Postcard | Are Masterminds profitable? - Rethink Central

Mastermind groups: how much money can you make?

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Q&A with Liz March 14 2023 Noon Eastern / 5pm UK

Next live call is March 14, 2022 - Noon Eastern / 5pm UK.
Come along to ask your questions about launches, strategies for marketing, Masterminds or whatever you're stuck on in your business.

Add your email below and I'll send you the zoom info for the calls. See you there!

Or come say hello on Instagram here.  I microblog daily. 

Prefer to read? Here’s the transcript:

One of the questions I’m asked most often is just how much money can you make with a Mastermind group?

My name is Liz Scully. I’m a business strategist and a Mastermind coach. Plus I train Mastermind coaches.

The thing about Masterminds is really you can charge whatever you like.

I know there are lots of free Masterminds, but I would suggest you do charge something. Free Masterminds have no buy-in, and people tend not to stay.

But once you’re in the mindset of ’Yes, I’m going to charge.’ What do you charge? Well, you’re not going to like the answer which is: as much or as little as you like.

Truly you can choose your own adventure on this.

I have clients that are charging $10,000 or $15,000 a month to work with them.

But for them, for their clients, what they’re doing is taking a business from 3 million to 10 million. Is it worth $120,000 to $200,000 a year to do that? Well, yes of course it is. It’s almost a no-brainer. If you’re going to add $7 to $10 million then of course it makes sense to spend $100,000 to do it.

But obviously, most of us are not charging that much for our Masterminds. Most of us are in the US$8,000 to US$12,000 a year. But many people start out charging much less.

I recommend that for your very first Mastermind you charge for a 3-month Mastermind $1,500.

And that you have an early bird price that’s under $1,000. So that’s $999 or $997. But most people will buy on your early bird. If you have 4 people in the group that’s $4,000. Obviously, not everyone buys early bird and full price adds a nice little extra chunk of change to bring it up to $6,000.

You can charge a lot more than that. But I found that many people don’t feel comfortable till they’re much better relaxed and aware of how to run a Mastermind – until they’ve run a few. But you can really charge whatever you like.

It depends on the value that you can show to your clients.

Clients don’t only buy on logic. Make it really clear what they’re going to get and how that’s going to change their life. In a business Mastermind, it’s quite easy to do that. If you work with me, my business strategy Masterminds are designed to take you from $100k to $300k. That’s great.

But what if you are a health coach?

Well if you lose 100 lbs, your life is going to change immeasurably. Not only will you feel lighter but your joints won’t hurt and you’ll feel more energized. Also, probably things like your sex life will improve and potentially some of your relationships where people have been nagging and giving you a hard time will improve too. Your internal view of yourself, and your sleep will be better.

All of those are tangible, saleable benefits.

You can’t promise them because just like in my Masterminds, I can show people what to do, but they have to do the work themselves.

So how you charge your Mastermind is entirely based on how clear you can be on what the value is, making it tangible and how strongly you feel around your pay structure.

If you have a lot of questions about this, come along to one of my bi-monthly Q&As where we can talk about this live and in-person on zoom. Click the link below and drop your name in the box. It’ll be lovely to see you.

Thanks again. See you soon.

 

 

Q&A with Liz March 14 2023 Noon Eastern / 5pm UK

Next live call is March 14, 2022 - Noon Eastern / 5pm UK.
Come along to ask your questions about launches, strategies for marketing, Masterminds or whatever you're stuck on in your business.

Add your email below and I'll send you the zoom info for the calls. See you there!

Or come say hello on Instagram here.  I microblog daily. 

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