Postcard | Are Masterminds profitable? - Rethink Central

Mastermind groups: how much money can you make?

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Q&A December 2nd, 2020, 1.30pm Eastern

Next live call is December 2nd 2020 at 1.30pm Eastern.
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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.

And the thing about Masterminds is really you can charge whatever you like. Now I know there are lots of free Masterminds, but I would suggest you do charge something. Free Masterminds have no buy-in, 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. Now is it worth a $120,000 to $200,000 a year to do that? Well, yes of course it is. It’s almost a no-brainer. If you are going to add $7 to $10 million then of course it makes sense to spend a $100,000 to do it.

But obviously most of us are not charging that much for our Masterminds. Most of us are in the $8,000 to $12,000 a year – this is US dollars. 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 is under $1,000. So that’s $999 or $997. But most people will buy on your early bird. And if you have 4 people in the group that’s $4,000. Now, obviously not everyone pays full price adds a nice little extra chunk of change to bring it up to $6,000.

Now 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 but if you can make it so clear what they are going to get and how that’s going to change their life, now in a business Mastermind it’s quite easy to do that. If you work with me, say, my business strategy Masterminds they’re designed to take you from a $100k to $300k. Now that’s great.

But what if you are a health coach?

Well if you lose a 100 lbs your life is going to change immeasurably. Not only will you feel lighter but your joints won’t hurt and you will feel more energized, but 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. Your internal view of yourself, your sleep will be better.

All of those are tangible, saleable benefits.

Now 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.

Now 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. And it’ll be lovely to see you.

Thanks again. See you soon.

 

Q&A December 2nd, 2020, 1.30pm Eastern

Next live call is December 2nd 2020 at 1.30pm Eastern.
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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