Staring a mastermind group is profitable as well as a noble activity. In this way, you are not only enriching people’s life and but also helping them to improve the biggest percentage of their capabilities.
Definition of a mastermind group
Napoleon Hill defines mastermind group as: “The mastermind group consists of two or more people work in perfect harmony for the attainment of a definite purpose.” In a mastermind group members share each other’s expertise & resources to succeed in a particular field. Each member of the group also held accountable for the progress of every participant inside the group. In a nutshell, every member of the group helps each other to succeed in a certain area.
Paid mastermind groups
In case of a paid mastermind groups, the group facilitator takes all the burden of conducting the mastermind group. In return, the group facilitator charges a fee to the members & compensated. He creates all the mastermind group resources, markets the group and finally runs it successfully.
Running a mastermind group
We shall discuss the entire requisite to run a mastermind group.
Mastermind Group Ideas
Group ideas play a vital role in forming the mastermind group. The promoter should have a thorough knowledge of the niche to design the workshop and conduct the training. It should be conducted in such a way that the sole purpose of the mastermind group is fulfilled. In some cases the group facilitator team up or hire with resource persons to run the training & seminar inside the groups. Some popular mastermind ideas are based on small business groups, entrepreneur mastermind group, business growth mastermind group, internet business mastermind group, and women’s mastermind groups. The ideas are mainly centered on self-education and empowerment of people to grow their potential in the field of business, leadership & success.
Mode of Operation
The promoter or promoters laid down various rules like no. of participants, time, frequency & venue, etc. The group may conduct the training virtually or in-person.
Virtual mastermind group
In the case of virtual mastermind groups, no specific place is required for the training as the meetings are conducted online. In this case, the participants’ number can be much more and it depends on the webinar software. Online mastermind groups gaining momentum now a day as this can be operated globally.
In-person mastermind groups
These are the oldest type of groups which are conducted in a specified place where training or seminar is conducted. In this type of event, members also have the chance to clarify their query, meet each other and share their knowledge physically. The numbers of participants are limited and depend on the capacity of the training venue.
Mastermind Group Fees
There are a lot of expenses involved to conduct an event. The expense includes rent of the venue, webinar software cost, and speaker’s fees. Sometimes the fees include boarding & food charges of the participants in case of in-person mastermind groups.
Create Mastermind Resources
Workshop plan layouts & design can make or break a mastermind group. Mastermind group contents are to be developed in such a manner that all the members will get benefitted out of the training.
Marketing of mastermind groups
Marketing of the mastermind group is a biggest factor for success for a group. You can market through offline as well as online. In case of in-person master mind group, we can market in both ways to achieve desired results. Internet marketing is a must to market online mastermind groups.
Offline marketing is most suitable for local in-person groups. This type of marketing mainly includes news paper, television & other print media.
First of all a mastermind group must have a website to publish all the details about the group. You must adopt social media marketing to gain more popularity among the people. SEO & SEM are other ways to increase the membership base of the mastermind group.
Promote through affiliates
Apart from promoting the mastermind group of your own, you can also sell the membership through a group of affiliates. In this case you have to fix a attractive commission for the affiliate to promote your group. You shall also have to provide the marketing resources like email swipe files, videos & pre-written articles to help the affiliates in there promotion.
Support to the participants
Support to its members is one of the most essential elements of a mastermind group. Members face lots of difficulties & problems while proceeding towards the specific goal. At that time they require help to attain desired result in business or any other fields as specified by the mastermind. Physical support is given to the members through question & answer session in a seminar or group training. Online support is also provided through online chat, email services. Telephone support is another great way to provide help to the group members at the time of their need. Hence a good mastermind group must have a support system to empower the individual members.
Apart from these essential elements, you may counter other issues as you get in to forming a new mastermind groups. Mastermind facilitator training is the most important step you have to take as an group promoter. Its is better to invest in a good mastermind course & mastermind software prior to the forming a group or workshop. We strongly recommend knowledge business blueprint as one the best mastermind course which is developed by Tony & Dean.