How To Set Up A Mastermind Group For Any Industry
Looking to make more money or have a bigger impact? Why pick between the two when you can have both. The world is full of two types of people. Leaders and followers. Every industry and niche has a certain amount of room for people to become a voice or influencer in that space. Depending on the niche this could be hundreds of influencers with varying messages and ideas to teach. When you teach you become an authority. So out of the…
2 Types – Which are you?
There are two types of people in Mastermind Groups. Those who join a group that is pre-existing or industry specific. Run by someone else who is usually an expert in the niche and has a proven track record of experience and results. They often join to expand their networks as well as get access to a combination of advice, support, and guidance.
A deeper connection to other people that join these types of groups. Because they are often sharing up to date advice and knowledge of what’s currently working or changing within the industry. They may be seeking a particular level of expertise they might be lacking or access to particular networks and knowledge.
The other type are those who decide to start their own Mastermind Groups. It’s these people that this advice is for. Those who want to know how to set up their own Mastermind Group and profit from their expertise.
One of the key reason to start a Mastermind is to share your existing experience. Every challenge you’ve had growing your business becomes a short-cut. Once you’ve figured it out that is something of value. It’s knowledge that is specalized, specific, relevant and repeatable. Something that you can teach others. It’s the 1-2-many model or framework that allows people to leverage their skills. Here is a quick guide on how to set up a Mastermind group using three key potential lead generation sources.
3 Ways to Fill Your Mastermind
The first step is to recruit the right members for your Mastermind Group. There are 3 main options for
The connections you have on Linkedin are a great source of potential members for your Mastermind Group. To be honest, Linkedin is our preferred place for member recruitment if you are starting your own Mastermind Group. Like you, those in your Linkedin Network are likely Business Professionals. You’ll find that many of them are looking for the same sort of business growth and answers that you are.
When creating a Mastermind Group you have two options. Look at creating a group that is filled with industry peers. Meaning you get specialised advice in your industry Or you could set up a Mastermind Group that has members from different industries. Giving your group a broader range of experiences that you may be able to transfer to your industry. Narrowing down to industry peers helps you if this is your first time at running a Mastermind.
Whilst not originally envisaged as a business network your Facebook Friends and Groups you participate in can still be a great source of potential members for your Mastermind Group. Reach out to people who you think might be interested. Make sure you explain the benefits (not the features) of why they should join. Be a clear as possible.
One of the key reasons we see Masterminds fail to fill is that the value proposition (what’s in it for me) isn’t clear enough. Put up a post in particularly active Business Groups (with permission of course) if you think there may be members there that are interested. Get the group coordinator onboard especially if it’s a very targeted group. .
Your list of clients or potential clients – Another source to consider when finding members for your Mastermind Group is to look at your own CRM. You should look at your own list of existing clients. Or you could also consider asking potential clients (this could be a great way to cement your relationship with them).
An industry led Mastermind is often an extension of your offering. Your high-end offer that not all your existing or potential clients can afford. However it does support your one-to-one services when priced correctly.
Once you have found the members for your Mastermind Group the next step is critical. It’s important that you have the right structure, pricing, content and processes to ensure your Mastermind Group functions effectively. Without this people will either leave quickly or not get the full benefits of the groups experience.
As Mastermind experts we’ve helped hundreds of business owners go through the process of setting up a Mastermind program. If you would like some free advice get in contact with us here. you here.