So, you want to host a mastermind group for business owners? We’re all about leveraging the power of collaboration and connection to create amazing business results!
What could be better than a group of entrepreneurs coming together to learn, grow, celebrate achievements, and hype each other up? …Oh, and be each other’s rocks when the #strugglebus comes to town?! (We all know the feeling!)
Maybe you’re sold on starting a mastermind group, but you just haven’t worked out the details, like members, structures, prices, guidelines, schedules…all that practical stuff.
Lucky for you, the practical stuff is our jam. Read on to learn how to host your own mastermind for entrepreneurs in five simple steps.
First things first… 👇
What Is a Mastermind?
A mastermind is a group of ambitious peers that meet on a regular basis to work toward their individual goals through collective conversation and accountability. Although circumstances will be different for each individual, the group as a whole has reached a similar stage of business or personal life.
This group is led by a host who opens up conversations based on their past experiences and a deep understanding of their participants’ needs. Throughout this weeks-long or months-long process, the focus is placed on peer-to-peer interaction, rather than quietly learning from the mastermind host.
In this setting, support and advice is continually shared to not only solve immediate problems, but also to identify opportunities for collaborations, partnerships, and other beautiful relationships in the future.
All of this can be done on video, in person, or through a combination of the two. (Hello, retreats with a beautiful view!)
As you can probably tell already, this mastermind dynamic is quite different from a coaching program, which focuses on the private relationship between the coach and the client(s).
How about masterminds that are strictly for business owners?…
What Is a Mastermind for Entrepreneurs?
In entrepreneurial masterminds, members are typically at a similar level of business. They might work in varying industries, but they’re all aiming for specific business milestones — and they have the capability to reach them. 💸
For example, perhaps a mastermind group includes a web designer, an online business manager (OBM), a beauty business consultant, a copywriter, a relationship coach, and a social media coach. Some of them work alone, while others have hired freelancers to support them.
On the surface, it may seem like their lives are super different. And they are!
But because all six of these entrepreneurs have reached the same professional milestones (defined by the mastermind host), they’re a great fit for the conversations and challenges that will be addressed within the mastermind.
As each member openly shares their experiences, thoughts, and learnings, the whole group gets to grow at a faster rate than they would if they were flying solo.
If you want to take the lead on this kind of experience, then keep reading!
How To Host A Mastermind for Entrepreneurs
Hosting an effective business mastermind requires you to first step into the shoes of your potential participants. Don’t rush to put a program together just because others are doing it.
Instead, take some time to reflect on your potential clients’ most pressing questions, roadblocks, and everyday experiences. This reflection will help you understand their point of view when applying for a mastermind.
If you know in your gut you’re ready to host a mastermind for entrepreneurs, these five steps will give you an action plan so you can get down to business and launch the thing.
1. Choose Your Mastermind Model
The way you structure your mastermind is determined by…you! The process can be whatever you want it to be.
If you’ve been in masterminds before, or you’ve seen other coaches advertising their mastermind groups on social media, you might feel like you have to follow those other models.
Instead of trying to pick apart someone else’s process, remember: there’s no rulebook, sis. The world is your oyster!
Your #1 focus should be the unique potential you see in your ideal mastermind participants. From there, you can create a mastermind structure that reflects this potential.
Create Your Mastermind Model by Selecting:
- The number of participants you want to invite to your mastermind group
- The duration of your mastermind (Is it a three, six, or twelve-month commitment?)
- The online or in-person components of the mastermind
- The type of entrepreneur you want to invite to your mastermind
That last point is particularly important. Ready to dig in? 🤗
2. Curate Your Mastermind Community
One of the defining features of a mastermind is that it’s strategically curated. Unlike an online course, workshop, or one-time consultation call, participants must meet certain criteria to join a mastermind group.
Like we touched on before, your mastermind isn’t only about your leadership. The vibe of your mastermind largely depends on the leadership and communication skills each participant brings to the table.
Because of this, you want to be intentional about the professional environment you’re creating, and the individuals you’re bringing into that environment.
It goes without saying, you always want to create a safe space when offering any type of group program.
And it’s equally important that your members mesh well together. This means choosing individuals who are experiencing similar successes and hurdles in their businesses.
