Category Archives: Starting Your Mastermind Group

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

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