Do you have what it takes to create best-selling mastermind coaching sessions? Let us find out.
What is a mastermind?
Wikipedia defines a mastermind group as a peer-to-peer mentoring concept. Members solve their problems with input and advice from the other group members. In 1925 author Napoleon Hill coined the concept in his book The Law of Success. He described it in more detail in his 1937 book, Think and Grow Rich. In his books, Hill discussed the idea of the Master Mind. This referred to two or more people resolving problems. There are two types of mastermind groups. The first focuses on a person’s success. The other focuses on the success of everyone in the group.
This article talks about how to find the right mastermind to help you grow your business. It’s a great read if you want to know what your audience is looking for. Then, you can offer clients what they need in your mastermind coaching sessions.
Mastermind coaching basics
This above article in Entrepreneur is a great read for business owners. But you can also interpret the text for your coaching business. You will find some great tips for coaches offering mastermind coaching sessions. Let me show you how:
- The first tip the writer provides is to hire a coach who has been there done that. In short, industry experience counts.
- As a coach, you need to advertise your credentials. Showcase your successes and your learning. Ensure that your website showcases your success in arranging successful mastermind coaching sessions. You can read my earlier blog about why having a website is important for your business.
- The writer compares entrepreneurs to Tom Hanks in Castaway. He reminds readers of Tom’s loneliness while stranded on an island. He recommends that entrepreneurs attend mastermind coaching sessions.
- Finding the right participants is key to arranging great mastermind coaching sessions. Segregate groups based on nature of business/life challenges. You could also look at experience level. A new entrepreneur will face different problems than one who is well-established. Age may also be a divider though gender may not be. Industry related experience is also valuable in these mastermind coaching sessions.
- The writer reiterates what I say often. Network, network, network. Mastermind coaching sessions are a great opportunity to meet and interact with entrepreneurs. And this could be a platform for new business ideas.
- Knowledge of the participants’ aptitude is important while arranging mastermind coaching sessions. You can find this out through a simple survey. Putting introverts and extroverts in the same group may seem daunting. But look at it this way. They need to learn from each other. And what better way to do so than in a group setting with other like-minded participants? Your challenge is to match the mastermind coaching participants with successful mentors. And keep the energy pumping through the sessions.
- At the end, the writer says something that stuck with me. Find the right mastermind and watch your business scale much faster than it could on its own.
- This is great advice for mastermind coaching participants. And as a coach, this is heartening too. Creating a mastermind coaching session is challenging. But remember, but you will have plenty more opportunities to get it right. Arranging mastermind coaching sessions will give you plenty of opportunity to earn more.
Mastermind coaching: different from group coaching
What is the key difference between group coaching and mastermind coaching? Many people do not know. But you should understand the difference. Else you will confuse your client while offering your mastermind coaching services.
In a group coaching setting, the coach guides the participants. The coach decides the content and draws up the structure and syllabus.
But a mastermind coaching session has no such set parameters. A coach in this setting facilitates the inclusion of like-minded people in a group. And then the mastermind coaching group members take charge. The learning happens because group members challenge each other. They help each other meet goals that they created. “Mastermind participants act as catalysts for growth, devil’s advocates and supportive colleagues”. This quote I read online seems apt.
You may want to read this article as it defines the key traits of a healthy mastermind group.
Is there a market for mastermind coaching?
The opportunities for coaches are immense.
I have mentioned this post earlier as there are some interesting statistics here:
- The International Coach Federation boasts 53,300 members. It has a steady growth trend.
- Average income for life coaches ranges from $27,100 to $73,100. Specialty coaches can charge more than $100,000 per year.
- Growth projections for the life coaching industry are an estimated 6.7%. This would take revenues to $1.34 billion by 2022.
- 92% of life coaches remain active in the field.
- In Asia, there were around 3,700 coaches. They contributed $113 million in total annual revenue.
- More and more corporations are hiring life coaches instead of mental health counsellors. The latter work in-house with employees (no stigma).
- Life coaches remain unregulated. There are no state licensing requirements. This suggests freedom of practice, but also raises concerns about quality.
- Executive coaches can earn a handsome salary too. Salaries start at $150 and can go up to $350 for most coaches. Executive coaches can also charge $1,000 per session.
This news report reported from the 2017 ICF Global Consumer Awareness Study. The research was also conducted by PwC Research. It stated:
- 89% people in India are aware of life coaching
- 59% have partnered with a life coach at some time
- 97% of experiences were satisfactory
Does this also mean a thriving market online for coaches? Research and Markets believe we will see e-learning triple to $325 billion by 2025.
The coaching market is growing and evolving. So, the need for qualified, trained and reputable coaches is on the rise. Increased awareness is driving interest whether in sports, religion, personal or business coaching. This could lead to massive gains for good coaches in the market. Arranging successful mastermind coaching sessions could be an added feather to your cap. And it may give you a great platform to diversify your coaching business.
I always say this. Change begins when there is a change of mindset. Your earnings could go up to a five-figure return on your investment. Find out how a simple shift in mindset helped me to grow my business here.
How can one offer great mastermind coaching sessions?
There is one question that I get often. What traits help a coach to arrange best-selling mastermind coaching sessions?
Well, there is no magic pill. Usually experienced coaches offer mastermind coaching sessions. Experience helps them to understand “client types” better. But that should not hold you down.
Offer the best version of yourself: as a coach or a mastermind coaching facilitator. The rest will follow. In my earlier blog, I have addressed the question about what are the top qualities of a successful coach. You may read it here. The other helpful blog to read in this context is here. I have described the best coaching style to adopt based on your personality and style.
What is your role in a mastermind coaching set- up?
A facilitator in a mastermind coaching set-up runs the group to help each member.
