How to Create a Mastermind

TRANSCRIPTION

How do you create and profit from a mastermind? That's what I'm going to cover in this video. And don't forget to subscribe to my channel if you like videos like this, as I release them each and every week.

Dan Henry here, and I am the author of Digital Millionaire Secrets, how I created an eight-figure business, selling my knowledge online. This is a Wall Street Journal bestselling book. If you haven't got a copy yet, grab it. Today we're going to talk about selling masterminds. What is a mastermind and how can I sell it? Well, believe it or not, it's a lot easier than you think, especially if you already have some sort of coaching, consulting, or online course offer. In fact, if you have one of those, there's virtually no work required to create a mastermind. That's the cool thing about it. Now, there are various forms of masterminds, but I would say the two major ones are a networking only mastermind and a more coaching mastermind. For instance, my mastermind is much more of a coaching mastermind than it is a networking mastermind, but it still includes both. Now a networking mastermind is basically a group of individuals that pay to get access to a network of people like them so that they can exchange ideas.

So for instance, let's say you were a real estate investor and you paid $30,000 per year to be a part of a mastermind group where you would have multiple real estate investors gather several times a year discuss in say a Facebook group, et cetera. You basically now had an opportunity for them where they could discuss and learn from each other while at the same time, maybe exchanging deals and getting in and all that. There's a ton of value in that, a ton of value. Maybe one day I'll create something like that but for now, my mastermind is more of an educational mastermind. What that is, is it's basically the same thing, except there is a leader that coaches the group on a specific thing. Then of course they mingle and network together, but the focus is getting closer access to that leader.

Okay. So those are the two different forms. I'm going to focus on the more educational and coaching mastermind today. I'm gonna show you how to sell it if you already have some sort of mid-level or entry-level online course or coaching program. So let's look over here at how to create a mastermind. So for instance, let's say that you have an online course or a coaching offer, and this is very simple to understand, and let's say you charge anywhere from $2,000 to say $10,000 for this offer, right? So pretty good variety of prices here. In this offer, you have a ton of people that have signed up, right? These people have all paid, maybe it's less, maybe it's a thousand, even $500 or maybe it's two grand, but it's just a very, very large amount of people because you're growing, you're scaling, all that jazz, boom, boom, okay.

Now in this group of customers that you already have, if you have this group of customers and you don't have a mastermind you're leaving money on the table and, here's why. Of this group there is going to be absolutely positively, there is going to be a number of people in this group, a small number, but a number that are willing to pay far more to get into a group with higher-level people than what's in here and to get more access to you. That is one way to create a mastermind. So when we move over to here, now we find a small group of people like so, and now we can charge say $30,000 to $100,000. These numbers are arbitrary, $30,000 - $100,000. For instance, I know that Tony Robbins, I believe he charges like 90 or maybe it is a hundred grand for his Tony Robbins mastermind. Again, if we look back, how many people do you think have gone to Unleash The Power Within or his seminars or in his coaching programs where they have lower-level coaches underneath Tony? A certain amount of these people are willing to dish out a hundred grand for Tony's mastermind, where he takes him to Fiji and all these different places, talks with them and networks, okay? Now this is one way, right? This is the easiest way because you already have a group of people that have paid for your programs or your online course or your coaching. Now of these people, there's always going to be a small percentage that are willing to pay more.

So for instance, I have a program and I have a bunch of people in it. I have a lot of them, I have hundreds of people in my program. Right now we have 60 people in my mastermind and they all pay three to five times the amount of this program. They get more attention from me, they get to meet in my office several times a year. They get a higher level of service, closer attention to me, and a tighter knit group than these people. So they do get a lot better results for a couple of reasons. These people get great results. We have so many success stories. It's unbelievable, but I'd be lying if I didn't say these people got more results and it's because of two reasons, one, they have the mindset to invest that much more in themselves.

Think about this. If you take one private golf lesson a month, do you think you'd be better at golf than if you took none? If you take one private golf lesson a week, do you think you'd be better if you took one golf lesson? So if you take one golf lesson a week versus, one golf lesson a month, which do you think you'd be better at golf after you've done? Obviously, one per week, which tells you what? The more you put in the more you get out. So these people automatically have invested more so they have that mindset to invest more. So when you have that mindset, you do tend to get more done, follow instructions better, more coachable, you take more action. So that's number one. The second reason is they get more time with me. They get more time for me to look at their stuff. They interact with each other at a higher level and more ideas flow. Just like I'm sure people in Tony Robbins' program that go to his events get tons of value but, when they get to spend time with Tony running around to Fiji and stuff, they probably get a lot more value.

It's just simply how it goes, right? So if you already have a program with a bunch of people, then you simply make the offer. You make the effort like, ", join my mastermind." A lot of these people will immediately take the offer because there's always going to be that 5% of customers that right now they're willing to pay for closer access or more. It's just money on the table money that you're not picking up if you don't have a mastermind. Plus I will say that when I do events and calls for my mastermind I learned so much about things at a high level. It gives me so many ideas for videos, for podcasts, for better content for this program, better content to put in here. It allows me as well to stay on my "A" game. I remember one time I had somebody in my mastermind years ago, start approaching the numbers that I was making. I got this ego thing in my head and I thought, "Well, I can't be the guy. I can't be the mastermind owner and my mastermind members are making more than me." while at the same time, very proud of that person for leveling up. I want them to make more than me but, once they do, I want to level up. So I ended up leveling up, leveling up, leveling up, leveling up, leveling up, and always maintaining the company with the highest revenue. Just sort of like a friendly competition thing and, that's another thing there's a friendly competition in a mastermind.

So that's how you would sell a mastermind if you already have a program. If you don't have a program and you just want to sell like a networking mastermind, or you don't want to even have a lower end, you want to go right into it, then you'd sell it virtually the same way but, in your marketing, you would make it more about the network and you'd make it more about how having access to other people is how you grow. For instance, I'm in a mastermind, an investing mastermind. I get deals that come across my desk that I wouldn't have access to if I wasn't in that mastermind. So I didn't buy anything before that, I went right in the mastermind. So this right here is honestly the quickest, easiest way if you already have an offer right now, to be able to make more money out of that. In fact, if I were to do the math thinking in my head, I believe, closing my eyes, doing math, and I'm not good at math. I'm just going to use my calculator, I'm going to cheat. I'm going to tell you how much revenue that I have made as a result, extra of just asking my regular members of my regular program if they wanted to join the mastermind. I would say right now, $1.8 million extra per year, just by having a mastermind. I don't create any new content. Sure, we do the events and the calls and the recordings of those events, and the calls are loaded into the dashboard for the mastermind members. But I don't create any additional courses or curriculum. It's the same curriculum that's in this. You just get a higher level of access in a smaller group, a tighter-knit group. You do get extra content, but it's not like a course or something. It's just recordings of what they do and these people are very, very happy. So if you have an offer like this, you're, you're leaving money on the table if you don't have a mastermind element, people will immediately sign up and you'll be able to add additional revenue to your business.

So if you enjoyed this video and you'd like to learn more about how to grow either one of these, then pick up a copy of my book, Digital Millionaire Secrets. I will leave a link in the description where you can get this book for free, just pay shipping. Also, if you have read the book and you want my company to help you grow your online educational offer your online course, your coaching program, your consulting mastermind, et cetera. I can show you how to create a mastermind. We can show you all that and work with you to build it. Then book a call with my team and we'll see if we're a good fit to work together. I'll leave a link for that in the description as well, but before you go, don't forget to subscribe. So you can get notified when I release new videos, just like this. See you in the next one.