Master Mind Groups

Part 2

Should there be a membership fee?

7 things to take into consideration before starting a mastermind group.

1. It takes committed time to facilitate a quality mastermind group. Depending on where you will be having the meeting may cost money. Will there be a cost for food? Alternatively, should you charge the members a monthly fee that will cover food and the location?


2. Having a vital business dignitary with an extensive work experience in the group will far out way charging people to be in the group.


3. The main reasons mastermind groups dissolve is that the member’s commitment levels are not where they need to be. Commitment is evident in two ways: showing up to every meeting and participating. One way to prove commitment level is to put your money where your mouth is. However, that sometimes does not work either. That is why screening people before hand is a priority.


4. If you are able to explain to the possible candidates what the meeting will entail without telling them costs $xxx to join, they may show more interest. Telling business acquaintances that only 4-6 people will be in the group and there is a charge may cause them to question your motives. Your first time doing a mastermind group with no experience doing a mastermind group and you want to charge how much? Unfortunately when $xxx is charged, people can’t help but think, “Was that money well spent?” How did I get a return on my money today? Just because they pay you $xxx does not mean they will stay.


5. Explaining to a possible member the elitism of the group and that they will be screened to prior to membership will put a sense of significance knowing that only 4-6 people will be chosen.


6. Decide on the type of Mastermind group you want to have. Training type group, consulting, focus group, new business venture discussion etc.


7. Members of the group do not have to live in the same town. Consider the possibility of using Skype or Google+ hangout and having a video conference.