It can be hard to determine what is a good mastermind group price. It’s not coaching. It’s not therapy. It’s not speaking. Sometimes there isn’t a clear cut result that you can guarantee. But here is how I think of it from a membership perspective…
How much would it be worth to you to gain 5 or more successful friends instantaneously and have someone else coordinate and facilitate regular meetings between you and them? How long would it take you to gain 50 years of experience? (<==Trick question) When you think about one piece of advice that changed your business or life, how much was that piece of advice worth to you? What if you received life-changing advice on a regular basis?
Your mastermind group price should be significant for several reasons. The mastermind group that I am a member of costs $8,000 and meets 4 times per year for a full-day. The moment I dropped that $8,000, my commitment level skyrocketed. But I knew I wanted something greater than money could buy. I’m not saying that I didn’t want to earn more money. I knew that the greatest investment I could make at the moment was in myself.
1. Use your Mastermind Group Price as a magnet
Money is one of the highest forms of commitment. It shows that someone is serious and invested in their own growth. Only massive action and burning the boats beats putting down money. When a member pays, they have skin in the game. Now they want to get what they paid and more from their membership. As the group leader, I believe it is your responsibility to give it to them. Your mastermind group price point in and of itself shows the personal commitment of the existing members which will help you attract the right mastermind group members.
The fact that they paid will increase their attendance, attention, and actions. The more I have paid for something, the more I value it. Having a fee will weed out the people who aren’t that serious and all talk. When I started, I had a free mastermind group. At first, everyone was enthusiastic and excited. And then slowly but surely, people started to fade away. Now that I charge for my group, attendance and action are a lot higher.
2. Consider your Value Creation in your Mastermind Group Price
This is perhaps the most important reason. Think of all of the tangible and intangible benefits of your mastermind group from accountability to perspective to increased profits. You can’t buy this stuff in a can. The next best option is to go get a $100K+ MBA while sacrificing 2 years of income. Your mastermind group price may be more than you individual coaching price. The reason is that when you’re coaching someone, they may have your full attention, but they only have your full attention. In a mastermind group, they get access to mindshare of all of the amazing people you have brought together which is invaluable.
While it may look easy on the outside, leading a mastermind group is hard. It’s more than just facilitating a few meetings. You are essentially running a company with busy type As. There are so many personalities to deal with to create a cohesive team. Nobody knows what goes on behind the scenes in between meetings. It’s like looking at a world champion baseball coach sit there and chew gum in the dugout while getting paid. That’s what we may see, but we know that’s not where the hardest work takes place.
As the mastermind group leader, you should always seek to create more value than you take. If you charge a high price, then you must be committed to given higher value. It’s that simple. Their participation in your group could unlock new revenue streams, lead to new careers and partnership, rekindle their marriage, drastically improve their health and wellness, cause them to trust their team and finally take a family vacation. You can’t put a price tag on this stuff, but you know that it is worth way more than the price you charged them.
3. Account for your Time Costs in your Mastermind Group Price
The biggest costs is your time before, during, and after the mastermind group meets. Before the event you have to curate the experience. That may mean finding a venue, sending out reminder emails, finding caterers, creating the agenda and activities, etc. During the groups, you will be responsible for holding the space. That means that you will likely get there an hour before everyone and leave an hour after. You will have to be fully present and on top of your game during the group. In some cases, that could me an 8-12 hour day. And then after the group, you will be following up, creating content, making connections, putting out fires, and dealing with personalities. If you bill for 1-on-1 coaching at a rate of $100/hour, multiply that by all of the time you will spend organizing monthly or quarterly groups and that number comes out to be pretty big.
4. Account for your Delivery Costs in your Mastermind Group Price
When you are running a mastermind group there will be costs. Depending on the type of mastermind group you have and the size, you will have food costs, printing costs, venue costs, technology costs, and travel costs. These expenses have to be accounted for in your fee at the very least.
When you add up you time costs, delivery cost, and overall value, you deserve to be paid to create, hold, and lead this space. You are responsible for fostering lifelong relationships and business partnership. You are responsible for strategic shifts, new products, and new jobs. Without you, these things may have taken years to happen or never happened at all. You may not have brokered the deal, but you made the deal possible. And that’s worth paying for.