Should you, and can you, charge a fee to your mastermind group members to attend your group? I get this question all the time, and the short answer is: “Yes!”
Now let me give you some food for thought:
- It takes a lot of skill and effort (not to mention time, commitment and consciousness) to facilitate a quality mastermind group. In order to create a win-win situation, you should get some benefit in return. If you’re an active member in your own mastermind group, the benefit you get from participation is probably enough and you don’t need to get paid, too. But if you are facilitating groups where you are not a member, your time, experience, and ability should be honored.
- One of the main reasons why mastermind groups fail is that the members are not as committed as they should be. Commitment comes in two flavors: showing up to every meeting, and participating fully. One way to prove commitment level is to put your money where your mouth is.
- If you are an expert in your field, you may be combining training, consulting and coaching into your mastermind group. You should be paid for that value you provide your members.
Don’t undervalue yourself. You need to be a role model for your members, and if you place little value on your own skill, time and knowledge, your members will mirror that.
If you still feel awkward about charging for your mastermind group, consider putting all the money into a fund that will pay for a mastermind group retreat weekend or a “success party” for the group.
What fee should you charge? Check out my blog post, How to Set Membership Fees for Your Mastermind Group