Imagine a business that can make you 4, 5 or 6 figures per year, takes very little time to run and has the power to change your own life in dramatic ways above and beyond the extra income.
This is the crazy but true story of perhaps the best business model in the world: Running Mastermind Groups.
I’m going to assume you’re an online marketer. You’ve probably got a sales funnel or you’re building one. If it’s like most sales funnels, you’ve got inexpensive products on the front end and hopefully more expensive products on the backend.
Here’s my question about your sales funnel… do you have a flagship product? Something for which you charge serious money? Something that really, truly CHANGES people’s lives for the better?
And if not, then why not?
I’ve mentioned before that if you don’t have a big, expensive flagship product, then you can create one in a day by offering coaching.
Some people who are new to coaching like to charge $200-$300 a month. More experienced people who are confident they can get their clients results are able to charge 10 times this amount and more.
Coaching is awesome for getting people results, and if it’s right for you, then I suggest you do as much coaching as makes you happy and rich.
But the fact is, coaching isn’t for everyone. You might not feel comfortable coaching, or you might not want to spend the time working with people one-on-one.
You might want something different than coaching, something that has the potential to dramatically change the lives of a group of people while taking the pressure off of yourself to perform.
For you, I’d like to suggest starting one or more Mastermind Groups.
Masterminds can take less of your time than coaching, require less expertise than coaching and can potentially earn you as much or even MORE than coaching.
What is a Mastermind Group?
Loosely speaking, a mastermind is a select group of people who meet regularly in person or through video conferences to share ideas, help each other overcome challenges, keep each other accountable and achieve their goals.
Napoleon Hill coined the term “Master Mind” and defined it as… “A coordination of knowledge and effort, in perfect harmony, between two or more people, for the attainment of a definite purpose.”
Hill surveyed hundreds of the most successful people in the world and found that many of these people attributed their successes to being in such a group. The most notable of these people was Andrew Carnegie, who attributed his entire fortune and success to his mastermind group.
Mastermind groups aren’t just for the rich and famous, either. Almost any group of people with a common interest or niche can benefit from a mastermind group.
Here are three examples, but really the possibilities are nearly endless:
Children – there could be masterminds for new parents, parents of children of a certain age, parents of children with particular challenges, new empty nesters and so forth.
Online marketers – this is a huge area including new marketers, seasoned marketers, marketers in every possible niche as well as specialties such as social media marketing.
Professionals at any stage of their career – for example think of law students, brand new lawyers and seasoned lawyers in every area of law and you’ve got a hundred possibilities for mastermind groups in a single profession.
What’s So Great About a Mastermind Group?
If your personality, knowledge and success is the average of the five people you associate with most, it just makes sense that people in a mastermind group will enjoy more success and do it faster than those who are going it alone.
I’m reminded of a certain Irish marketer who participates in a $100,000 a year Mastermind Group. He is fond of telling the story of how one idea he got from this group yielded him a multiple 7 figure income.
And no doubt you’ve heard stories, too, of how mastermind groups have been the catalyst that propelled entrepreneurs from nothing to ultra-successful, sometimes even selling their businesses and retiring after just a few years.
The Chronicles of Narnia and The Lord of the Rings likely never would have been written if not for an English Mastermind Group of writers and poets that included CS Lewis, JRR Tolkien, Charles Williams and Owen Barfield.
President Theodore Roosevelt felt out of his depth when he entered office at the age of 42, the youngest age ever for an American president. He needed help working with much older and more experienced politicians and so he created a mastermind group for guidance, support and help.
No doubt you’ve heard of Henry Ford, Thomas Edison, President Warren G. Harding and Harvey Firestone. But did you know they were all in the same mastermind group and called themselves, “The Vagabonds?”
It’s truly amazing what can be accomplished when you’re in a mastermind group.
What Are the Benefits of a Mastermind Group?
That’s going to depend on the particular group, but in general…
Support Members have a group of people who help them to succeed. How valuable is it to have a group of like-minded people cheering you on and giving you ideas to become successful? It’s no understatement to say that a mastermind often makes the difference between success and failure.
Resources and Connections If a group has 10 members, and if each member has 20 powerful, knowledgeable or influential contacts, then each member of the group now has potentially 200 contacts to help their business grow. If you weren’t born into a family with vast resources and contacts, a mastermind group might be the next best thing.
Ideas They say two heads are better than one and ten are better than two. A mastermind group can give you new ideas, different perspectives and crucial feedback. And you don’t even have to be in identical businesses. For example, what’s working for one marketer in a particular niche can often be applied to many other niches as well.
Accountability A mastermind group keeps its members inspired and accountable to achieve their goals. There’s nothing like knowing your fellow members expect you to implement what you decided upon in the last session and report back your results in the next session to keep you moving forward.
Shortcuts Mastermind members possess skills and ideas that took years to develop, yet they can share them with you in minutes.
Partnerships You may find other members in your group with complimentary businesses with which to partner on a single venture or even an ongoing basis.
How Much do People Pay to be in Mastermind Groups?
While there are no hard and fast rules, on the low end $500 a year to be in a mastermind group of beginners or non-business people is somewhat common.
On the high end, I know of two Mastermind Groups for online marketers that each charge $100,000 a year. These are run by invitation only, and while the entrance fee seems high, members report the entrance fee pays for itself many times over.
And it wouldn’t surprise me a bit if there are a handful of mastermind groups that charge a million dollars a year and whose members are all billionaires or aspiring billionaires.
How much you charge will depend on a variety of factors, including what kind of group it is and how much expertise your members bring to the table. Keep in mind, there is nothing stopping you from starting as many mastermind groups as you can comfortably handle.
Should You Charge Fees Monthly or Annually?
When you are starting your very first Mastermind, you might want to charge monthly. This will assure participants they can leave if they don’t see results, which will make it far easier for you to sign people up. The exception to this rule is if you are already firmly established in your niche with a great reputation. In this case, charge annually and charge big.
If you don’t have a great reputation that proceeds you, and once you and/or the group is showing results, it’s time to increase the price and possibly charge annually.
It’s worth noting that participants who pay annually feel much more committed to the group and tend to do better. If you do charge monthly, ask for a firm 3-4 month commitment before they evaluate if they want to stay with the group.
Planning Your Mastermind
Before you start looking for members, you might outline the basics of your mastermind as you see it. This won’t be written in stone and can change once you have members, if the group agrees to the changes.
For example, your members might agree it’s easier to meet on a different day than you initially chose, or they might want the meetings to be longer or use a slightly different format.
Here are a few things you might decide ahead of time…
How often will the group meet?
What day of the week or month will you meet? What time? (Once per week is generally the maximum with a longer meeting once per month being