Publish Date : November 15, 2016 | Category: ,

Ep. 51 – The Good And Bad Of “Masterminds” – How To Run (Or Join) A GOOD One!

Today I want to talk to you is not just what a Mastermind really is, but what it really SHOULD BE! This includes lessons from joining $11-$30K/yr Masterminds, what has worked, what hasn’t worked.. The Good, The Bad, The Ugly! After you listen to this episode, you’ll know what to look for in a mastermind that you join OR how to run one successfully yourself.

Time Stamped Show Notes:

  • 1:05 – Masterminds are such a big buzzword right now and everyone wants to call their Facebook group, their virtual group program, their live programs masterminds. It used to be a lot different but it’s a buzzword and so people drop that Mastermind name down a lot so I want to talk to you about today is not just what a Mastermind really is but what it really should be because I have participated in many masterminds I have invested a lot in my coaching I have paid a lot of coaches from $6000 to $30000 and there are some things  that I have seen that are not so good and other things that I really liked so I want to talk about what I hate about masterminds and what I recommend they look like so if you are trying to create your own mastermind you know how to craft it in  the best way for yourself and for your clients and if you are planning on joining a mastermind you know what to look out for.
  • 2:36 – I have  joined a few different masterminds, the very first coaching program that I ever joined was a live mastermind which was a yearlong program with a mixture of one on one but it was mostly group where we met for live two or three day retreats once every quarter and there was a Facebook group in between and a few coaching calls and that program was quite good for me as a  new business owner and there were a few things  in it that I wasn’t too crazy about like the hot seats at the live events because I only had thirty minutes to focus on my own business because I got one 30 minute hot seat and then the entire rest of the time it was listening to other people’s businesses because it was hot seats the entire time.
  • 3:34 – Another master mind that I joined was $30000 dollars a year and it was terrible, you got to go to three retreats for the entire year and during the retreats it was completely networking and there was no coaching, it was super hard to schedule calls with them and it was so bad that they literally asked their members what they could do to make the mastermind better and that was a total money suck.
  • 3:58 – So based on those experiences with masterminds here’s my take, I will first talk about what I hate about masterminds and then I’ll talk about how I recommend shifting it to make your mastermind awesome.
  • 4:14 – The first thing that I noticed about masterminds is they are often just designed to make money for the host and so there is not that much thought that goes into how the mastermind is going to actually move the mastermind members forward because the mastermind is mainly just a way for the host to make money they take on a lot of people into the mastermind and there are some masterminds where there is no cap on the number of people enrolled in the mastermind and that impacts how much access you get and what level of accessibility you get to the coach of the mastermind.
  • 5:11 – The other thing that I’ve noticed is that there is a mix of different types of clients in it because again it is mainly for sales and money for the host and the problem is that if you are an established business owner and you are with other people who are new business owners you are not going to get what you need out of the mastermind and you will have to keep answering questions that are for newer business owners or the if you are a new business owner and the others are established business owners they will be so many steps ahead of you that you will find it hard to catch up and get what you need out of the mastermind.  So, since there is a mixture of different types of clients it is difficult for you to get the focus that you need.
  • 6:56 – The other thing that I’ve noticed is that it’s often a lot of networking where you go and you talk to people, you meet people it’s about the other people in the room and people say a mastermind is supposed to be where you meet really big minds and learn from each other and teach each other, so the value is not from the coaching it’s from what you learn from the people in the room. So if the value is not coming from the host but from the people in the room then why am I paying the host and not the other people in the room.
  • 7:38 – There’s only so far that networking can get you unless you are selling to the other people in the room but if I am paying the host of the mastermind $30000 a year I should be getting some coaching and some strategy from that host rather than just networking. Most masterminds are networking there is no coaching and there is no real intentional strategy or curriculum around how they are taking you from point A to point B.
  • 9:00 – Here’s what I prefer masterminds look like, first and foremost I recommend that the mastermind should be designed to create results for the client so when you are designing your mastermind ask yourselves what needs to be included so that your clients can go from point A to point B. A mastermind should have a coaching with an intentional strategy to get your clients results it’s not just about access and phone calls it’s about creating a specific desired outcome and those outcomes should be geared towards a specific type of client.
  • 11:01 – I actually have a mastermind it’s called marketing nerds mastermind which is a yearlong mastermind and when you join that mastermind I put you into one of two categories you are either in operation cash flow or operation automation so you are either in the new business owners tier or the established business owners tier and that way each person who comes in goes into the category of entrepreneurs that are going to be working on the same things as them if they are a new business owner they are working with other new business owners in the mastermind, if they are an established business owner they are working with other established business owners and each level has a specific desired outcome.
  • 12:11 – Operation cash flow is about getting cash flow for your business if you are new in business that’s the main thing that as a business owner you are working towards like getting a list, getting reliable income every month so that you know your business is going to be surviving long term and that’s what new business owners are worried about.
  • 12:39 – If you are an established business owner the desired outcome there is setting your business up to make automated, sustainable, scalable so if you come into operation automation you probably already have a list, you probably already have cash flow in place but you are working too  hard to make it happen and there is too much manual effort going on, you are trying to scale up to bigger income levels without working yourself to the ground and that’s where leveraged offers, automated marketing, automated fulfillment, delegating, systems come into play and so those are the types of things that you are going to be working on in there to create that desired outcome.
