Whether you offer free or paid mastermind groups, using the right mastermind group software will make a better experience for you and your members.
How do I find a mastermind group?
The easiest way to find a mastermind group is to Google the term ‘mastermind’ followed by your niche. For example, ‘mastermind for coaches’, ‘mastermind for lawyers’, or ‘mastermind for health professionals’.
Consider looking outside your direct niche, especially if you want to access a more diverse group so to get more outside-the-box ideas. For example, I like to search for ‘mastermind for entrepreneurs’.
Look for a mastermind group on meetup.com, which is a popular place to meet people who are like-minded and at least start conversations.
If you can’t find the mastermind you’d like to be a part of, you can create your own mastermind group!
How do you structure a mastermind group?
A successful mastermind group typically has a combination of activities such as:
Teaching – you provide information, training, blueprint, or system, or curriculum that people will need to follow or materials they need to process
Referral building – the opportunity for members to give each other client referrals
Hot seats – each person who desires to receive feedback from the mastermind group will ask for help with their challenge or their question
Breakout Sessions – an opportunity for larger groups to segment into smaller cohorts allowing everyone to be heard, get support, and meet all the other mastermind members
In person events – supplementary activities in the form of retreats, VIP days or live trainings
[bctt tweet=”A mastermind group is a combination of different components that you facilitate based on your personality, your mastermind goals, and the goals of participants in your mastermind groups.”]
Why is it beneficial to use software in order to start a mastermind group?
Certain tasks of running a mastermind group can be time consuming. Many people ultimately quit their mastermind group because they can’t manage all the moving pieces.
It seems simple to get people together, but you also have to create a schedule of mastermind meetings, remind people to show up, give them the link or number for calls, manage members, remove clients if they stop paying, deliver content consistently and so on. All of that needs to be considered as you are starting your mastermind group. The easiest way to simplify all of this is through the use of software
Coaching Genie is the software that allows automation of group call management. Clients receive call reminders (e.g. Zoom links or conference line numbers) in pre-scheduled, automated messages. You can also easily activate and deactivate members if they stop paying or just decided they no longer want to continue. New member activation is as easy as providing them with a unique link to Coaching Genie.
Within the Coaching Genie system, members can stay in touch with each other between calls with the check-in forms, client journals, and communication features. Basically, increased avenues of ongoing communication in the software amplify the sense of community and help keep members engaged.
How can I find software options to support my mastermind group that will allow me to post a meeting agenda and ground rules, record action items, encourage peer-to-peer communications between meetings, let members set goals, and integrate video meetings?
Coaching Genie allows you to do all of these, in addition to being able to publish and share the recordings of meetings. If members can’t make a meeting, they can catch up via replay.
You can also easily integrate Zoom video conferencing into Coaching Genie call reminders so that your members automatically receive the Zoom links, and they don’t have to look for them anywhere.
Ground rules are critical because as new members join your mastermind group, they need to be notified of group norms, how to communicate with other members, what’s allowed, what’s not allowed, or what are grounds for removal. These can be easily outlined in the welcome page inside Coaching Genie. You can also track progress, allow members to set their goals, and everybody can support each other as well.
Can Coaching Genie support mastermind programs?
Absolutely. Coaching Genie gives you a container where you can run, lead, and manage your mastermind group. All members are together. They are aware of each other, who else is in the group, and see what everybody else is working on.
It automates many of the operational and administrative mechanics that save you time and make the group sustainable. In short, it saves you time which you can invest in running more groups or other revenue generating activities.
Should I pay to be in a mastermind group?
In a paid mastermind group, members tend to show more commitment and attend more consistently. When the mastermind group is free, the level of commitment is quite low. This results in poor group cohesion, directly affecting the success of a group program. Members never develop trust and exchange the ideas that cause something valuable to happen.
I prefer to join paid mastermind groups because I know people will show up. They are committed, just like me, and membership quality is higher if they’ve paid to take part.
How much does a mastermind group cost?
Mastermind groups range from being completely free of cost to $100,000 a year, depending on what kind of people are in the mastermind, who is organizing it, and character make-up of the membership. If the organizer or the creator of the mastermind group is somebody with a high level of success, notoriety, and brand awareness, you can expect it to be in a very high-ticket tier.
How can I integrate social media into my mastermind group software?
Join relevant and targeted groups in your niche market and genuinely connect with people. Social media is great for identifying people who you’d like to mastermind with. Whether in paid or free groups, you see someone’s level of expertise and personality in social media. You can easily invite those people to be part of the mastermind group. If you’ve never done it before, start a free mastermind and then charge for it once the members see a lot of value in it.
This is a great strategy for attracting potential clients and joint venture partners. Often people will ask, “How do I use social media to get clients or connect with potential promotional partners?” It’s much easier to invite people to something where they don’t feel like you’re asking, but rather you are inviting them to something from which they can benefit. A mastermind group is a perfect example of that.
What are the best ways to establish support networks and connect like-minded people in my mastermind group?
Pre-qualify your members. A mastermind group is slightly different than a coaching program. For example, if the personalities don’t vibe, people won’t enjoy the meetings. It’ll be difficult to create the environment where people can feel trust in their peers. Even if they are knowledgeable and well-targeted for their expertise or niche, personality is still very important.
A mastermind group needs a leader or facilitator to avoid falling apart without someone in the driving seat to encourage accountability. Somebody needs to care enough to hold the group together.
It’s important to hold space for people to mastermind. Our ego can get in the way of this. You’re not always the guru – you’re the facilitator. If you want to be the guru, start a coaching program. For a mastermind to work, you need to respect other people’s experiences and expertise.
In a paid mastermind where people joined to connect with you, then it’ll be structured differently. Team members will look to you for most of the wisdom and insights. You’ll still need to create space for members to benefit from each other’s presence. Otherwise, it’s not a mastermind, but simply a program where people come to learn from you.
Click here to sign up for a free demo of Coaching Genie so you can see how easy it is to use!
Milana is an entrepreneur, business strategist, and marketing mentor to coaches, authors, and speakers. She is the author of two books, “Coaching Millions” and “Simplicity Entrepreneurship”, the creator of telesummit. She is also the creator of Coaching Genie, an online platform for designing and delivering coaching programs with ease. She came from Soviet Ukraine almost three decades ago as a classical musician with zero knowledge of the business world and has since built multiple six and seven-figure businesses. Today she’s passionate about showing entrepreneurs how to use simplicity as a growth strategy. Goodbye complexity and overwhelm. Hello, simplicity, profits, and ease.