Category Archives: Starting Your Mastermind Group

Can I Charge For My Mastermind Group?

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:

  1. 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.
  2. 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.
  3. 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

Is a Mastermind Membership Right For You?

Take the Mastermind Readiness Test!

Rate yourself on a scale of 1 (“No, not at this time”) to 5 (“Yes, absolutely”):

____ Do you want a supportive and encouraging team of mastermind partners?
____ Are you ready to grow personally and professionally?
____ Do you have the desire and inspiration to make this year extraordinary?
____ Are you ready to create more focus in your life and business?
____ Are you committed to attending all meetings (either in-person or via telephone) and participating regularly?
____ Do you want to reach or exceed your goals?
____ Are you committed to making the shift from settling for an ordinary life to one that fulfills you on new levels?
____ Are you ready to let your desire to be passionate about your life and work overcome your fear of change?
____ Do you want to explore specific topics and diverse views within the context of a group?
____ Are you willing to invest time, money, emotion, willpower and energy into taking better care of yourself and creating the life and business you want?
____ Are you willing to be supportive, and provide privacy and safety, when others share what truly matters to them?
____ Are you ready to learn from your peers?
____ Are you willing to ask for help?
____ Are you willing to give as much as you receive?

 

Your Score ____

If your score is:

  • 14 – 28: Take a look at yourself and ask yourself if you’re ready to create the business and life you want.  What’s the first thing you’d like to work on?
  • 29 – 42: You’re ready to take control of your life, your career and your personal success.  A membership in a mastermind group can help you create the strategy and actions for moving forward!
  • 43 – 70: You’re probably already moving forward on designing the life and business you want and deserve.  Belonging to a  mastermind group can help you move across the finish line!

If you think you’re ready for a Mastermind Group, read about:

 

bullet How to Find a Mastermind Group
bullet Launch Your Mastermind Group in 60 Days

How Many Members Should Be In a Mastermind Group?

I’ve been running mastermind groups since 1995, and I’ve seen groups of all sizes. There are some questions you need to ask yourself before deciding how many members should be in your mastermind group:

  1. How much total time is available at each meeting? Meetings need to have a begin and end time, and many meetings that run over 90 minutes can run out of steam without frequent breaks. Yet breaks also cause interruption of the energy levels. So first decide how long each meeting will be, then go on to Question 2.
  2. How much time should each member get to be in the “hot seat” to talk about their problem, challenge or decision? Members need time to first verbalize their situation before masterminding can begin in earnest. Some members are quick and can sum it up in five minutes or less. Others need 10-15 minutes just to set the stage. THEN you need time to mastermind after that. We did an experiment in one of my mastermind group meetings recently: we had a non-timed meeting, just to see what would naturally occur. Thirty minutes per member was our average time for each hot seat.
  3. What other items are on your agenda? Remember that your meeting typically includes some sort of opening and closing, as well as possible guest speakers, training or other events. Allow time for those in your agenda, then plan accordingly.

In my mastermind groups, I tend to look for 4-6 members per group. Less than four and the energy level can drop (though I know several very successful mastermind groups with three members in them!), and more than six members will probably cause you to run out of time. However, if you’re doing half-day or full-day meetings, you may be able to include more members.