Should You Join that High Ticket Mastermind Program?
Mastermind programs pop up like dandelions at certain times of the year, and perhaps you're starting to wonder if this could be the next big success strategy for your business.
After all, if you believe everything you read, it could be the one thing that's separating you from getting to the next level.
Be careful. You can become a program junkie, ever looking for the next fix, and never find it, because unless you apply what you've learned, all those hot ideas and motivational pep talks you bought for thousands of dollars (or more for the most exclusive experience) will not mean much. You'll end up with debt from feeding your high priced habit, and not very many new clients to show for it.
So what's the big attraction?
- Masterminds feel good. There's a natural high sharing your hopes and challenges with others who get you. You get affiliation and validation. You get support. You get friends and colleagues for life as deep bonds are often formed. You get a new source of referrals. You get peers and a facilitator to challenge you and hold you accountable.
- Masterminds can propel you. If you're in a group with a truly skilled leader and high quality members, masterminds work. The group creates a "third mind" and benefits from the synergy that Napoleon Hill described in his timeless study of high achievers like Henry Ford, John Rockefeller and Andrew Carnegie when he first published in his classic book Think and Grow Rich in the 1930s.
But…here are three realities you need to consider first.
The problem is that all too often, what happens in the mastermind, stays in the mastermind. As the old adage says, ideas are a dime a dozen. People who implement them are priceless.
Simply being in a mastermind group is not going to generate revenue for your business if it's at the expense of marketing, following up on leads, and servicing your clients. Mastermind programs require commitment and time, but they're not there to replace your business.
There's a reason why more large companies have invested in coaching in the last five years than ever before. And it's also one of the fastest growing professions for women in new businesses. But these days, coaching has become a commodity. Anyone can call herself a coach and while there are reputable coaching certifications, the profession is not regulated.
Many great coaches and consultants alike offer good quality programs. But there's a world of difference between coaching and consulting, so be sure you know what you're looking for to help you grow your business and be specific in defining your expectations and goals when you're considering a program (if you want to define your priority areas, consider a single consultation with a trusted advisor).
In simplest terms, the coach helps bring out the best in you, and helps you find the answer that you probably already have, but need someone skilled in the process of personal discovery to help you articulate it. A coach, in the purest sense, doesn't diagnose or dispense business advice. So know that a lot of the time, a mastermind led by a coach will be a combination of the leader presenting high level knowledge and content; group discussion and sharing; and reporting on individual progress and challenges. In many cases depending on the set up of the program, you get limited or no personalized application on how the high level content applies to you and your business.
The consultant, on the other hand, challenges your assumptions, analyzes your situation, solves problems, gives you advice and recommendations, and may or may not help you implement the plan depending on the scope of services offered. There's a time and a season for both, and consultants at the peak of their profession who have the right personal development skills can create powerful0 mastermind programs.
I've worked with many clients who turned to me for individual advice after being disappointed in their own mastermind experiences. If you follow enough marketing of programs online, you'll often see the same recycled content passed around by the latest crop of recruits, often down to the sales page and email marketing campaign they "modeled" from their group. Is this where you want to entrust your future business?
Approach any program with the same due diligence you would for any high ticket expense. Research the leader, look for credentials beyond the sales page, and speak to others who participated.
Taking these steps can make the different between a mastermind program that fills you up, or weighs you down.
- You Still Have to Do the Work
- You Need to Choose the Right Tool (and the Right Person)
- You Need to Do Your Homework
Sherri is a business strategist who's determined that no one should have to quit their business to return to a J.O.B. to earn good money! She helps entrepreneurs design business models that allow them to enjoy life and love what they do. She walked away from a successful marketing career and a raise to start her own virtual coaching and training business so she could work from the middle of nowhere with clients from anywhere.
