Six Steps to Building a Successful Coach Group Mastermind Business
Emily Thompson has had a long journey with her business. The brand she has created, Being Boss, is committed to helping entrepreneurs who are creative succeed in their business. From the wildly popular podcast called the Being Boss Podcast - to Facebook Groups, to a Slack Channel, Emily finally landed the brand on Mighty. She also built something incredible.
Today, Being Boss offers a number of amazing membership choices. And Emily has included masterminds as a component of the program. The C-Suite membership rings in at $599 a month, bringing together established business owners into the coaching mastermind, helping to learn from each other as well as from Emily.
The Being Boss example shows how masterminds fit with different offerings like group coaching. Building a mastermind will give you a dedicated group of members who share experience and a niche that can learn from each other.
In this piece in this article, we'll talk of mastermind coaching group and what it is and isn't. Also, we'll try to distinguish from the terms and discuss what a mastermind usually is quite different than group-based coaching.
If you're thinking of creating the mastermind of your choice , make sure you read our guide!
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What do you require to coach mastermind groups
How to start coaching a mastermind group
What is a mastermind?
Mastermind groups are mastermind groups mastermind group is a group of people with similar life experiences or goals who get together to learn from one another by sharing experiences, stories and commitment.
The moment Napoleon Hill, famous for his studies of wealthy people discovered that wealthy people kept intentional company with other wealthy people, the idea of a mastermind was created. Mastermind groups often cost an amount of money, often a large amount of cash, in order to keep the participants accountable to showing up and performing their duties.
Mastermind in contrast to. Group coaching
There's no guarantee of clear distinctions between group coaching and masterminds The terms are often used interchangeably sometimes. Most often, the main difference is the power dynamics of the group.
A group coach is typically an expert that brings together an entire group of people to gain knowledge from them: 1 expert and a group of novices. Mastermind groups are typically thought of as a peer group with a variety of expertise at the table, with a facilitator rather than an instructor.
However, there's not a clear difference between these two terms. Sometimes, group coaches call their service a mastermind which is a great thing. Since when you're when coaching a group each person brings something to the group. One of the benefits to a group coaching session is the opportunity to share knowledge with each other and not only from the coach.
If you're running a program in mastermind group coaching, chances are you're doing a bit of both. You want to share your experience and expertise coaching experience, and also let members learn from each other in mastermind groups.
Feel free to call your group a mastermind, regardless of what it appears like:)
What do you require to coach mastermind groups
- Members who are on a similar journey and interested in similar (not necessarily the same) outcome (e.g. business owners ).
- Members who have some knowledge and expertise to impart to each other. Masterminds aren't a good fit for complete beginners.
- You must know a bit about the subject.
- It is also recommended to have good facilitation skills.
How do I begin by coaching a mastermind group
1. Are a Major Purpose
Similar to any community we have seen come together on Mighty, a coaching mastermind group should have a Big purpose. We use a Big Purpose as one of our fundamental actions for community Design(tm).
A Big Purpose is the reason why any group comes together. we like to think of it in terms of bridges. A mastermind coaching group will gather a number of individuals, to engage in a set of activities, in order to achieve some thing.
You can use this formula to design your personal Big purpose.
2. Ideal Members
The second thing you'll need to run a mastermind coaching group is an Ideal Member. The ideal member is the one who will benefit the most from being within your local community. As it is a mastermind community as well, the ideal member should have an experience or perspective that they can share with the group but who can also learn from the group.
You can ask yourself the following questions to help you understand the ideal member you want to be:
- Where do they come from? What is their history?
- What is it that they are interested in? What goals do they have in mind for realizing?
- What value or perspective will they be able to offer to fellow members?
- How can you and the group help them achieve some transformation they've been dreaming about?
- How much could they afford to pay?
Like always, the best ways to find the ideal member is to talk to them. Begin by locating 15 or 20 people who you think might be your Ideal Members and have a conversation with them - in person or virtually. You can ask them some of the questions above and figure out what they'll need to get from the group.
3. Set group rules
Prior to starting your mastermind group, you should try to set some ground principles and guidelines on what you're expecting from your mastermind group. You can come up with these yourself at the beginning however, it's an excellent idea to go through these through the members of your group and make sure they agree.
In particular, the majority of mastermind groups have some ground guidelines for showing up. A lot of them will let you skip an event in the event of an emergency, however when you fail to attend more than one, you're out.
Does that sound extreme?
The thing is, mastermind groups need a very large amount of trust. It takes time to develop trust. When you're working with seasoned leaders, executives, or those with powerful and high stress careers could require an extra push to convince them to believe that you're secure.
Being aware that people continue to show to show up is an effective method to ensure the illusion of security.
4. Establish a price
A mastermind group typically is regarded as an expensive item. They can cost anything between hundreds and hundreds of millions of dollars (yeah it's true!). People who manage them will tell you that pricing is vital.
The price tag is an attempt to keep the standard of the group high. The more confidence people feel on the table, the more they're going to show up and do the work. Therefore, choose a number which makes your ideal members take the group very seriously.
Here's an illustration. $1,000 a month for a mastermind may be a bit much cash for a business owner , who isn't earning nothing. It's possible they'd feel more comfortable with $50/mo. If your mastermind group were targeted at business owners with a successful record of 1 million or more per year, $50/mo is such a small number that you'd be worried about them not taking the group seriously.
Find the perfect balance in the price that your clients can afford, and enough to make them feel a bit uncomfortable so that they'll be willing to job.
5. Select an option
You can certainly mix and match programs such as Calendly, Gmail, Zoom and a payment processor and God knows what else to help your mastermind function. But it's easier just to use a mastermind group platform.
There are many platforms there, but take a look at the features you'll require to manage your own coaching mastermind group. It will require the ability to schedule, host video chats (if it's virtual) as well as a point for sale, and a way of taking in regular payments as well as options for keeping in touch with and communicate with your members.
Why not join your mastermind coaching group with Mighty? Mighty is a cultural software platform which lets you combine your mastermind sessions with information and community events, as well as courses and even commerce. Our flexible Spaces allow that you are able to add live streaming, chat, and messaging, group discussions, polls and Q&As, profile profiles for members, and so on.
With monetization built-in, it allows you to charge one of the 135 currencies available or earn with token-gating. The app is a fantastic application that runs on any device.
6. Invite your members
Once all this is in place The next thing to do is inviting your members to schedule your mastermind's first group coaching session! You can go back to the Ideal Members you interviewed . These tend to be the first members of any community.
If not, check your email and social media and look for group's members. You might invite everyone. You might hand-pick members. You are in charge however, you must select the ones that will help your group flourish!
One tip. Try to keep your groups small. Ten to 12 people is the ideal size for a mastermind coaching group. If your group is too large, you'll lose the intimacy, people won't be as likely to be connected and you just won't have the time in your sessions for everyone to go into the depths. If you have more enthusiastic participants, you can create more groups! This could be as easy as creating two spaces within the Mighty Network!
Are you ready to begin?
If you've finished this foundational work then you're all set to get started with the mastermind group coaching company. Do not worry about anything. It's all in your hands!
If you're looking for an excellent venue for your next event, come give Mighty an opportunity! You can try it for free for 14 days, and no credit card is required.