Map your Mastermind

Plan your Mastermind or Group Coaching in a Weekend with this mini course!

INTRODUCTION

Joining a mastermind group isn’t going to be for everyone. They can be exclusive and expensive; but if you’re ready to make that investment in yourself and in your business, the benefits and the results can be tenfold. Not only do you get to network with other successful business owners but you also receive critiques and input about your ideas from these peers. In turn, you have the opportunity to share your experiences and opinions with the other members.

The idea behind mastermind programs is that it’s peer-to-peer interaction rather than a traditional student-teacher set up. Of course, there’s always something to learn from your peers but the ideas and advice are more like a free-flowing discussion than a typical lecture in a “classroom” setting.

While there are many benefits for members to join a mastermind, running a mastermind program can be equally rewarding. You still benefit from the give-and-take of the peer group plus you benefit from the monetary earnings as each member pays a monthly sum to be a part of the program. However, no matter how much you’re charging for your mastermind, careful planning is vitally important to keep people enrolled and looking forward to each meeting.

In this planner, we will go through each step required to set up a profitable mastermind program. You’ll need to do some research and some deep thinking to answer the questions and exercises but you really can have an action plan in place, all in one weekend.

Let’s get started!

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STEP ONE: 6 QUESTIONS TO HELP YOU DESIGN AN ELECTRIFYING MASTERMIND

If you want your mastermind program to be successful right from the start, answer these six questions honestly and in-depth. The more planning you put into this process, the more value your potential members will see and they will clamor to join.

1. What will the format be?

Masterminds are discussion-based so you need to have a place for those discussions to happen. Platforms such as Google Hangouts or Zoom Meetings typically work best as each one can be used from both smartphone and computers. Video conferencing is also the next best thing to meeting in person; you just don’t get the same benefit of the interaction when you’re typing responses to questions in a private Facebook Group, so opt for a video platform instead.

When thinking about your format, also consider if you’ll need printed materials beyond agendas. Agendas are vital to keeping the meeting on topic; otherwise you run the risk of getting sidetracked, members getting bored, or focusing too much a personal talk instead of business talk. But do you need other types of digital materials for members to use? Do you feel the need to produce slides, planners, checklists, worksheets, or other guiding visuals every week or month?

2. What’s included for the monthly mastermind price?

Define what perks your members will receive for joining your program. Obviously the networking is a big one but what else? One-on-one calls? A private online group? Local events or meetups? Luxury retreat? Guest speakers? The choice is yours but the more you charge, the more value your members will expect.

You can also think of this topic in terms of touchpoints and how many touchpoints will there be over the course of the Mastermind. A “touchpoint” is simply an influential action or message that touches the consumer in some way. Multiple touchpoints are necessary throughout the customer experience to keep them as loyal customers or they will flee to a competitor. Some examples of touchpoints include a company website, email campaign, advertising, direct mail correspondence, invoices, and interactions with sales people or customer service reps.

Within the confines of a mastermind program, think about how many touchpoints you’ll need to retain members in your mastermind group and make each one feel important.

3. How many people can participate?

Remember, there’s a vast difference between a mastermind program and your Facebook Group community. Your mastermind is a much more personal experience so keep the number of participants small. Some experienced mastermind participants have said even more than 10 members can get difficult to stay on track.

4. Who is your ideal participant?

This will depend on the topic of your mastermind program. Just like you did when choosing your target audience for your business, think about who your ideal customer is for this mastermind program. What milestones do participants need to have hit to benefit from the group? Start thinking about screening tactics (more on this in Step 6). Think of other ways to make this group exclusive so it’s filled with peers who have reached the same level of success.

5. How often will you offer the Mastermind?

Depending on your niche and the members you attract, mastermind programs are not necessarily meant to last for years on end, although some of them do! Entering into this project with an end date in mind is wise but remember, the end date can certainly change as your group evolves.

Try aiming for 3-6 months to start. Take a vote at the end of six months to determine if your group members want to continue on. If some want to leave and others want to stay, consider opening up membership to some new people or start a completely brand new mastermind.

Exclusivity sells, so don’t open it up more than twice per year. If this is your first time running one, see how it goes before committing to an ongoing offering.

6. How will you record the sessions, if at all?

Video recordings are extremely helpful if questions arise after your meeting about something that was said or if someone can’t remember the name of a resource tool. But they can also become a crutch if people start skipping the meetings and relying on the videos instead. Use your own discretion about this topic; if you have a firm commitment from all the members about attending the meetings live, then a video replay is a nice perk.

Google Hangouts and Zoom Meetings both offer recording options, as do all other video conference platforms. Write yourself a note to start the recording however; even the most seasoned pros forget to hit that magic button on occasion!

These questions lay the foundation of your membership program and need to be solid before you start looking for members.

*When you are ready for the rest of this mini course (5 more modules and printed planner), subscribe to the online members area, it’s simple to use, once subscribed for $10 a month or $100 for the year, you will receive weekly course like this, monthly tools and resources! For $1000 for the year 2 live sessions of business growth, book club and Q & A sessions with Suzanne, plus exclusive networking opportunities and personal introductions!