Starting a Profitable Mastermind: Tips From 6 and 7-Figure Earners

Starting a Profitable Mastermind: Tips From 6 and 7-Figure Earners

Are you an entrepreneur looking to take your online business to the next level? Have you been searching for a community of like-minded individuals who can provide entrepreneurial insights and peer group collaboration? If so, starting a profitable mastermind group may be the solution you’ve been seeking. In this article, we will discuss the benefits of joining a mastermind group, how to start a successful mastermind, how to monetize your group, common challenges and how to overcome them, and frequently asked questions about starting a mastermind group. 

Mastermind groups represent one of the most powerful ways to accelerate business growth, profits, and mindset as an entrepreneur. But launching a mastermind that attracts committed members and drives results requires thoughtful planning and execution.

In this comprehensive guide, we’ll explore how successful 6 and 7-figure earners structure profitable masterminds, recruit ideal members, facilitate engaging sessions, price effectively, and continually improve their groups over time.

Whether you aim to start a mastermind for the first time or scale an existing group to new heights, this playbook will help you create life-changing value while succeeding financially. Let’s get started!

Crafting a Compelling Mastermind Concept

The foundation is defining a mastermind concept that clearly communicates what makes your group uniquely valuable:

Identify the niche

Laser focus your mastermind on a tight industry, profession, skillset or interest area. Specificity attracts ideal candidates.

Set a clear objective

Articulate one or two primary objectives the mastermind will help members achieve whether it’s business growth, professional advancement, improved skills or something else. Avoid being generic.

Share past results

Quantify the concrete results, breakthroughs and transformations you’ve driven for others in this domain through case studies, stats and testimony. These demonstrate the possibilities.

Outline the format

Explain your structured approach to driving results through discussion formats, exercises, accountability and session pacing so members know what to expect.

Convey the community

Help prospects envision the supportive peer community they will engage through stories, member testimonials and principles like confidentiality that enable meaningful sharing.

Highlight differentiation

What outcomes, mindsets and connections does your mastermind enable that members couldn’t achieve on their own or through alternatives? Unique value attracts members.

A compelling concept communicates a clear destination, the roadmap to get there, and the peer group traveling together. This frames a rewarding journey for prospective members.

Defining Your Target Member Avatar

Having a clearly defined target member avatar is crucial for curating a cohesive mastermind group and guiding your promotion:

Demographic traits

Note the typical age range, gender, ethnicity, education level, location and other demographic criteria that define your ideal member. This shapes outreach and messaging.

Professional attributes

Highlight the key job functions, titles, industry experience and organizational levels represented across target members based on who you aim to serve.

Interests and values

Identify intellectual pursuits, topics and social causes resonating with your target avatar beyond pure business. Values-alignment fosters connection.

Goals sought

Define 1-3 concrete professional or personal goals your target member is trying to achieve that your mastermind is designed to facilitate.

Challenges and pain points

Outline key struggles, obstacles, and sources of frustration your target member faces. Position your mastermind as the solution.

Objections and concerns

Anticipate reservations your target member may have about joining a mastermind to proactively address them through messaging and testimonials.

Past experiences

Note other education, masterminds, conferences and professional development they have engaged in to understand their frame of reference.

An intimate understanding of your ideal member avatar allows crafting targeted messaging and experiences that compel them to apply.

Structuring Your Mastermind Format

Carefully structuring your mastermind’s schedule, activities and format maximizes member outcomes:

Set consistent meeting cadence

Choose a standard meeting frequency whether monthly, quarterly or weekly that works for your members to ingrain the habit while allowing progression between sessions.

Limit group size

Keep groups to 6-8 members. This enables sufficient individual focus while gaining input from diverse perspectives. Highly curated groups stimulate peer accountability and trust.

Design repeatable framework

Maintain a consistent meeting framework covering member updates, structured discussions, goal reviews, and impactful exercises. Familiarity creates engagement rhythm.

Make materials sharable

Provide downloadable slide decks, worksheets, reflections and exercises members can review later or share internally to maximize value beyond the live sessions.

