Mastermind your Way to Success: 8 Reasons Why Coaches and Consultants Need a Mastermind to Make their Business Successful

Coaches and consultants, you are good at what you do. But there is only so much of you to go around. At some point you need to create ways to maximize your presence and leverage your expertise or your business will plateau. And honestly, you’ll burn out. 

Over the last five years, I have helped coaches and consultants from a variety of industries discover the power of masterminds and have seen how it has transformed their businesses and lives.

Keep reading and I’ll let you in on 8 reasons why adding masterminds to your business make all the difference. 

Let’s Start With My Definition Of A Mastermind

Masterminds are a powerful and profitable tool that leverages your expertise and grows your network. Done right, they produce breakthrough ideas by leveraging the collective intelligence and support of your group. Coaches and consultants can create a high ticket offer like a mastermind to foster deeper connections, shared networks, and expanding impact– everything you want for a growing business! Interested? Great! Here are my 8 amazing reasons why masterminds make your business successful.

Same Time, More Profitability 

Masterminds let you be your best in front of more people.  Unlike one-on-one client contracts, masterminds serve multiple clients simultaneously while still giving them the personalized attention they need. Now, instead of filling your calendar with varied clients, you can group them by skill and need and be more focused in how you invest in them. Now you have more time for more of your high caliber clients.

Short-term Investment, Long-term Impact

Masterminds require some work and planning to set up. But once you have them established they create long-term impact for your business. First, masterminds seek to support the whole person. They focus on being a place where leaders can take their masks off and share the highs and the lows in a circle of trust and understanding. There’s nothing worse than trying to explain your business to a stranger, just to ask for advice because they usually won’t understand and not everything is meant to be shared with just anyone. Mastermind members get to know each other, build on their relationships, and give/recieve advice from each other that’s rooted in understanding. Therefore, masterminds help you shift from being an expert who merely gives advice or information to a guide who invites other leaders to connect and succeed together. Here’s where you foster retention, repeat clients, and referrals.  

Go Big, by Going Small

Your time and expertise is worth it! Masterminds provide your chance to gather some of your high achievers who want your attention and to rub shoulders with others like themselves. 

By positioning masterminds as high ticket offers, coaching and consulting businesses can elevate the perceived value of all their offers and attract clients who are committed to achieving significant results across the board. The intense nature of a mastermind program, coupled with the collective wisdom of a curated group, creates a premium experience that justifies the higher price point. This not only increases the revenue potential but also attracts clients who are more dedicated, engaged, and willing to invest in their growth. 

You Can Be The Expert… And The Curator Of Experts

Great coaches and consultants know what they’re experts in, and what they’re not. They know how to compliment their expertise by tapping into other gurus so that you can serve your clients well. Masterminds are designed to curate everyone’s zone of genious where you skillfully help them resource each other as you skillfully guide them. Perhaps you’ve turned clients away because your expertise didn’t quite match what they were looking for. But with masterminds, you get to curate groups of diverse leaders who all have unique gifts and talents that can help a broader range of clients. 

It’s not uncommon for each mastermind meeting to have a different theme where one week, one member is helping everyone the most. For example, in my mastermind, one week most of the attention was on the expert with the bookkeeping business, another week the ad agency expert was helping everyone, and the next week, the expert who trains virtual assistants was helping people with team issues, and so on. Everyone in the group is such a valued resource to each other.

More than Information, There’s Transformation 

Our world is not lacking for information. People can get info on anything, anywhere. But what leaders want is transformation– real change, real traction, real growth. Masterminds deliver great information in a collaborative space that inspires clients to not only receive information but to do something with it. In my masterminds, I have seen my clients, discover something about themselves, overcome a mental hurdle, gain confidence, face a fear, and experince breakthroughs. This is the lasting impact that people crave and masterminds can deliver. The great news is, that I find that I grow, too. Everybody wins because everyone’s growing a business and life that they believe in.

Collaboration Over Competition 

Sometimes coaching groups are hard because there is a low-grade vibe that the room is competitive. People want to look better, they want their question answered, they want to shine. These games are tiring and disappointing. The great value of masterminds is that they have the unique ability to lift up everyone. They provide a setting where everyone is striving to meet their goals. As a result, members mindsets and actions are accelerated as trust is formed, successes are celebrated, and challenges are supported. This is called the rising tide phenomenon. When you’re around others who are doing well, you’ll more easily do well. Masterminds make this happen. 

Support + Accountability = Results 

Great masterminds help clients succeed by supporting thier progress. Participants set goals, track progress, and hold each other accountable for their actions. This level of accountability fosters commitment and motivation that results in improvement and growth. Moreover, the support and encouragement received from the fellow mastermind members act as a catalyst for pushing through the challenges and reaching new levels of success. I’ve often had members tell me they’ve achieved more in the first month of our mastermind than they did the entire previous year.

From Onetime Value to Lifetime Value (LTV) 

LTV measures the amount of income generated by each client over the course of their relationship with the business so decisions can be made about the cost of acquiring new customers along with the cost of supporting them over the years. 

Oftentimes, coaches and consultants offer one on one services, courses, and group coaching programs. Many however, have run into a service “dead end” with little to offer clients who seek more. That’s when it’s the perfect timing for a mastermind offer. Masterminds can foster ongoing support and expertise for those who have tasted your work and want to stay connected with you and your community. 

The other benefit of adding a curated mastermind to one’s lineup of offers is that it gives something for new customers to shoot for. They’ll hear about your exclusive mastermind activities and it can become a goal which can support a lower churn rate of people leaving your business before investing in all your offers. Having a mastermind elevates the perceived value of all your offers when clients can see how your methods can take people to the highest level of mastery in your industry.

8 Reasons but One Clear Choice

Masterminds are the solution to leveraging your expertise and scaling your  coaching/consulting business. It’s transformed my approach and has given me a business I believe in. I think you want that, too.

Reach out to me and let’s talk more about how you can create a powerful and profitable mastermind that all your clients will want to join for your coaching/consulting business!