Continuing the series where we discuss different avenues for growing your business education, let’s jump up the ladder a little and move from Group Coaching to Masterminds.
How to Make the Most Out of a Mastermind
What is a mastermind?
Essentially, it’s a small group (usually no more than 20) of entrepreneurs at various stages of growth, though the more expensive masterminds will be for higher level business owners (usually in the 6+ figures of earnings). Unlike group coaching programs, there is usually very little structure for the group. Sometimes the Host will have weekly check ins or themes for the week, but overall it’s a self-sustaining world. Some Masterminds will also include regular group calls and possibly even 1:1 coaching times, but it varies.
Benefits of a mastermind
Expect to be a part of a highly motivated group of entrepreneurs. One mastermind I was a part of had a monthly check in where we would set goals. My first goal was $5,000 in profit for the month. The woman after me? $30,000! That completely BLEW MY MIND and made me incredibly driven. I wanted to be the $30,000/month entrepreneur, and I would’ve never dreamt it was possible if I hadn’t been in that group, learning and being supported by other women who were already doing it!
Limitations of a mastermind
Expect to have a higher monthly fee than a group coaching program would. You’re paying for access and support, not for courses or structure, so the “bespoke” support and access comes with a higher price point. Masterminds run the gamut from $100 to tens of thousands a month, depending on the Host. If you feel that you’re ready to move up in terms of investing, but think that the lack of structured training will hurt you, then I’d recommend skipping over to 1:1 Coaching instead, where you can have direct access to the Coach who can design a tailored plan for you.
How to find a mastermind
I would absolutely recommend not jumping into a mastermind if you aren’t familiar with the Host. This person will be steering the ship and so you’re going to want to make sure it’s someone who inspires you. Because the mastermind will be full of others who feel the same. Start with free facebook groups run by the Host. Follow them on Instagram or YouTube so you can see if they’re a good fit for your goals. Then reach out to see if they offer masterminds. Some will, but many may just have group coaching and 1:1 programs only. So make sure that whatever goal you have can be met by their services.
How to make the most out of a mastermind
Your participation will be critical for success. Consider this a close-knit group of like-minded friends and ask questions, rant about bad days, offer support for others, start mini programs inside the mastermind (I ran a weekly “engagement bomb” in a mastermind I was a part of where we would go and support a social media account from one person in the group every week), ask for help promoting launches, etc. The more you put into a mastermind, the more you’ll get out of it. Remember that you’re paying for this, so utilize the shit out of your mastermind!