Balance group and 1:1 time

Incorporate both group workshops and 1:1 coaching/feedback from you so members receive tailored guidance applying shared concepts to their unique situation.

Assign supportive accountability

Have members define action items and share progress on past commitments each session. Peer accountability fuels consistent action between meetings.

Measure and reflect progress

Conduct regular surveys to quantify member progress on goals, learning and growth. Celebrate wins collectively!

Optimized mastermind design blends consistency for habit formation with personalization at scale through small groups, 1:1 access, and lightweight tracking mechanisms.

Screening and Selecting Mastermind Members

Thoughtful selection is crucial for assembling a cohesive mastermind group:

Set an application process

Evaluate prospective members through applications detailing their experience, goals, challenges and value alignment. Do not simply accept all comers.

Interview finalists

Hold video calls with promising applicants to deeply assess suitability, commitment and fit. Look for members truly invested in the group and each other.

Check qualifications

Verify applicants objectively meet any predefined prerequisites whether years of experience, revenue metrics, credentials or past education.

Assess commitment

Gauge applicants’ tangible willingness to prioritize mastermind participation through time commitments, scheduling flexibility and proactive preparation.

Curate culture fit

Look for applicants whose values, communication styles and velocity align. Shared mindsets enable harmony. Too much style divergence strains groups.

Limit direct competitors

Avoid members who directly compete over the exact same customer segments unless you can foster trust. Some peer overlap is fine.

Manage expectations

Be clear on group objectives, logistics, commitment and rules to filter applicants only willing to engage on defined terms. Say no to those with mismatched assumptions.

Thorough qualifying ensures consistently high caliber members who gel together. Masterminds fail without proper member curation upfront. Do not compromise.

Facilitating Engaging Mastermind Sessions

Expert facilitation separates average mastermind groups from truly life changing experiences. Effective facilitators:

Stimulate deep sharing

Ask insightful questions that prompt members to open up with personal experiences, professional challenges and internal feelings driving underlying issues. Earn trust.

Manage airtime tactfully

Prevent domineering members from overpowering quieter group members. Tactfully draw out diverse voices for equal contribution.

Spark constructive dialogue

Stimulate collaborative problem solving by having members think through issues together rather than simply presenting solutions. Guide discovery.

Address conflicts head on

Directly but respectfully acknowledge and work through interpersonal tensions or disagreements between members. Discord sabotages cohesion.

Instill accountability

Ensure members define action items for progress between sessions. Review commitment completion and celebrate wins.

Customize guidance

Tie generalized principles, frameworks and best practices shared to the specific situations and goals that different members have. Make concepts concrete.

Probe for deeper insights

When members share breakthroughs and wins, explore the root factors, mindsets, and tactics enabling their success for transferable lessons.

Skilled facilitation transforms mastermind sessions from mere discussion into catalysts for revelation, strategy and accountability required for transformative growth.

Pricing Your Mastermind Profitably

Pricing is crucial for both covering your costs and signaling high value. Consider these pricing best practices:

Calculate your time investment

Tally the hourly commitment spent planning sessions, providing 1:1 coaching, creating materials, and managing logistics. This quantifies your base cost.

Assess member willingness-to-pay

Conduct early prospect surveys on mastermind pricing preferences and perceived value levels. Gauge maximum palatable rates.

Study competitor pricing

Research rates for other masterminds serving your target audience. These provide context on reasonable market rates.

Price tiers strategically

Offer pricing levels based on degree of exclusivity, group size limits and 1:1 coaching access. Higher tiers should unlock disproportionately more value.

Require upfront payment

Collect all fees upfront rather than monthly installments to secure full commitment. Offer payment plan installments if needed.

Bundle add-ons profitably

Offer incremental coaching, extended program access, bonuses and other upgrades as add-ons once baseline pricing is established.

Raise prices over time

Starting low, incrementally increase prices for new members as you build experience and reputation. Existing members receive grandfathered rates.

Intelligent mastermind pricing balances covering your costs with fair market rates considering willingness-to-pay. Leave no money on the table.

