Should You Start Your Own Coaching Mastermind?
If you’ve ever been part of a mastermind, you’ll have already uncovered the value of being part of a group headed towards a shared goal and just how powerful such a container can be for business growth, inspiration and success.
The “mastermind” term seems to be thrown around much more in the online coaching community, but the term was first coined by Napoleon Hill in his iconic “Think & Grow Rich” book where he defined it as “the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
This concept is perfect for moving a group towards a common goal and setting up a transformational experience that gets big results – as well as creating a profitable income stream for your business.
Having been part of some powerful masterminds since 2011, I have experienced first hand the strategy, direction and support these forums can provide for business, personal and spiritual growth.
Not just for those looking to grow their business, a mastermind can also be valuable for a wide range of transformations like health and wellness, skill mastery and personal development.
When I joined Marie Forleo’s mastermind, I didn’t even have a clear direction of where I wanted to take my newfound business, but I had faith in learning from Marie and a bunch of other women who were destined for success online and beyond.
Experiencing first-hand how that mastermind led me to create a six-figure business on my own terms in under a year, I had no doubt that they would continue to provide a solid foundation for success and I went on to be part of several more and still am to this day.
I am such a fan, that I started my own Mastermind in 2013 which continues to this day to provide a forum for success, skill-sharing and learning with a group of women coaches and consultants on a path to more confidence, profit and impact.
The group has gone on to create many six-figure businesses (and a couple of 7-figure businesses) from scratch and has fostered many powerful friendships too). Most of all, it has been the most enjoyable, satisfying and profitable of all my offers over the years.
So, should you (and could you) start your own mastermind, and what’s the best way to go about it?
The short answer is YES!
It is a profitable and leveraged coaching model that gives your clients a deeper level of support than a regular online course because they get more access to you PLUS the collective wisdom and support of the group.
The other benefit is that a mastermind requires a bigger investment of time and money for clients, so they tend to be way more committed than regular online courses or free trainings and in turn get much bigger results (and you need fewer clients to make more revenue).
The good news is that you can start your own mastermind with just a couple of participants. Don’t worry if you don’t fill it immediately, the most important thing is that you get started and start creating and delivering results for your clients.
It’s a common misconception that you need to fill a mastermind before you get started and this can create an unnecessary hurdle for you to get out there and start actually delivering results.
My recommendation is that you first think about the transformation you want to create and use that as the starting point for your mastermind offer so you can map out the ultimate results you want to create and the type of clients you want to join. Just because you are offering a higher-priced program it doesn’t mean that you have to sell your soul or work 10x harder. In fact, this offer can be the most easeful delivery you will experience.
But, you must set it up right from the start to avoid the common mistakes of underpricing and over-delivering – or worse still, not getting ANY clients.
Here are my top 5 steps for creating and leading your own profitable coaching mastermind:
1. Position Your Mastermind For Success
Your “core concept” will easily communicate the transformation you offer in your mastermind and set you apart from the competition. It will offer personal guidance and support to create big results for your clients as well as bring together a powerful like-minded group to inspire and motivate.
2. Create The Perfect Time Commitment
Once you have the result you want your members to achieve in mind and have positioned the mastermind, you will want to design the program to create the perfect “container” for your members to experience true transformation.
The longer the time commitment, the more space you give for the group to bond and for results to happen. I prefer a year-long model, but this depends on the transformation you offer. 3 and 6-month structures can also work, especially when you are just starting out.
3. Create Powerful & Compelling Deliverables
You don’t want to make the mistake of over-delivering or making yourself the only conduit for success in your mastermind. Doing so can prevent the true mastermind benefits of using the power of the collective.
The advantage of leveraging the group’s knowledge and contribution is that you also make it a more efficient use of your time and create a true community, of which the real value of the experience is greatly enhanced.
4. Price For Results & Leverage
You need to align your pricing with the industry you’re in and the value of the transformation you provide. This doesn’t mean you aim to keep it as cheap as possible, but of course, you want to provide enough value so that your clients are delighted, but keep it at enough of an investment so that they are committed to success and will remain so.
This means it must be more than $5000, and preferably at least $1000 a month to participate.
You can charge in installments, monthly payments or an upfront payment, depending on the cost.
Monthly payments are a great way to set yourself up for recurring revenue and really commit to your clients for the entire time they are in your mastermind.
5. Be Selective
Masterminds should be inclusive and exclusive at the same time. Inclusive in that you want the common goal to bond them all, but exclusive in terms of the stepping up to the investment and only selecting GREAT clients that you can help get results for and come to the group in the spirit of lifting every member up, rather than dragging everyone down with neediness and negativity.
Don’t be afraid to lay out your mandatories and stick to them in your enrollment process to ensure a great experience for you and every member, as the group dynamic is absolutely critical to the success of the mastermind overall.
It’s actually not about who you let in, but who you keep OUT.
If you’re already offering private coaching or consulting or have an online course with paid members, you are ready to create and lead your own coaching mastermind and add at least $10,000 a month to your revenue.
I go into all the critical steps you need to succeed in depth at my upcoming live workshop “Create & Lead Your Own Profitable Coaching Mastermind” where I will be taking a small group through all you need to set up your own mastermind based on your expertise (in any industry or niche).
The workshop is perfect for experts, coaches, and consultants who need the right foundation to create recurring high-ticket revenue by helping their clients achieve huge results.
Click here to register for the next live workshop >> victoriagibson.com/leadyourmastermind/
If you can’t make the workshop live, then you can still book in for a chat with me to discover how this model can work for you. Just head over here and complete the application.
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