  • 13:23 – So you have these two levels and each one has a curriculum that creates that desired outcome.  The first thing that you work on in both the levels is cash injection campaign that’s designed to tap into the resources and opportunities that you already have available to you in your business to make you back your money right away. I had someone join my mastermind a couple of weeks ago and within three days made all her money back and another person who joined made all her money back within three days because the idea with cash injection campaigns is to inject cash into your business as quickly as possible with as little effort as possible.
  • 14:21 – If you are a new business owner in operation cash flow one of the best ways to create consistent cash flow is to have a mailing list that you can consistently tap into to create that cash  flow so that you have a list to fall back on when you are doing launces or sales so that you can get that consistent cash flow so you build your list first and then I teach you how to monetize it so you build a list and then you do a launch or sale to monetize the actual list.
  • 14:57 – If you are in operation automation one of the very first things that we are going to be doing is evaluating where your business is at right now and where  the holes are in terms of sustainability so I am finding that a lot of established business owners don’t have very leveraged offers, they don’t have systems, their packages aren’t setting themselves up to scale that they don’t have systems or offers aren’t leveraged so we are going to be looking at where those holes are and then where we can install automation into your business.
  • 15:53 – The mastermind is a yearlong and broken down into quarters and there are quarterly plans that are taught at each of the live retreats and when people come to the retreat they are being taught a curriculum, they are being trained and each training has a specific desired outcome for the quarter to get you towards that first desired outcome for whatever tier you are in for the business. So, each retreat has a specific desired outcome that you are going to be learning and implementing live together in that retreat.
  • 17:43 – In the retreat you learn the curriculum and you implement it live and there is also time for things like hot seats and networking.
  • 18:41 – So we’ve got marketing nerds mastermind,  a yearlong mastermind broken into two different tiers that way you have a specific type of client working towards a specific type of goal and everything is working on the same thing you don’t have a mixture of different type of clients and each group has a specific outcome that they are working on and the retreats are intentionally crafted to get people to create those desired outcomes, they are actually taught a curriculum live, they implement it live in the retreat and you also have opportunities for networking and fun on the third day of the retreat.
  • 19:35 – To  boost the results of my clients in this mastermind what I have done is before people come to the live retreats there are  two virtual retreats that happen beforehand and the idea here is  to get people into action as possible and I don’t want anything holding them back and I’ve noticed that there are all these things that hold them back from taking action in their business and it often has to do with clarity, they don’t have clarity around  their niche, their positioning, their overall business model they don’t even know what the vision of their business model is, things like packaging and pricing and these are basic things that you have to know about your business and a  lot of times people figure these things out over time but because they are figuring it out over time each little step that they take they are hesitant or it takes them a little bit longer because they don’t have clarity upfront. So the first virtual retreat is purely about clarity and the things that you can get out of the way right up front and never have to worry about.
  • 21:02 – The second virtual is about cash injection and the other thing they learn in that second retreat is the overview of the intentional strategy they are learning for the entire year. So this is one thing that I highly recommend for coaches that if you have a  system that you are walking your clients through ,if you have an intentional strategy that you are walking your clients through that’s awesome it’s even better if your client understands it, if they know what they are working towards because then you are on the same page they know what the goals are, what the desired outcomes are and you are setting up expectations for them and this will catapult them into taking clear action. So I like to give people an overview of my strategy that way when I actually dive into the specifics of my strategy they know why I am doing it.
  • 22:44 – After the virtual retreats you start going into live retreats and going through the curriculum and the quarterly plans and in between the retreats I also like to give people support because there is only so much the people can implement live in the retreat and you don’t want to leave people hanging. I’ve seen a lot of masterminds where you get them in a Facebook group but the coach  does not respond very promptly to the queries and I am a big proponent of no matter how much someone pays me you are going to get me being accessible and responsive and genuinely caring about you as a client  and to honor that and to support my clients in between those retreats I give them access to a Facebook group but I also give them access to me on the phone using an App called voxer because it is hard to explain everything via Facebook groups and this elevates  the experience for the client when they can hear you
  • 25:13 – The very last component that I have in my mastermind that I recommend as well for your masterminds or for masterminds that you are looking at would be what I call a nerd  herd which is essentially a group of experts who I have brought together who are experts in areas which I am not an expert in for example in terms of coaching people on their mindset that’s not my brilliance and so I have a millionaire mindset coach who is in the mastermind who has a net worth of over a million dollars and is absolutely phenomenal at identifying million dollar money blocks in my clients and healing them really quickly so I actually pay her money to do a millionaire mindset breakthrough session with every single member of the mastermind and I foot the bill for that because I know how important it is and I have many such experts in various fields who are all in the mastermind who are amazing at the things that they do and have worked with millionaires or are millionaires themselves and can support you in those areas that maybe I don’t excel at and so I think that is really important for masterminds if you are not phenomenal at something then find someone who is and collaborate with them.

Resources Mentioned:

  • If you are interested in joining the marketing nerds mastermind email me at amanda@marketlikeanerd.com and I will personally respond to your email and we can set up a time to talk about the mastermind to see if it’s a fit for you.

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