Promoting Your Mastermind Effectively

Targeted promotion secures ideal members. Strategically reach your avatar through:

SEO content

Publish blogs, articles and guides focused on high priority mastermind topics to attract organic search traffic, then link to your group.

Email outreach

Segment your list by attributes like industry, role and interests to directly email those most aligned with tailored messaging on mastermind benefits.

Cross-promotion partnerships

Recruit relevant brands, influencers and communities to co-promote the mastermind to their aligned audiences, potentially for revenue share.

Webinars

Host free webinars highlighting mastermind topics along with a segment on the group itself and a call to apply. Webinars attract warm prospective members.

Conference visibility

If you speak at relevant events, mention the mastermind and sharelinks in your bio. Conferences gather your target audience.

Client upsells

Offer past clients who found value working with you discounted mastermind access as a high-touch upsell.

Social proof case studies

Create detailed case studies showcasing members who achieved incredible results through the mastermind for lead nurturing content.

Promoting through multiple channels provides a steady stream of qualified applicants so you can selectively curate each new cohort.

Continuously Evolving Your Mastermind

The most successful mastermind leaders constantly refine and improve their groups:

Regularly survey members

Solicit member feedback on content, results achieved, areas for improvement, and value gained through periodic surveys and interviews.

Cycle novel exercises

Replace dated exercises with new thought-provoking and paradigm shifting activities over time to keep sessions fresh even for long term members.

Open member suggestions

Encourage members to actively suggest new session ideas, topics, special speakers, meeting formats, and member requests to incorporate.

Welcome guest experts

Invite niche experts like coaches, authors and practitioners as periodic guests for Q&As, workshops and presentations that enrich member learning.

Adjust session pacing

If energy lags or sessions feel too rushed based on survey feedback, adapt session structure, length and activities accordingly.

Update topics

Keep topics relevant by incorporating emerging best practices, market trends, technologies and case studies relevant to the mastermind’s focus.

Celebrate member wins

Make member achievements and results central rather than curriculum. Continuously showcase breakthroughs happening through the mastermind in promotions.

Evolution through constant member feedback, new exercises, special guests, and real-world topic integration allows masterminds to stay cutting edge long term.

Key Takeaways for Mastermind Success

Here are some top tips for starting a high impact mastermind group as an entrepreneur:

• Clearly define a focused niche, concrete objectives and compelling format to attract serious members. Avoid being generic.
• Curate a selective member group through applications, interviews and ongoing fit assessments for maximum peer accountability.
• Structure sessions consistently with 1:1 access for personalized guidance applying shared concepts. Make materials shareable.
• Facilitate sessions skillfully to stimulate deep sharing, constructive dialogue, accountability and insights.
• Price based on delivered value, time invested and market rates. Bundle upgrades and increase rates judiciously over time.
• Promote systematically through SEO, partnerships, client offers webinars and speaking opportunities to continually generate qualified leads.
• Continuously gather member feedback and reinvent curriculum to keep the mastermind fresh, relevant and high impact.

Running a profitable mastermind is an incredibly rewarding endeavor, both financially and intrinsically through member transformations. Follow this playbook to start or optimize your own transformative community.

What is a mastermind group and why is it important for entrepreneurs?

A mastermind group is a community of business owners, entrepreneurs, and individuals who come together to support and learn from one another. It is a space where individuals with similar goals and aspirations can brainstorm ideas, share their expertise, and receive guidance from their peers. Mastermind groups are important for entrepreneurs because they provide a supportive network of like-minded individuals who can offer valuable insights and advice. They can help you gain new perspectives, stay accountable to your goals, and provide motivation and inspiration to keep pushing forward.

Benefits of joining a mastermind group

There are numerous benefits to joining a mastermind group as an entrepreneur. Firstly, you have access to a wealth of knowledge and experience from successful entrepreneurs who have already achieved 6 and 7-figure earnings. Learning from their successes and failures can significantly accelerate your own business growth. Additionally, mastermind groups offer a sense of community and support that can be invaluable when facing the challenges and uncertainties of entrepreneurship.

