Let's talk mastermind's shall we? Lately it has been something I have seen pop up in multiple conversations and streams, and no it is NOT because I have one launching... or maybe it is, who knows! ;) These groups can really help you move forward in your business and are much more than accountability, but how do you know you are choosing the right one? Well that is a great question! We can be bombarded by so many different types, and urgency to join one based off of x,y,z that we may forget to figure out what will be right FOR US and not join one just because you only have 29 minutes left to join!
So first let's define what a mastermind actually is, it's a group of people who meet regularly who have similar interests, aspirations and goals.
"Napoleon Hill from Think and Grow Rich said it best as ‘the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.’
So with the definition being pretty straight forward, how come some are great and some fizzle out? A lot of it has to do with the type of mastermind. Not only are their paid vs. un-paid, there are group lead vs. facilitator lead and then actually the COST to you. We are going to get in-depth into both of these, so that you can figure out which one is right for you! Let's dive in:
Paid vs. Un-Paid Masterminds
Obviously if the budget is $0 then forming or joining an un-paid mastermind may be the choice that you have to make right now. Did you know though, that there is physiology behind how well the mastermind will perform if it is paid vs. free? Even if it is just a small fee, research shows that people in paid masterminds are more likely to not only see success in their business, but success of the mastermind staying together.
Now hear me out ok, according to Eric over on GrowthEveryWhere, when he set out to form his own free mastermind, after having seen success for the one he paid $6k for he realized "it is tougher to get people to commit because there’s no price barrier to join" he even stated later that he should have had a set amount that people paid upfront because he saw the progress he made when he spent the money.
Isn't there an old saying "You have to spend money to make money"? Even Terri over at Inspired Livelihood said that when she formed a free group it fizzled out:
"the group in the “free” mastermind did not grow their business as quickly or efficiently as those who paid an ongoing fee to be part of the group. They were supportive of and somewhat accountable to one another but most did not make their business a priority. The paid group, however, reported progress with each meeting and their businesses grew."
Let's do a quick analysis. Have you ever opt'd for something that was free but never actually held yourself accountable or finished said thing? The same applies to events like masterminds. Shane Reiser even has stat's that state if you host a free event/mastermind, then you will likely have a 40% no show rate. That is almost 50% of the people not willing to show up. This highlights the theory of assigned that we as humans do. We may not assign everything a dollar amount but we do rank the things in our lives by how valuable it is for us. This obviously leads to weigh in that a paid mastermind will rank higher on your "need to do" list than a free mastermind.
You can even think of it this way, when you see a charge on your credit card statement each month, how likely are you to follow through because you don’t want to feel like you wasted the money? Like 9 out of 10 times the answer is going to be yes! We as a society tend to take things more seriously when they involve an investment.
However not all free mastermind are bad, especially if you really feel draw to one. You need to research and make sure that the group is:
- all on the same level business wise
- holding everyone accountable to committing to it. Something like a 3 strikes and your out rule can be applied to attendance
- Everyone has already seen a bit of financial success. This is important because those who have not, may not have the best guidance for you when you bring up a topic you need help with!
This actually can be applied to all masterminds, but definitely need to be researched for those of the free variations. Which then leads me to..
Facilitator Lead vs. Group-lead
So now that we have established the differences between paid vs. unpaid it is time to dive into the strengths and weakness of facilitator lead vs. group lead! Just to be clear a facilitator lead mastermind is organized by one person and a group-lead mastermind is normally put together by a common interest that a few (no more than 8) people have.
There are benefits of both too. When you join a facilitator lead mastermind you get the benefit of sitting back and enjoying the growth and progress you want to make, while giving the logistic's over to someone else! This in fact is enforced with facts, as when you have someone at the helm of the group you are more likely to have an agenda and organization of how the mastermind will run week-to-week or however it is for you.
A group-lead mastermind can be great because the tasks are divided up and you already know the people who will be in it, most of the time. Both are, or at least should up hold confidentiality and they are able to still hold you accountable.
However with facilitator lead masterminds most see forward moving progress and success because their is only one person who is leading the charge to make sure everyone is not only comfortable but really taking action.
Which can lead to the downfalls of the group-lead masterminds. They can be supportive and somewhat accountable to one another but most involved sometime do not make their business a priority or make excuses because "they are in charge too". They can run into conflicts of interest or even conflicts of people trying to "one-up" each other. When considering this type, you really need to make sure that everyone is in it for the right reasons. Doing research up-front and even asking how successful they have been in other group like programs whether free or paid will help you access if this particular group lead mastermind is going to be right for you!
Can't forget about costs, can we?
I totally understand if you can not pay for one right now, but I feel like I do need to bring up how much you pay for a mastermind. There are masterminds out there that can cost as little as a few dollars to $30,000 a month, yes you read that right $30k a month people. So how can cost go into how you figure out which mastermind is right for you, well it is everything. You need to know how much you can budget for one, or if you really are passionate about one can you afford to take out a loan and then make back the investment. I like to use my theory of being comfortably uncomfortable with investments myself, you can read that here, but it really comes down to that gut instinct for us.
If we part with the money feeling agitated or unsure if we made that right decision handing over the money, than the attitude during the entire mastermind probably will be one of fear and "Am I getting my monies worth" than really having your head and heart into it. However if you feel totally justified and have the attitude of "take my money, I really just know this is for me" than you are more likely to get a ton more out of it and see success faster because everything is totally aligned!
So, which one is right for you? I can not answer that but I hope that this article was informative to help you figure out how to decide that.
Also if you think that we click and want to be a part of my very own 6 month mastermind starting in July, hop on over here! It is pretty reasonable priced, but also do not let the price fool you, I plan on making sure you have success and it definitely will be a bit of work on both ends to make sure you are getting everything you want out of it!
If you have any other questions about mastermind in general, leave a comment as I am happy to help!