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!”
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 the 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.
Learn the steps to starting a mastermind group with my free video tutorial.
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Creative Ways to Add Mastermind Groups to Your Revenue Model
Free webinar: August 16
Looking for innovative ways you can add mastermind groups to your existing business? I'll discuss 9 unique ways to add mastermind groups to your existing business model and share my pricing-revenue spreadsheet.