent setting intentions, brainstorming ideas, sharing progress reports, feedback, advice and resources, and celebrating wins.
Why Everyone Loves a Mastermind
Like coaching, Masterminds demonstrate that “two heads (or more) are better than one”. They are a place to find collegial support, community, accountability. If well facilitated, the group provides relief from isolation, and helps members develop an abundance mindset and take bigger actions.
I owe much of my professional success to Masterminds – groups I’ve run and groups I’ve participated in. If not for the power of these groups, I’m not sure I’d still be an entrepreneurial coach. There’s nothing like the synergy created by a conscious community to make the journey easier.
Masterminds that I’ve been a part of have a sense of familial love that lasts beyond the time they meet. Members make big shifts, take bigger risks, and receive lasting inspiration from the feeling of “all for one, one for all” generated by a committed group.
Three Steps to Your Own Mastermind Group
If you’ve already chosen a viable coaching market to champion, you can launch your own Mastermind in just three steps:
1. Identify an over-arching topic that’s highly relevant to your coaching market, and give it an evocative title.
The common ground of the group might be a problem they want to solve, or a goal that has a long growth arc or a lot of moving parts to implement. For example, if your coaching market is direct sales people, a problem they want to solve is how to keep their down-line inspired. The title could be Highly Inspired Down-line. If your coaching market is Realtors, the Mastermind might be called the Fast Closer Circle.
If you’ve already created an article, a freebie, a workshop or presentation, you may have an instant focus for your Mastermind. Those other offerings will help you create the credibility to attract people to the group. But remember, you don’t need any kind of lead-in product in order to run a successful Mastermind.
2. Design the few details you need to market your Mastermind.
Size of group: I recommend 6 – 10. Four is too few and more than 10 is difficult to serve.
Monthly fee: I suggest one-third to one-half of your 1:1 coaching fee.
How often it meets: At least twice per month.
Length of sessions: 90 minutes is standard. More will exhaust the group’s energy. Less is too little to serve everyone.
Where it meets: On a telephone bridge line is easiest.
3. Choose a start date and start enrolling group members.
Market the first openings to your past 1:1 clients. It’s a great way to give them preferential treatment, re-engage them, and refresh their previous work with you. Then, open it to your whole list. Also market it through social networking, your blog, articles, free presentations or as a follow up to an ebook or workshop you already offer.
In my next post, I’ll cover some ingredients of a successful Mastermind.
Want to amp up your year fast? Launch your Mastermind in the next 90 days! Share your ideas and questions here.