In today's show, we are going to talk about if you were to create a mastermind, who would you want to do it for? Who would you want in this mastermind? This is a question I get a lot, and so we are going to talk about it, so join us as I help you think about who would you like to have in your mastermind.
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I'm Jen Argue, and I have been leading masterminds for the past five years for six and seven-figure entrepreneurs, and I would love to help you start your own mastermind as well so that you can create a really big impact with those around you and work a lot less and make a lot more at the same time.
Who should you invite into your mastermind? This is a question people get when they start thinking about having a mastermind. As one of their offers, they throw around a lot of different ideas about who they could serve and who they would want to mastermind with. And so, today we're going to talk about. The different things to consider as you think about forming your Mastermind and who it's for primarily.
So number one, and this is probably the most obvious or second most obvious, is who do you enjoy being with? Who would you really enjoy being in a mastermind with for an extended period of time? Depending on if this was a three-month group, you know, versus a 12-month group. The answers might be a little bit different because, with a three-month group, you can really test and experiment if you're not sure.
But with a 12-month group, you want to make sure really that you do love that group of people. So think about, just make a list who are those people that you enjoy being with. And I want you to think a little bit outside of the box. A Mastermind is really special because you don't have to do it with the same audience that you are providing your other offers for.
You can do a mastermind for other audiences. They are very easy to run as an auxiliary type of offer. So, if you have a business that is all for authors, let's say. You could do an author mastermind, but you could also do a mastermind very easily for something else that you're interested in.
You could do a mastermind for people who knit or for painters or people who want to get better at something. [laughs] So, it doesn't really matter what your mastermind is for, but it gives you the freedom. Like when you think about doing masterminds, I want you to have the freedom to think about that you can do a Mastermind for anything.
It does not have to be what your typical lineup of offers are, but if you did do it for something that you already do, like if you were an author coach, a book writing coach you. I mean, it would be really beneficial to do it for your authors. So, I just want you to know you have the freedom and if you're going to brainstorm, you might as well just brainstorm big and think about who are these people that you really love working with.
Because part of running a mastermind is not only the financial benefit that you get from bringing people together and them paying you to run the group. But you also get the benefit of really having fun with the people that you're working with and being successful and achieving your goals isn't always monetary. It can also be joy so think about it in all the ways that you want to think about it and make a big list and brainstorm it.
Okay! Number two, the second thing to consider when you think about who can you run a mastermind for is accessibility. How accessible is this audience to you? Are you already mixing it up with these people?
Do you have some type of contact with them? If you don't have any contact with that people group from the people that you brainstormed of in the first part, you probably are going to have a hard time filling a group. So let's now think about out of all those…groups that you listed in number one, circle the ones that you actually have accessibility to.
So, if you have accessibility to your authors or to painters or electricians, whatever it might be put circles around them because you want to be able to obviously fill a group, and so you want to be able to have contact with these people. So that's number two. Number three is does this audience have access to the funds to be able to invest in your mastermind?
So, one of the biggest things that I'm a proponent of, and that is always making sure you are getting paid for your masterminds. If you are running a free mastermind, the commitment level has to be so high of everybody in the group. They have to be very clear on the goal of why you're meeting, and there has to be somebody there to really implement the structure.
So, It's not that I'm completely against a free mastermind, I'm just saying they typically don't work. It has to be somebody who is really motivated and really good at running the group to be able to make a free mastermind work. So, on that note, [laughs] does this audience that you're picking have access to the funds to afford your Mastermind?
And when you think about being able to afford it, I want you to be realistic about the amount that you can get paid for running this group that is actually going to give you joy and not make you resent doing the work. So if you were to think about, I always call it the line of resentment, that is my coined term that I've always used with my clients is…what is your line of resentment when you're thinking about what to charge for your services?
You want to think about that as your bottom, and then what is that…crazy line, that line that's at the very top in your mind that you would ever ask somebody to pay you. That crazy line is a really fun number to think about. Like, wow, if somebody were to pay me that amount, I would just have so much fun serving them, running the group, surprise and delighting them with different things.
What is that crazy line type of number? So think about those two things and what's in between. Pricing is a whole other issue, but I just wanted to get you thinking about what your range would be. So, wherever you land, just can your group fall into that. And we also want to be careful when it comes to pricing our masterminds, like assuming what our audience can and can't pay.
But there is always going to be some general type of idea. Like if you are marketing to a 20-year-old, probably most 20-year-olds cannot afford a $50,000 mastermind. Now, unless the 20-year-olds that are in your audience are already property owners, or maybe they have trust funds or, you know, whatever it is.
Maybe your 20-year-old audience has access to funds, then you're fine, but most don't. So like, think about your audience, can they afford it? The last point that I want you to consider is…would the people that you're inviting into your mastermind really enjoy being together. When you think about why you're bringing them together, whatever your goals are…do these people really enjoy rubbing shoulders with each other?
Are they going to be fulfilling whatever the role of the group is? If it's a business mastermind and the goal is to grow your business, probably the two types of people that wouldn't work well in a group together would be somebody who's just starting their business versus somebody who is much farther along in their business.
So, that's an idea where you might have access to these people. They might be able to afford it, but they might not really enjoy being in a group together. So think about the people that you want to draw in. And I'm all for diversity in a group and different of backgrounds and different businesses, you know, that they own.
If it's brick and mortar or if it's online, those groups can work well together. It's just being really clear on would they feel that way. So you know your audience better than anybody else, so I would trust you to figure that out and to think through it. But those are the four things I would really think through when you are deciding who to run a mastermind for.
So I hope that helps. These are the types of discussions that we're having within my program. The Ultimate Mastermind program, which is to help people start their own profitable mastermind. And if you're interested in that, click the link wherever you are listening to this. And I hope that you join us on the inside because I would love to help you start your profitable mastermind.
Thank you so much for listening today. I hope that if you found value in this, that you would subscribe to my podcast and share it with a friend and leave a review.
Thanks so much!