Furthermore, being a part of a mastermind group can provide opportunities for collaboration and joint ventures with other group members. These partnerships can lead to new business ventures, increased exposure, and additional revenue streams. Finally, mastermind groups can also be a source of accountability and motivation. Being surrounded by other entrepreneurs who are working towards their goals can inspire you to stay focused, push through obstacles, and achieve greater levels of success.

How does a mastermind group work?

Mastermind groups typically meet regularly, either in person or online, to exchange ideas and provide support to one another. These meetings can take place in the form of group coaching calls, virtual brainstorming sessions, or even retreats. The group is usually facilitated by a coach or a business owner who has experience in the specific niche. The facilitator guides the group discussions and ensures that everyone has an opportunity to share their challenges, ideas, and wins.

Finding the right mastermind group for you

When searching for a mastermind group to join, it’s important to consider your specific niche or industry. Look for a group that is comprised of individuals who have similar goals and aspirations as you do. Additionally, consider the level of experience and success of the group members. It can be beneficial to join a group where the members are already making 6 or 7 figures in their businesses. This way, you can learn from their strategies and apply them to your own business.

How to start a successful mastermind group

Identifying your niche

The first step in starting a successful mastermind group is to identify your niche. Determine the specific area or industry in which you want to create a mastermind group. This will help you attract the right people who can contribute valuable insights and experiences.

Choosing the right facilitator

Selecting the right facilitator for your mastermind group is crucial. The facilitator should have experience and expertise in the niche you have identified. They should be able to guide and facilitate group discussions effectively, ensuring that everyone’s contributions are heard and valued.

Setting clear goals and expectations

Before launching your mastermind group, it’s important to set clear goals and expectations for the group members. Clearly communicate the purpose and objectives of the group, and ensure that everyone is aligned with these goals. This will create a cohesive and focused group dynamic.

Monetizing your mastermind group

Creating a pricing structure

Once you have established your mastermind group, it’s important to create a pricing structure that reflects the value you are providing to your members. Consider factors such as the duration and frequency of the coaching sessions, the expertise of the facilitator, and any additional resources or services you are offering.

Exploring additional revenue streams

In addition to the coaching fees, there are several other potential revenue streams you can explore to monetize your mastermind group. For example, you could offer one-on-one coaching sessions, host live events or workshops, or create digital products and courses that complement the mastermind experience.

Providing value-added services

To attract and retain members, it’s important to provide value-added services to your mastermind group. This could include access to exclusive resources, guest expert sessions, or additional networking opportunities to further support the growth of their businesses. By providing these extra benefits, you can differentiate your mastermind group from others in the market.

Common challenges and how to overcome them

Managing conflicting schedules

One common challenge that mastermind groups face is managing conflicting schedules. With members coming from different time zones and having different commitments, finding a time that works for everyone can be challenging. To overcome this, consider using scheduling tools that allow members to indicate their availability and automatically find the best meeting times.

Dealing with difficult group members

Another challenge that can arise in mastermind groups is dealing with difficult group members. It’s important to establish ground rules and expectations from the beginning to create a supportive and respectful environment. If a member continues to exhibit disruptive behavior, it may be necessary to have a private conversation with them to address the issue or consider removing them from the group.

Addressing communication issues

Communication is key in a mastermind group, and it’s important to address any communication issues that may arise. Encourage open and honest communication among group members, and provide opportunities for feedback and suggestions to improve the overall communication within the group.

Frequently asked questions about starting a mastermind group

How long should a mastermind group session be?

The duration of a mastermind group session can vary depending on the group’s needs and preferences. Some sessions may last for an hour, while others may extend to two or three hours. It’s important to find a duration that allows for meaningful discussions and interactions without overwhelming the participants.

What is the ideal group size for a mastermind?

The ideal group size for a mastermind can vary, but typically ranges from 6 to 12 members. This size allows for diverse perspectives and experiences while still maintaining a close-knit and supportive community. It’s important to find a balance that encourages active participation from all members.

How often should a mastermind group meet?

The frequency of mastermind group meetings can vary depending on the group’s goals and commitments. Some groups may meet weekly, while others may meet biweekly or monthly. It’s important to establish a regular meeting schedule that works for all members and allows for consistent progress and support.