Category Archives: Starting Your Mastermind Group

What’s Your Mastermind Group Business Model?

Are you curious about all the different ways you can design your mastermind group business model?

In this short video tutorial, let’s discuss three things:

  • How much of your business revenue will come from your mastermind groups
  • How big your mastermind groups will be
  • How much time and energy you’ll put into your mastermind groups as the Facilitator

Answering these three questions for yourself will help you design a mastermind group business model that fits your goals while also serving your members.

Watch the free video tutorial here>>>

Are You Looking for a Mastermind Group to Join?

Looking for a mastermind group to join?

Here’s a list of all the mastermind groups that I know of who are looking for new members.

Some meet locally, while others meet virtually via teleconference or video chat.

Start 2016 right…join a mastermind group! (Or even better, start one of your own!)

Starting Mastermind Groups: Three Key Steps

Here are some quick tips for starting your mastermind groups.

  1. Pick a niche or topic area – The more narrowly you define the topic area for your group, the better chance you’ll have of attracting the right members. Need ideas for topic areas? Read the blog post What Types of Mastermind Groups Are There? for suggestions.
  2. Decide how many people – The best groups are 4-8 people, for two reasons: First, it gives everyone a chance to be in the “hot seat” at each meeting. Second, if someone doesn’t show up for the meeting, there are still enough people there to effectively mastermind together. If you need more information on how many people should be in your group, read the blog post How Many Members Should Be In a Mastermind Group?
  3. Choose the right participants – Nothing will destroy a good group than bad members. You want to find people who are excited about creating change in their lives, who have a positive mental outlook, and who are eager to both give and receive advice and support. Check out this Mastermind Group Readiness Quiz we developed when creating our own mastermind groups.

Want to learn more about starting a mastermind group?

Join me for my free video tutorial, Speed Up Growth: Start a Mastermind Group. This one hour webinar recording will get you started quickly!

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