So you want to start a mastermind group?
We’re ALL about leveraging the power of collaboration & connection to create ah-mazing business results.
What could be better than a group of entrepreneurs coming together to learn and grow alongside one another?
🎉 Celebrating each other’s wins
👯♀️ Hyping each other up
And being each other’s rock when we’re on the entrepreneur #StruggleBus 🚌
(we all know the feeling!)
Maybe you’re so sold on starting a mastermind group, but you just haven’t quite worked out all the details.
Things like members, structure, pricing, setting up guidelines & schedules…all that practical stuff.
Lucky for you, the practical stuff is our JAM. Read on to learn how to start your own mastermind group in five simple steps. 👇🏽
First Things First – What IS a Mastermind Group?
A mastermind group is simply a group of peers that meets on a regular basis to work towards their goals collectively & with accountability.
There’s usually a mastermind host, as well as several mastermind participants. This is quite different from the nature of coaching where the focus is more on the relationship between the coach and the student/client.
Usually, in masterminds, members are all at a similar level of business. They might be in varying industries (for example, perhaps in a entrepreneur-focused mastermind group you’d have web designers, OBMs, consultants, coaches, and more!) but they’re all looking to hit certain business milestones.
By members sharing their experiences, thoughts, and learnings, everyone can grow and advance much quicker with the input of the group than if they were flying solo.
How To Start A Mastermind Group
If you’re totally *sold* on the idea of starting a mastermind group, these five steps will give you an action plan so you can get down to business and launch the thing.
1. Decide On Your Mastermind Type
When you’re thinking about starting a mastermind group, here’s what you need to remember. 👇🏽
It can be whatever you want it to be!
If you’ve been in masterminds before, or you’ve seen other coaches hosting mastermind groups in the online space, you might feel like you have to model yours in a similar way.
But there’s no rulebook, sis. The world is your oyster!
You need to focus on what your unique goals are for the mastermind and then go about creating a mastermind structure that reflects those goals. There are SO many types of mastermind groups to choose from.
You’ll need to decide:
- How many folks you want to invite to your mastermind group
- The length of the term of your mastermind (is it a three, six, or even twelve-month commitment?)
- Whether it will be an online or in-person mastermind
- The type of entrepreneur/individual you want to invite to your mastermind, and if there’s any sort of criteria to join
The last point is particularly important…👇🏽
2. Curate Your Mastermind Community
One of the defining features of a mastermind is that it’s strategically curated. A mastermind is different from a course or group coaching program in that not just anyone can join.
You want to be very intentional about the space you’re creating, and the individuals you’re bringing into that environment.
Of course, you always want to make sure you’re prioritizing creating a safe space when launching any group coaching or mastermind program.
But it’s also important to make sure that your members will gel together and that they’re at similar stages of business. The goal is to give members that feeling of, “oh my god these are my PEOPLE! Where have they been all my life?!”
It’s all about harnessing the power of community. 💛
3. Set Mastermind Rules & Expectations
Another key difference between a mastermind program vs. a group coaching program is the way the mastermind host and participants interact.
In a group coaching program or course, the focus is very much on the lead instructor or head coach. Yes, students might mingle and maybe even make some online biz BFFs – but for the most part, they’re there to learn the course curriculum.
If you’re starting a mastermind group, you need to set the expectation that participants will be contributing! It’s all about learning from one another – because each and every person brings something unique to the table. ✨
This might look like making a formal contribution, where every week or every month one of the members holds training for the mastermind group.
Or it might be more informal, in that, every week members are expected to show up with their ideas, updates, wins, and shares. Mastermind participants should be excited to share and chat about their business with fellow entrepreneurs, and be willing to lend their feedback and expertise where needed!
You want to spell out exactly:
- What participants should expect from you as the mastermind host/leader
- What’s expected from them as participants (are they required to attend meetings? Lead training sessions? Provide feedback?)
The clearer you can be, the better, so everyone is on the same page.
And if there are a lot of events to keep track of, be sure to create a mastermind group calendar so everyone can keep track of all sessions, calls, and requirements.
4. Decide On Your Mastermind Pricing Structure
High-ticket masterminds are all the rage in the online space right now. It can seem like every time you’re on the ‘gram another coach has launched a mastermind that costs a steep $25k to join.
But just because they’re popular doesn’t mean they’re the only way.
Make sure that you’re pricing ethically AND in alignment with the value provided in your container.
If you’re creating a group coaching-mastermind hybrid where you’re providing specific lessons, a curriculum, and teaching materials, then obviously that boosts the value of the program.
While mastermind groups that require significant time and energy need to be adequately priced, you don’t simply need to charge high-ticket because that’s what everyone else is doing.
In reality, there are SO many ways to price your mastermind.
From charging 5k, 10k, or even 15k to join a highly-involved, high-touch container…
…all the way to more informal mastermind groups where entrepreneurs come together, free of charge or with a minimal fee paid to cover any basic costs of facilitating the group meetings.
And everything in between!
We’re not saying one is better than the other. We’re saying there is no one way to run a mastermind and it’s all about what feels good for you.
If you opt for a more informal, networking-style mastermind rather than a high-touch one, you could even get creative with your pricing.
Maybe you opt for a pay-what-you-can method or ask all members to make a donation to a charity of choice instead of traditional payment.
Don’t be afraid to think outside the box, boss!
5. Have a contract in place with your mastermind members
We talked about just how important it is to decide on the structure of your mastermind, set expectations, and communicate the parameters of your mastermind to members.
Hands down, the best way to make sure everyone knows *exactly* what they’re agreeing to is to get all members to sign mastermind group contact.
This way, everyone signs on the dotted line that they understand the mastermind group rules and expectations. By clearly communicating and getting it in writing, you’re leaving no room for misinterpretation. Which will only make your mastering THAT much more successful!
If your mastermind is just a group of business friends meeting informally on Zoom each week, a contract might not be necessary.
But if there are mastermind group rules to agree to, or any money is being exchanged, an airtight contract is an absolute must.
If you’re looking to grab one, you can pick up a mastermind contract over in our Contract Shop!
When brilliant minds come together, we can accomplish so much more.
We can’t wait for you to create your magnificent mastermind group, boss. Save us a spot in it, will ya? 😉
Check out our ready-to-use, lawyer-approved, plug-and-play legal contract templates! So you can upgrade your client contract while staying Protected & Profitable™✨
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*The information presented in this blog post is for educational & informational purposes only. This should not be a substitute for customized legal advice from a licensed professional in a private setting. If you need legal advice, please consult with an attorney. This is not a law firm.