Where to Find the Answers for Your Mastermind Group
People are searching for answers to a lot of questions these days, aren’t they? Even more so if you have a mastermind business. I can’t recall a time so many people have looked to me so often for direction, guidance or wisdom.
I don’t like to sugarcoat things - leading an online mastermind group will put you in a position that requires tremendous self-awareness and self-control. You’ll face “D” personalities like me on the DISC profile, who want to tell you how they think things should be run.
You’ll take things into confidence, you’ll have people ask you to rubber-stamp approval on things. Living in community can get messy, because people are involved. If patience, discretion, listening and asking questions aren’t “your style,” you may have a tough time getting your mastermind going.
When Answers Don’t Come
We read an...
When I started Iron Sharpens Iron, one thing I knew about mastermind groups is they’re binding. The level of transparency, authenticity and vulnerability you require will weed out a lot of applicants who aren’t ready to go the distance. You don’t have to “have it all together” to be in ISI, but you do need to prepare for a marathon, not a sprint.
Since we’re studying Brian Moran’s book, The 12-Week Year, I think it’s time we discussed our reluctance to make commitments with time. I read somewhere that a “commitment” is “a state of being bound emotionally or intellectually to some course of action.” The problem with this isn’t the idea itself. It’s how commitments collide with all the other things we have in our lives, like family or faith, that scares us.
I can relate to that, as a lifelong Christ follower in pursuit of a healthy marriage and family. I learned the hard way that putting...
“I already know what I need to do, so I don’t need a plan to get it done.”
“WRONG!” I want to shout, when I read this in Brian Moran’s book, The 12-Week Year. But maybe you’ve caught yourself thinking exactly that. I know I have. How is it we know we need to plan, but can’t bring ourselves to do it?
Over the last several months, including the coronavirus, I’ve had the most productive fitness routine of my life. Believe me, until the last year, working out could hardly have been less interesting to me. I hated going to the gym, and didn’t want to “pay the cost to be the boss” with my physical health. But I’m 60 years old now; some things last a lot longer if you take good care of them. Who would look at the season of life I’m having now, and not want it to go on as long as possible?
One thing that changed for me was realistic planning. I always felt, if I was going to work...
Here’s another concern I hear from entrepreneurs all the time: “Big A! How do I start up an online mastermind group when I don’t know for sure if people will even show up?”
Well, there’s the obvious truth: if you give away your membership, don’t expect it to last. The old saying goes, “People who pay, pay attention.” Commitment isn’t as hard to come by as you might think. One time, Dave Ramsey and I had a conversation just like this. I was going to teach his Financial Peace class to some people in church for free, and he told me, “Big A, don’t do it for free. You won’t even get half of them to show up.”
Dave was right about my first class, and I’m telling you what he told me, because it’s the same principle. Not only do you get people to show up when you charge a fair price for what you do. You also tend to get the right kind of people. You don’t want to do business...
Do you feel a little awkward starting your own online mastermind group, because you think, “What do I talk about once we’ve started?” That’s a very legitimate concern, and I want to validate it because I’ve been in that situation.
I started out as a business coach. In that setting, it’s usually about all the experience the coach or mentor has accumulated. You’re passing one person’s knowledge to another. Sure, you need to ask questions and make sure you’re giving the right advice for situations clients bring you. But mostly, it’s a game of waiting for them to bring something up, and then answering from your reservoir of wisdom.
The way I designed my masterminds online, however, was to gather everyone on a weekly basis. And that immediately begs the question, “What are you going to talk about once a week, especially with eight to twelve other men on the line at the same time?”
Do you think you could start a new mastermind group in twelve weeks?
Welcome to June, and I’m fired up to share this next truckload of value with you. We’re diving back into one of my favorite books for our online mastermind groups this month. My friend Brian Moran wrote a book called The 12-Week Year, and we like it so much we’ve made it our signature tool for time management.
The old saying goes, “Time is money,” and in this example I want to compare these resources because of how easily they slip out of our hands. “Easy come, easy go,” as George Strait would say. Although money’s a lot more replaceable than time, both substances are supercharged by the spiritual world. As a Christian life coach, I see it often - you can tell what people’s priorities are by how they use their time, and how they use their money.
More on that later, but I want to ask you the question again: do you think you could start a new...
Back in the early Eighties, the Walt Disney Company was in decline. They’d had some magical years when I was growing up, but there’s no question that by 1983, they were stalled.
The next year, their board of directors made a wise decision and hired Michael Eisner as the new CEO. One reason this worked out well was Eisner understood an important growth principle, which business coach Alan Miltz calls “The Power of One.” I’m going to show you how it helps you build and grow your online mastermind group.
When Eisner took the reins of Disney, the first thing he did was raise admission prices at their theme parks in California and Florida. It turns out, Disney had not raised their prices for many years, and they weren’t growing fast enough to outpace expenses.
LEVERAGING THE LAWS
Now if you read last week’s blog, you might recall another law of economics they don’t teach you: Parkinson’s Law....
Since our masterminds online are doing a deep study on the book Profit First this month, I want to touch on a touchy subject for today.
From the heart of a lifelong entrepreneur and business coach, I can’t believe how little attention I paid to the financial structure of any business I ever owned. It wasn’t until I started online mastermind groups that I came across Mike Michalowicz’s book. It was my friend, Scott Beebe, who introduced it to me. That book changed my life.
What many entrepreneurs don’t understand is that business finance has its own set of principles, just like personal finance. Either you work for your money, or your money works for you.
That might not sound too bad if things are going well for you right now, but it’s music to the ears of someone whose business is threatened by our current economic state. If your business’ expenses are fully, or even partially covered by passive income and...
Something that might catch you off-guard when you start your own online mastermind group is how many people have never heard of the concept.
I have to admit, when I attempted my third retirement in 2010, and Dave Ramsey and Dan Miller talked me out of it, I only knew about our business mastermind, the Eagles. It never occurred to me that there were hundreds or thousands of groups online. I started my next career with one-on-one business coaching services, for just two clients.
Coaching proved difficult to scale, however, and I’m not the type of person to have a small, local operation that only serves a handful of people. Whatever business I’ve ever done, it’s always scaled. I do multiple locations, I hire lots of employees and I always have my eye on providing more value to more people.
Still, a lot of people don’t really understand the idea. They’re even less certain of how to own and operate a mastermind business. I want to point...
Have you ever led a seminar or sold from the stage? You might know the calculations you need to turn a profit. Let’s say you need twenty people to buy … that means you probably need 150 to show up, which means you need to invite 500, and so on. The pathway to profit is usually reverse-engineered.
We had our very first webinar for The Mastermind Playbook last month, and we had a great turnout. The numbers were right around what I just described - 25 percent of the registrants showed up, and 20 percent of those who attended, invested. I don’t like to reduce people to numbers, but numbers are useful when you’re trying to make projections or reasonable predictions about people.
In fact, that’s what I want to share with you today. Numbers are extremely useful when it comes to anticipating the power of online mastermind groups. In this blog, I want to talk about a general principle they bring that changes the game - not only for you, but also...