Are Masterminds Really Worth It? (and Why I Paid $65K for Mine)
Let’s cut to the chase — $65,000 is a LOT of freaking money! But admittedly, that’s what I spent this year on my mastermind coaching program (yes, even coaches need a little…or a lot…of help from time to time).
But before you take this as a sign to go sign up for the expensive mastermind you’ve been thinking about, let’s have an open and honest discussion about whether or not they’re worth it — because there’s a lot of talk on both sides of the argument.
Yes, these groups are a combination of brainstorming, education, peer accountability, and support to sharpen your business and personal skills. They can help you challenge each other to set strong goals, and more importantly, to accomplish them.
But that’s only if you get into a good one.
The sad part about them is that they aren’t always worth that big money.
My mastermind cost me $65K this year — but was it really worth it?
I’m digging into that exact question and will be talking about my personal experience, including the lessons I’ve learned from being in masterminds, both good and bad.
To find a good fit you have to figure out your goal
Back in 2018, I enrolled in my first mastermind and thought that it was everything I was looking for. I thought it was going to give me the answers or an easy button to business success.
And though it sounds like I was in perfect alignment with it, that’s not the way to choose a mastermind program to enroll in.
You need to be looking for a coach or a mastermind that is focusing on your goal. Then you’ll be able to tell if it's a good fit or not (because sometimes the thing that’s not right for you can be disguised as a good thing if you don’t know what to look for).
Define the goal you want to achieve before you set out to find a mastermind because a mastermind can not be a jack of all trades. If it promises you that it will teach you everything… RED FLAG. Get outta there!
You’ll have to step out of your comfort zone
If you’re in a mastermind group, you’re more than likely going to have to do things with the community. And introvert or not, talking to new people you don’t know is intimidating!
In the first mastermind group I joined, I was looking to be the smallest business so I could sit back and learn from my peers. I didn’t want to be the one who knew the most in the room because I thought listening more than I talked would bring me success.
And usually yes, that’s true, but not in masterminds. You have to participate to get out of it what you need.
So that's why for a long time I was incredibly jaded by masterminds and coaching, because I had picked options that weren’t right for me or my business at the time. They didn’t stretch me and put me in a bigger room — and the only way to accomplish that is to get out of your comfort zone.
Get testimonials from people who have gone through the mastermind you want to apply to
You need to find other people who are in these coaching programs and masterminds and ask them about their experience. Bonus points if you can find someone you trust (because no one wants to say anything bad about these programs…but that’s another conversation for another day!).
And when you do get the chance to sit down and talk with someone, think about the goals you have in mind for a mastermind. What do you want to get out of it? And ask them questions around that to see if you are going to be able to achieve it with that particular program or group. We’re in this together!
So all in all…was it worth it or not?
How the heck did I spend $65K on coaching?
It all started way back with the first mastermind that I actually enjoyed. It was called Digital Insiders with Julie Stoian and was in all ways absolutely worth the investment. Not only did I have her actual feedback with voxer access, but we also had opportunities to do hot seats, in-person retreats, and best of all, build a community.
The people in there, the networking, it was life-changing! Having these people turned friends has definitely made running a business a lot easier and has made me feel less alone.
The second program I initially invested in was for one of my employees. She wanted to jump into the marketing role of my business and without much background in business. So, I wanted to find the education to give her that confidence and skill.
Enter the Rainmaker Residency™ by Veronica Romney! It wasn't something I initially had on my radar for 2022 but the opportunity was one I couldn’t pass up because it gave one of my team members the support she needed to feel confident in her role.
Was it all worth it? Absolutely! In fact, we're renewing our memberships again for next year! That’s how much value is inside these bad boys.
Introducing…a new YouTube Mastermind!
Wanting to find a mastermind of your own to join? Looking to get better at YouTube so it becomes your biggest money market yet?
You probably love your online business (at least I hope you do), but you're tired of running yourself dry trying to make more money. You've got bills to pay, sporting lessons to pay for, and maybe a treat-yourself day every now and then.
You have no problems getting money out of your bank account, but when it comes to bringing money in? Not so much.
