More and more, I hear about creative methods that coaches employ to work with their clients. (I remember when coaching via video was a WOW!) Often, reinventing a tried and true method works just as well as something new. Masterminds are a great way to lead a group, connect people and help your clients achieve success.
Have you given any thought to running a mastermind? Masterminds are a combination of group coaching and peer mentoring. As the facilitator of the group, one of your main roles is to set the tone for the sessions and to encourage the conversation. Neither of these is particularly difficult, but you do have to be intentional. Before we talk about how to do it, allow me to share a couple of reasons why I think masterminds can be a great value to your business.
One of the most obvious reasons a mastermind adds value for you is that like group coaching, you are charging multiple people for the same hour or so of time. I know that many coaches are challenged in the area of setting prices. Groups (like masterminds) can help ease this concern. If you aren’t comfortable charging triple digits for your coaching (and even if you are) you may be more comfortable charging $65 for your mastermind. If you have a mastermind program you can offer it to 4 people and quadruple your income in that hour. How does $260 for the hour sound to you? And lets not forget you can run more than one mastermind group at a time.
Another way masterminds add value to your business is that they offer peer connection for your clients. If you have ever taken part in a mastermind, then you know that there is a great feeling when you realize that there are others in the world who are similar to you.
I recall being a part of a coaches mastermind and was grateful to hear my questions coming out of someone else’s mouth! The camaraderie formed between clients can be very rewarding. Don’t underestimate it.
Another reason why masterminds offer great value to your business is that they offer your clients many resources and solutions. Clients can come to the mastermind with a real issue to solve and the GROUP will assist in the answer. This is a win for everyone involved.
Are you convinced that a mastermind might be worth trying? I can’t imagine why you wouldn’t. Let’s keep your business ignited! Keep reading for 7 tips on creating a powerful mastermind.
So how do you set up your mastermind? I’m happy you asked. This is not the type of thing you want to throw together. You want to take time out and think it through clearly.Here are some things to consider.
- Have a clear set of goals and expectations for the group. It’s important that everyone knows what is expected and agrees to the terms. While I like to flow freely, I completely believe that structure is necessary. How long are your meetings? What is the format for the meetings? There are many things to consider. As an example, when I participated in a coaches mastermind, we knew that we would be sharing things about our business. Therefore we agreed not to share that information (or take it for our own). I especially enjoyed ending the sessions sharing what we were grateful for and I now incorporate that into all of my sessions (Thanks Benay!)
- Make it work for you. Some masterminds meet weekly, some twice a month. When I run masterminds, I often combine them with coaching. It’s my preference because I can check in with the client and be sure they are really doing the work and getting what they need. I can also encourage them to share certain things with the group. My coach masterminds typically consist of 2 group sessions per month and 1 “spark” session (this is the private coaching sessions). There is 1 week when we are all off. This system works very well. Choose what works for you (and charge accordingly).
- Interview people before inviting them to participate. The dynamic of the group is everything! It’s important to interview people so you can anticipate how they will fit together as a group. The more a group “clicks”, the better. I have had a situation where a person dropped out after 3 sessions. From that point on I decided to interview my participants and carefully put my groups together. It’s made a huge difference.
- Have a reasonable number of people in your mastermind. Some people want a mastermind with 20 people, others not so many. You have to decide what will work with your format. What number will be your true sweet spot? I prefer smaller groups simply because it allows everyone an opportunity to be heard. While it’s nice to have large numbers you want to ensure that your clients will receive VALUE for the money they spend.
- Bring in guests that can serve as topic experts. You will be surprised at how many people would love to share their expertise with your mastermind group – even if there are small numbers. I record the session and send it to my expert to use as they wish. I also upload it to our classroom so the clients can revisit the information. Think about the platform you can offer. Who are your clients and who do they need to connect with? This in itself adds a fantastic value to your mastermind!
Be sure to have a beginning and end date. While some coaches run masterminds that are continuous with no ending dates. I believe that masterminds should have a set number of sessions (just like school). The breaks in between are a great time for people to digest all of the information they received from the sessions. And if they really find it a great value – they will undoubtedly sign up again!
Make it fun! Your mastermind should be something that your clients look forward to. Be sure to incorporate fun exercises and moments to celebrate wins. Who doesn’t enjoy a laugh from time to time?