Your task is to create trust and rapport among the mastermind coaching group members. You can help members set powerful goals and help them coach and counsel each other. You can also hold the mastermind coaching members accountable for getting things done.
These tasks are only at the beginning. As a mastermind coaching facilitator you must empower participants to do these.
And then sit back and watch them get better and better at it with practice!
What are the pitfalls you should guard against in mastermind coaching?
As a facilitator in a mastermind coaching set-up, you will have to look out for the following:
- Choose group members with care. The core mastermind coaching group will make or break the success of a mastermind. If you are not sure about including someone, let him/her know and try to include in another group.
- Set ground rules immediately. A mastermind coaching group needs to have boundaries that everyone should follow. Setting expectations right at the beginning. It is very useful to gain control of the meetings and to ensure results. It is also helpful for when things get a little heated!
- Have a clear agenda for every meeting. This ties up with the above point and goes a long way to ensure order and achieve results.
- Empower the mastermind coaching members from the very start. The aim is to enable members to learn valuable life or business skills. Help the members rise to the task. Decide on a group leader and encourage members to work on all the tasks and challenges by themselves.
These steps get results. They also keep everyone wanting to come back for more. And that is when you know you have created a best-selling mastermind coaching session.
Which clients need mastermind coaching?
Coaching is a process. It is a journey which involves growth and development of the client. A coach does not wave a magical wand and set things right for the client. The process of change comes through self analysis and a determination to change. This process itself is difficult. The presence of someone else who understands this is critical. It is what drives the success of a mastermind coaching session.
Do coaches need to have definite traits to offer good mastermind coaching services?
Let us look at how The Graduate School of Stanford Business defines coaching. It says coaching as an inquiry-based approach to personal and professional development.
“Coaching helps create awareness, generates action, and facilitates learning and growth. Coaching focuses on improving performance. It helps individuals to develop and sustain new perspectives, attitudes, skills and behaviour.”
Their website further provides a break-up of what coaching involves. The top tasks of coaches are:
• Gathering and giving feedback
• Identifying development opportunities
• Building awareness
• Facilitating solutions by asking powerful questions
• Setting goals and creating action plans
• Facilitating learning
• Supporting and encouraging over the long term
• Monitoring progress and holding others accountable
As you can see a lot of these tasks are also replicated in a mastermind coaching set-up. Masterminds and coaching are not inter-changeable. It is important to respond to a client’s needs. Do you believe a particular client will enjoy a one-on-one session? Or will the process of engaging with others give him the motivation and drive he needs? If it is the latter, you could definitely recommend him/her a mastermind coaching session.
Key takeaways from a mastermind coaching session for your client
Some things that your client takes away from a mastermind coaching session are:
- Tips to sharpen business and personal skills
- Learning to keep an open mind while giving and accepting feedback
And they do this by:
- Commitment and willingness to help each other
- Brainstorming and discussing goals and tips on how to meet them
- Peer-to-peer accountability while meeting goals
- Creative implementation
A mastermind coaching session is always dependent on these traits among the members:
- Willingness to help (self and others)
- Determination to grow
- Ability to work in group situations (which may sometimes be tough)
Here is a podcast about when clients look for mastermind coaching. You may want to listen to it to target such clients.
How can you advertise your mastermind coaching services?
After the basic work in arranging a mastermind, there is another challenge. How will you advertise your mastermind coaching services? Once you have run a few mastermind coaching sessions, you will no longer have to worry. But till then, drawing in crowds and ensuring success is a continuous challenge.
Here are some tips to get you started. Start by asking yourself some basic questions.
As with coaching, the first step is to do a thorough market analysis.
- What is the need of the hour when it comes to your target audience?
- How will your mastermind coaching session provide them value?
- How can you find the right target audience? Should you divide by locality/gender/age group?
Then, harness the benefits of modern day technology. There may be some local mastermind coaching groups by checking Meetup.com. You can also try Find a Mastermind Group service. This lists people with existing mastermind coaching groups looking for new members.
Once you have the right target audience, sell your mastermind coaching sessions. You may look at my earlier blog post on marketing and advertising. Selling a mastermind coaching session is no different from offering coaching services. The same rules apply.
As I have said earlier, your message is your gateway to the users. You need to be very particular to ensure it meets your clients’ needs. You need to be clear, precise, yet impactful.
Many coaches overload their content while marketing for their coaching business. One thing which you should keep in mind is that you need to convey your worth in a very concise manner.
The average attention span of a person 8 seconds. You need to grab the most.
Create a killer pitch and advertise your mastermind coaching services. Also, use the traffic on your website to get the desired results. In an earlier blog, I have spoken at great length about how to make the best life coaching website. For a more general coaching style, you may read this.
Frequently Asked Questions (FAQs)
What is mastermind coaching?
Mastermind coaching is a process where a coach helps a group of people to achieve their goals. The coach acts as a facilitator and helps the group to come up with solutions to problems.
What is the difference between a mastermind and a group coaching?
Mastermind coaching is different from group coaching, where the coach works with a group of people who have similar goals. Group coaching is a great way to get support while achieving your goals, but mastermind coaching is better suited for people who want to take their life to the next level.
What type of people need mastermind coaching?
People who need mastermind coaching are usually business owners or executives who want to achieve their goals. Mastermind coaching can also be helpful for people who need to improve their communication skills or learn how to manage their time better.
What to expect in a mastermind coaching group?
In a mastermind group coaching, the coach will help the group to come up with a plan and to achieve their goals. Due to the collaborative nature of this coaching niche, individuals are expected to be engaged and outspoken in the process. This also encourages them to solve the problems of their fellow participants while finding answers to their own.