The Perfect Mastermind Formula Review, Insight and Beta Testing Results
A complete guide to running successful mastermind groups
Mastermind groups have been an increasingly popular business tool over the last decade and it’s easy to see why — the need for connection and networking has become indispensable in the line of work of most businesses and organizations. In this day and age where competition is fiercely aggressive and the need to stay ahead keeps all companies on their toes, mastermind groups offer opportunities for collaboration, an overflowing source of information and expertise, and most importantly, a huge nudge towards success. If you have participated in mastermind groups and experienced firsthand the multiple benefits of working with like-minded professionals, it’s a good time for you to consider running your own mastermind groups. You may be pleasantly surprised at how much you can actually gain from running your own sessions. Here’s what you can expect should you take that leap from attending to leading your own.
Why running a mastermind group is a good idea for your business
The shift from being a participant to a facilitator in a mastermind group comes with a wealth of benefits to your business. First and foremost, running a mastermind group can add serious credentials to your company’s portfolio. You get to elevate your brand’s status and place yourself ahead of the competition. Next, you are also increasing your connections and opening yourself up to a ton of networking opportunities. As the leader of a mastermind group, you not only get to meet new people, you are also recommended, by your group members, to an even wider circle of people. Naturally, you can expect your business to grow and your services to take off when those recommendations start flowing in. However, the most attractive benefit of running a mastermind group is definitely the monetary gains. You can feel the tangible benefits almost immediately — running a mastermind group gets you more clients which equals to more money, which is really all the incentive you need to start.
Before you start…
Nobody wants to see their projects fail. An unsuccessful endeavor can take a big hit on your company’s reputation and rankings, so it’s of utmost importance that you only start a mastermind group when you are confident of managing one successfully. This confidence doesn’t just come from anywhere but rather, has to be built from experience. Start small and conduct one-on-one coaching sessions. Through your one-on-one coaching sessions, you can gauge client satisfaction with regard to the tactics and strategies you have applied in your own individual facilitation sessions. Soon, you will be able to master your grasp of these strategies and be ready to take on a whole entire group.
There is no ideal or right number of personal sessions to conduct before you are deemed ready and qualified to lead a mastermind group, instead, go by your intuition. It all depends on how ready you feel, so take as much (or as little) time as you need.
The 5 key aspects of running a mastermind group
1. Pricing your services
Creating a price structure for your services is always a difficult task, especially when you are just starting out. In the industry of mastermind groups, prices for services range over a wide spectrum, with some companies offering services for as low as $100 a month while others quote 5-digit figures for a year’s worth of services. Where, then, should you place yourself within this huge price range? The answer is simple when you consider the following price-influencing factors: your expertise in comparison to others in the same field, your reputation and outreach, and, the demand for services in your area of expertise. There’s definitely a need for some research with regard to the market situation and how your competitors (if any) are faring, so start from there and let the business context guide your price setting strategy. You should also bear in mind the costs of running the mastermind group, especially in terms of the hours of work you need to put in to prepare for each session. Understanding your input costs will help you better decide on the level of returns you should aim to get back in order to make a reasonable profit.
2. Choosing your clients
While it may be tempting to accept as many clients as you can, it will serve you well to actually do some filtering when you select which clients to work with. The nature of mastermind groups emphasizes group culture and collaboration. Hence, it is essential to select and group together clients who will be able to work well together. After all, having good group dynamics can affect your success in the long run — when you assemble a team that has similar goals and needs, you can expect a far higher level of efficiency and progress. A compatible team can hit its goals faster and this means happy clients, more recommendations and a better reputation. So don’t just focus on getting clients to pick you but pick your clients wisely too! Some important points to look for when filtering your clients include their area of expertise, their working culture, their goals and expected timeline and most importantly, the kind of facilitation leader they are looking for.
3. Conducting your sessions
The focus of a mastermind group session is always the sharing of ideas and feedback, so the bulk of every session goes toward giving your clients time to speak and interact with one another. The other elements of each session also include giving updates and sharing reflections. There are many ways by which you can structure your sessions depending on your coaching style. But the basic layout of a mastermind group session goes like this: you begin with a contextualized opening (such as sharing an anecdote) that brings the topic of the session right to the table, branch off to an open sharing session for each member to update their progress then go to the main sharing and discussion. You can then wrap the session up neatly by getting everyone to contribute some quick verbal feedback so that you know what you should improve on for the next session. You can also add an extra dimension to the sessions by creating a social media sharing platform so that discussion can take place even after hours — some mastermind group organizers out there swear by Facebook groups. These online platforms encourage active participation outside group session and provides your clients the ability to always reach out for guidance. One suggested use of external platforms, in which organizers can continuously connect with their members, is to motivate every member to contribute one post every week of their preference (be it for help or for recommendations in their own currently adopted approach).
4. Creating content
As the leader of the mastermind group, you definitely have to get content prepared for the sessions every week. There’s a lot of room for creativity here so work with what’s best for the group’s needs — you can consider uploading video content, writing blog posts, putting up mind maps or even creating worksheets. Ultimately, it all depends on the nature of the business you are dealing with.
5. Leading and facilitating
The final point to consider when running a mastermind group is the way you conduct yourself as a leader at these group meetings. Your main role is facilitating discussion, so you have to be able to think on your feet, respond fast and keep the discussions rolling. How you lead also influences the group culture and the dynamics of the session — if you want people to open up and speak up, you have to create an environment that encourages them to.
We’ve all had our fair share of leading projects and running a mastermind group isn’t all that different when you consider the work that goes into it. What makes a successful mastermind group, however, requires a lot of dedication and inspirational leadership on your part. At the end of the day, remember that the key goal of selling services is achieving customer satisfaction and let this principle guide all your decisions.