GET MORE COACHING LEADS, HIGHER COACHING CONVERSIONS, & QUICKER RESULTS FOR YOUR CLIENTS.
Join thousands of coaches & consultants and get access to the only magazine dedicated to the success of business coaches.
Start Your Own Paid Mastermind Group with Mike Capuzzi
The History of the Master Mind &
Why You Should Start Your Own Paid Mastermind Group
One of the most powerful opportunities a business coach has to scale his or her influence is starting a paid mastermind group. The one-to-many model of mastermind groups is a powerful way to leverage your time, experience and connections while being rewarded in different ways, including financially. In this article, I want to give you a brief history of the Master Mind concept, share why I think mastermind groups are important, and give you my formula to help you start your own paid mastermind group.
Even though the concept of strategic peer alliances has been around for thousands of years, it was Napoleon Hill who formally introduced and popularized the Master Mind. Most people incorrectly attribute his book Think and Grow Rich as the genesis of the Master Mind, however this is not correct and the misinformed people who regurgitate this inaccuracy do not know their history.
It was a decade earlier in 1928 in his book Law of Success where Hill introduced the psychological law referred to as the ‘Master Mind.’
In the introduction to Law of Success, Hill writes (in third-person voice), “The author lays no claim to having created anything basically new in this course. What he has done, however, has been to organize old truths and known laws into PRACTICAL, USABLE FORM, where they may be properly interpreted and applied by the workaday man whose needs call for a philosophy of simplicity.”
Later in the text Hill acknowledges the concept of the Master Mind came from the time he spent interviewing Andrew Carnegie. According to Hill, “In this Introduction you will find a description of a newly discovered law of psychology which is the very foundation stone of all outstanding personal achievements. This law has been referred to by the author as the ‘Master Mind,’ meaning a mind that is developed through the harmonious co-operation of two or more people who ally themselves for the purpose of accomplishing any given task.”
And there you have the very first written description of the Master Mind I could uncover in my research, directly from Hill himself. It’s interesting to note that Hill used the two-word description instead of the more modern one word version – mastermind. Hill was trying to describe the higher-level mind may form from the strategic bringing together of men and women working towards a common goal.
Per Hill, “A Master Mind may be created through the bringing together or blending, in a spirit of perfect harmony, of two or more minds. Out of this harmonious blending the chemistry of the mind creates a third mind which may be appropriated and used by one or all of the individual minds. This Master Mind will remain available as long as the friendly, harmonious alliance between the individual minds exists. It will disintegrate and all evidence of its former existence will disappear the moment the friendly alliance is broken.”
Later in his text Hill states, “The Master Mind may be created wherever men blend their minds in a spirit of perfect harmony, with some DEFINITE objective in view.”
And within Hill’s own words you realize what he was truly describing – an almost metaphysical experience.
If you have ever participated in a true mastermind group, you already know there is nothing like being in a room with other like-minded, success-oriented business owners, brainstorming and challenging each other; helping each other see new and bigger opportunities.
When a mastermind group is properly put together, and there’s a spirit of harmony and focus between members, it’s truly an indescribable and almost magical experience. And just so we’re on the same page, I’m describing what I believe to be a TRUE mastermind group – a dedicated group of 8 – 10 members focused on a common objective; not BIG coaching groups or seminars mislabeled as mastermind groups. These small-number alliances are the types of mastermind groups I believe are important for the future.
I’m a firm believer the world needs more effective and expertly-led mastermind groups.
We need more smart people getting together, focusing on solving problems and creating solutions.
We need more business owners coming together, supporting one another and building a strong economy and creating more opportunities.
We need more entrepreneurial spirits dreaming up the next big things to solve all sorts of challenges we all face.
I am sure you agree with me that if this were to occur it would help everybody.
Remember the old saying, “A rising tide lifts ALL ships.”
I also believe that many people reading this article can and should be leading their own mastermind groups, including peer-to-peer groups and high-level paid mastermind groups. Starting your own unique mastermind group is a huge game-changer for your members and yourself.
Starting a paid mastermind group takes effort and focus, however, it’s quite doable and achievable as long as you:
- Have a specific and in-demand skill or expertise
- Have a big idea that would interest others
- Are a “connector” and can bring people together
- Have a level of authority and influence within a community
If you meet these criteria, then all you need to do is work through my Paid Mastermind Group Success Formula…
YW+BI+IW+TW+SM = MM$
Let me step you through this and explain each variable.
