How to start a mastermind group
Today I'll talk about how you can use mastermind groups for your community and how it can help you to monetize your product.
In this first part I'll talk about the processes you'll need to think about before starting the mastermind group. In part 2, we'll dive into the tools and the mechanics behind the group creation and management.
Community vs Mastermind group
Let's start by understanding what's the essential difference between community and mastermind group. While community is a niche where members can connect with each other. This is my personal definition of the 2 spaces:
Community - a niches space where members connect, learn, share and co-create together.
Mastermind group - a space that helps the members to reach specific goal.
To make it a bit clearer think about: a community for founders and an acceleration program for founders. Both are communities however, the second one has an actionable program that helps to reach a specific goal like funding, building an MVP or finding co-founder.
Mastermind groups are a great opportunity to understand the needs of a community, and also to monetize the community.
How to start a mastermind group
Before starting mastermind group let's assess your situation. What do you have, what do you want and what can be your processes around them. What are the building blocks of mastermind group?
This point actually could've been called "Goal" but I decided to go meta. The first step is finding a goal. You don't need to have a big community to start a mastermind group, or have a community at all.
Having a community beforehand makes easier to understand the sub-category you're going to take for your mastermind group.
If you don't have a community yet, the only difference is you need to understand your sub-category by being present in other communities in your niche.
I think not every creator gives this point enough thought: what are the mediums I'm going to use?
The media landscape changes rapidly. While it's easy to make a snap decision on your medium (text based, podcast, YouTube channel, etc), let's make a deeper dive on it.
Medium is important not because it will be your primary communication channel with your community, but also because medium is forcing workflows and processes with it. Before selecting your medium try to find answers to the following questions:
- What's the communication channel of my niche?
- Who's the biggest influencer in my niche and what's their medium?
- What are the organizational tools people use in my niche?
- What's the communication channel I'm most comfortable with?
- How thin I'm ready to spread my content?
- What going viral looks like in my niche?
Having answer to question helps you to understand 2 important things:
- Your milestones (number of followers, group members you need to have on your channels).
- How information is created and shared inside your niche.
If you go on the website of YCombinator - the most known accelerator on all medium - you'll see that they have a clear program on their hands. In fact each acceleration program has one. The program covers the lifecycle of startup: founders, product, customer interviews, go to market, competitors, investors, legal & tax, etc.
Mastermind groups are exactly for this - take a sub-category of a niche and cover lifecycle. Essentially you're trying to answer the following questions:
Let's take a look as an example to newsletter mastermind group curriculum, that I just made out for the purpose of this article:
- How to come up with an idea of newsletter.
- What tools to use for your newsletter.
- How to figure out your newsletter frequency.
- How to figure out the style of your newsletter.
- How to manage the content of your newsletter.
- How to make the newsletter discoverable.
- How to monetize the newsletter.
You have a group, medium and program, now you need to figure out the style. When I say style I don't mean the logo or branding or anything like that. Style in this case is a very technical question. How you're going to run this thing?
The choice for the style gets easier when you figured out your medium. You have 3 options:
- Events, AMA's - by inviting industry niche professionals to give a talk about each topic.
- You're the star - you run the whole show by giving the talks and creating the materials.
- Community - driven - each member shares their experience with the group.
With love from Armenia,
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