Revenue Opportunities: Mastermind Groups.
As a marketing consultant you should always be looking for additional ways to add value to your offerings and generate additional revenue for yourself. A great way to do both is to begin offering Mastermind Group meetings to your client base.
A Mastermind Group is simply a small gathering of like-minded business owners and entrepreneurs who have the goal of learning from one another. I’m always amazed at how few small business owners take the time to work “on” their business instead of just “in” their business.
Paraphrasing the late Stephen Covey, this is like being too busy driving your car around to stop and fill up with gas.
Having run several mastermind groups over the years (and charging business owners to participate) I can tell you with 100% certainty that these groups provide tremendous value to those who attend.
How to Run a Successful Mastermind Group
My mastermind groups became so popular that others began asking me how to set up and run a group of their own. Because of this interest, I wrote a book about it called Mastermind Group Blueprint.
I’ll give you a sneak peek inside so you too can begin running a mastermind group of your own…here are 5 things you need to know…
- Participants – the ideal number is 5-7. We would typically meet for 4 hours once per month and each member would get between 30-45 minutes to talk about things going on in their business. The other members would then offer feedback and propose solutions to challenges. More than 7 and it dilutes everyone’s time; fewer than 5 and you don’t get the same kind of idea flow.
- Cost – you should be charging at least $199 to participate (I would charge $297) and make attendance mandatory. If you have 6 members who are all paying $300 a month then that’s an extra $1,800 per month, per group. What if you have 4 groups going?
- Diversity – limit only one business per industry to join. By doing so you set the group members’ minds at ease, knowing they won’t be openly discussing intimate details of their business with a competitor.
- Venue and Food – make sure you choose a good venue and provide lunch or other refreshments. A large conference table is best since it will allow everyone to face one another and is more inviting.
- Your Role is Moderator – you aren’t there to preach. All you really have to do is lead the discussion and keep things on track. This is their time and they will get the most value out of your meetings when they are given free reign to discuss their business. As a moderator, however, it is your job to keep the conversation on track and relevant.
Get Your Own Group Started!
This is just the tip of the iceberg to starting and running a successful mastermind group. If you would like to learn more I would recommend that you pick up a copy of my book, Mastermind Group Blueprint, and give it a read through.
Mastermind Groups aren’t hard to start and maintain, and for literally just a few hours of time each month can provide a nice, steady source of additional income.
Please let me know if you get your own group up and running, I’d love to hear your feedback and answer your questions!