YW stands for YOUR WHY. Before you start the planning of your paid mastermind group you need to think about your why (and your first answer should not be about the money – that’s a result of having a why).
What is your purpose?
What is your cause?
What is your belief?
Why are you looking to create your own group?
Why should anybody care about it?
You need to invest serious time in thinking about this because your why is a deep, fundamental foundation for your group.
BI stands for BIG IDEA. The most successful groups are built around a unique, big idea designed to appeal to a specific person. It was the famous ad-man David Ogilvy who said, “It takes a big idea to attract the attention of consumers and get them to buy your product. Unless your advertising contains a big idea, it will pass like a ship in the night. I doubt if more than one campaign in a hundred contains a big idea.’’
Your paid mastermind group should be built on top of a unique, only-you-can-provide idea that your target member wants.
IW stands for your IDEAL WHO. It is critically important you have an understanding and ability to attract your ideal mastermind group member. You must have a clear picture of your ideal who so you can work on attracting as many as possible while simultaneously repelling those who do not fit the profile. You will also want to study several key factors, including the size of the market, trends, your influence within, etc. Most paid mastermind groups are built around some sort of business-focused objective.
TW stands for THE WHAT. The what are all the specifics of your mastermind group, including the format, benefits, etc. Ideally, you’re starting the type of group you want to lead and your members want to join.
SM stands for SMART MARKETING. While it’s beyond the scope of this brief introduction, it should go without saying that filling a paid mastermind group with the right members is a strategic process of smart marketing efforts. There are a lot of things you should do and many things you should not do when promoting and accepting members into your group. The key takeaway is that you do not “sell” a high-level, high-fee mastermind group. It’s an invitation and selection process and in a perfect scenario you have more desire than seats available.
When all these variables are put together correctly you have Mastermind Success (MM$), which means your members will get tremendous value and benefits and you will be paid nicely for your leadership and facilitation efforts.
Five Paid Mastermind Group Models
for Business Coaches to Consider
There are five business-centric type mastermind group models to consider as you plan your group. It’s important to know that typically the tighter and more specific the focus, the higher the membership fee to participate.
Topic-focused mastermind groups are groups that are built around an over-riding topic all members have an interest in. Topic examples include marketing, business start-up, selling a business, real-estate investing, etc. These types of mastermind groups are typically “mixed breed,” meaning members come from different niches.
Industry-focused mastermind groups are niche-specific groups and all members are part of that niche. Industry-focused mastermind groups can be found in the legal, dental, insurance and chiropractic spaces.
Services-focused mastermind groups are groups put together by a leader who then supports the members with back-end services. These types of services can include done-for-you advertising and marketing services, automation services and intellectual-property licensing.
Deal-focused mastermind groups enable the group’s members to create deals inside and/or outside the group. Deal-focused groups can be built around real-estate investing, joint-venture creation and marketing services. Each member is instrumental in providing specific value to the group.
Corporate team-focused mastermind groups are perfect for the coach who has a corporate background. These types of groups can be focused on different corporate teams, including C-level executives, sales, marketing and product development.
Interesting Things You Can Add
to Your Mastermind Group
Before you get too fancy, you should make sure your first mastermind group is up and running and delivering on all your promises. Once you get some experience running a paid mastermind group there are several interesting things you can add to it to make it even more valuable, such as:
- Unique business experiences
- Fun, interactive experiences
- Cool destination experiences
- I.P. guests
- Give-back opportunities
By adding these enhancements you can attract more member prospects, keep your current members longer and create higher profits for yourself.
My hope with this article is to inspire you to consider creating your own paid mastermind group and to leverage your time, experience, expertise and connections in a fun and profitable new way, all while helping your members achieve their goals. Paid mastermind groups are truly a win-win opportunity!
About Mike Capuzzi
Mike Capuzzi is a consultant and coach for business owners and sharp entrepreneurs looking to get to the next level in their business. He has been leading high-level mastermind groups since 2007. Throughout his 23 years in marketing, he has helped thousands around the world increase their marketing results and profitability with his unique take on high-impact direct-response marketing and copywriting. To get Mike’s tips, visit www.MikeCapuzzi.com.
Get your complimentary subscription today.
Join thousands of coaches around the globe.