Modified Mastermind

Lately I’ve been thinking about starting a mastermind group. The problem is, when it comes to mastermind groups, one of the biggest incentives is the membership fee. And that is (simultaneously) one of the biggest drawbacks. So the question remains: Can you have a mastermind group without a hefty price tag?

But first, let’s go over a couple basics. 

What is a Mastermind Group?

A mastermind group is a troupe of like-minded professionals who get together on a set schedule to talk about problems they run across in their business, in the industry, or with work in general. Each meeting is devoted to answering these questions as well as networking and creating a community within an industry. 

What would a modified mastermind even look like?

The membership fees of a mastermind group are high for two reasons: it costs money to run meetings and keep an organization going, and the fees ensure that members attend meetings and participate. If you’re a part of a free group, there is less of a chance you’ll show up. However, if you must pay a pretty penny, you’ll want to ensure you get your money’s worth.

Most of the normal mastermind group systems should still be in place. For example, they are curated, which means there will be an interview/vetting process make sure people within the group get along and that policies are understood.

Because of the pandemic, a few considerations have to be made:

• You can’t meet in person.
• Meetings would have to occur online, which means everyone needs a reliable internet connection.

In addition, if there isn’t going to be a hefty membership fee, there needs to be something else in place to hold members accountable. 

The answer? 

Keep groups small (four to six members) and consider having annual project completion requirements rather than a monetary fee. Each person must commit to finishing a specific amount of duties or projects before a set deadline or their membership is cancelled. These projects/deadlines/goals all depend on the type of group, of course. 

By: Jocelyn DeVore