The goal is to give members that feeling of, “OMG, 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
Since you’re en route to hosting a highly effective business mastermind, another element to pay attention to is the way you interact with your participants.
Let’s contrast this with an online course, shall we? 👉 When a customer purchases an online course, the focus is primarily on the instructor. Yes, students might have the chance to mingle…and maybe even make some online biz BFFs. But for the most part, each student is working through the course curriculum on their own.
If you’re starting a mastermind group, it’s a totally different world. Through your marketing pieces and written contract, you need to set the expectation that participants will be contributing.
Formal Ways Your Mastermind Members Can Contribute
- Present a weekly training that’s specific to their niche
- Lead a monthly discussion on an entrepreneurship book they’ve recently read
- Present industry-specific resources they’ve found helpful each quarter
Informal Ways Your Mastermind Members Can Contribute
- During every video call you pause to give members the opportunity to speak about their newest ideas and wins
- Every few days, you create a business-related journal prompt, and each member can share their journal entry in the group chat
- Throughout every conversation, you remind the group that this is their moment to give and receive constructive criticism and respectful feedback
Whichever rules you choose to outline, make it clear that you 100% believe that each and every person brings something unique to the table. ✨
You’ll want to clearly define these elements of the experience, as well:
- What can participants expect from you as the mastermind host?
- What is expected of each participant? (attendance, communication, etc.)
The clearer your expectations are from the beginning, the more everyone will be on the same page.
💡 Bonus Tip: If there are tons of events to keep track of throughout the mastermind, be sure to create a group calendar so everyone can keep track of sessions, calls, and other deadlines.
4. Choose 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 Instagram, another coach has launched a mastermind that costs a steep $25k to join. 😳
But just because these high-ticket experiences are popular doesn’t mean they’re the only way to create a lasting impact among fellow entrepreneurs.
We highly encourage you to price your services ethically and in alignment with the value you’re providing.
For instance, if you’re creating a coaching-mastermind hybrid model, then you’re providing specific lessons, plus a curriculum, plus teaching materials. In this case, you’d obviously increase your price because the value of the experience has gone way up.
While mastermind groups that require significant time and energy need to be adequately priced, you don’t need to charge high-ticket because that’s what everyone else is doing.
In reality, there are so many ways to price your mastermind!
You could charge $5k, $10k, or even $15k for a highly-involved, high-touch container. Or you could make it more informal by welcoming highly ambitious entrepreneurs at a minimal fee, to cover the basic facilitation costs.
What we’re saying is: There is no one way to price a mastermind.
It’s about what feels good for you as an ethical and leadership-minded entrepreneur. Don’t be afraid to think outside the box, boss!
5. Prepare a Contract for All Mastermind Members
We just talked about how important it is to set the structure, expectations, and pricing for your mastermind. Before we say “do the darn thing,” we want to make sure you’re legally set up for success.
Hands down, the best way to make sure everyone knows *exactly* what they’re agreeing to is to present a written contract to each participant when they’re ready to pay. 👌
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. This will only make your mastermind THAT much more relaxed and effective.
If you’re saying, “Yes, I’m ready to host a mastermind for entrepreneurs,” but it ends up just being a group of business friends who casually meet on Zoom each week…a contract might not be necessary.
Still, we encourage you to invest in a contract if there are any doubts.
Highly-trusted friendship is the exception to the rule. Other than that, we say: If any money is being exchanged, an airtight contract is an absolute must.
If you’d like to use a contract that doesn’t have any stuffy jargon, you can pick up a mastermind program contract template from our lawyer-approved shop!
What We Covered
Whenever you’re ready to host a mastermind for entrepreneurs, remember these essentials:
- Choose your mastermind model
- Curate your mastermind community
- Set mastermind rules and expectations
- Choose your mastermind pricing structure
- Prepare a contract for all mastermind members
When brilliant minds come together, we can accomplish so much. We can’t wait for you to create your magnificent mastermind group. Save us a spot in it, will ya? 😉
Do you think it’s time to host a mastermind? Check out our ready-to-use, lawyer-approved, plug-and-play legal contract templates, so you can upgrade your mastermind contract while staying Protected & Profitable™✨
*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.
