What does mastermind mean in business?
The word ‘mastermind’ was coined by Napoleon Hill, the author of Think and Grow Rich. He defined it as the concept that no two minds ever come together without creating a third invisible, intangible force, which may be likened to a third mind. In short, when people come together who are like-minded with a specific goal or focus, they’re able to come up with insights and ideas they wouldn’t be able to on their own.
A ‘mastermind’ is often used as a term to collaborate on solving a problem. Forming mastermind groups is very common because people can synergistically create innovative solutions that they wouldn’t be able to come up with individually.
How much does a mastermind cost?
There are many free masterminds available. You can even go to meetup.com and search for a mastermind.
There are also paid and high ticket masterminds. If you’re interested in a mastermind group as a leader, expert, or coach, you can charge anywhere between $100 to $10,000 a month, depending on what kind of people you want to mastermind with, how you want to position your group, and the type of commitment that members bring to the table when they join.
How do masterminds work?
A leader or organizer decides to start a group and invites other pre-qualified people that meet their criteria. Criteria is determined by leaders based on the goals of the mastermind group.
Meetings can be on a weekly or monthly basis using a structure created specifically to be beneficial to the people in the group. Attention should be paid so that participation is worth the time and money invested by members if you’re charging.
There are plenty of experts and coaches who run mastermind groups with hundreds of members and they continue to grow. Members must be qualified for acceptance.
Masterminds can have a curriculum or be completely free-flow, where members create the agenda.Coaching Genie is a great platform for running mastermind groups because it allows you to keep everything organized, isn’t time consuming, integrates participation, and has all the back-end technology necessary. Click To Tweet
What features should I be looking for when selecting software for my mastermind business?
Software used for mastermind groups should have the ability for members to stay in touch between the calls and report on their successes and challenges. Coaching Genie’ weekly check-in feature allows members to do that and for leaders to read what members write to assess the impact that the mastermind group is making on them.
Software should have the ability for the mastermind leader to send call reminders. The more software automates processes, the easier the mastermind experience becomes for you.
It’s best practice to have a page for the ground rules, policies, and rules so when new members join, they can see what’s expected of them and be a member in good standing. In Coaching Genie, you can use the welcome page for this purpose.
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.