Ever wondered how some people achieve their goals faster and more efficiently, while others struggle for years, or even decades, to get where they want to be?
We’ll let you in on a secret. Progress isn’t just about hard work, talent or luck. The clutch that can make all the difference? It’s the power of community, collaboration and collective wisdom.
This is exactly what mastermind groups aim to harness, and what makes them such a great way to turn your expertise into income.
People are willing to pay for valuable insight and support, which is why creating a mastermind group could be your ticket to helping others achieve their goals and even better, earning while you do it. Here’s how to do it.
Why are Mastermind Groups So Successful?
Imagine trying to achieve a goal flying solo, whether it’s playing the stock market, setting up an ecommerce business or shedding that pesky 10kg that just won’t budge.
Sure, it’s possible.
But at the end of the day, it’s just you at the helm, limited by your perspective and resources. Now, imagine trying to achieve that same goal with an entire crew of like-minded people on your team. Not only are they cheering you on but they’re full of support, insight and solutions. This is what mastermind groups are all about.
Unpacking the Mastermind Group Concept
Ever heard of Napoleon Hill? The American author is hailed as the grandfather of the personal development and self-help book genre, an industry on track to hit a value of USD 14 billion by 2025. This guy was onto something.
Hill coined the term ‘Master Mind’ in the 1920s when he realized that successful people don’t succeed alone. Instead, they collaborate with others to achieve bigger and better outcomes. It’s this realization that inspired the concept of Master Mind alliances. He explored it in his book The Law of Success in Sixteen Lessons, where he defined Master Mind groups as “a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose”.
The idea is that when multiple people collaborate and work towards a collective goal, a third mind is created. Hill calls this the Master Mind. When you think about it, the term sounds almost spiritual. Hill built on the idea of the Master Mind in Think and Grow Rich, one of the best-selling self-help books of all time.
The Evolution of Modern Mastermind Groups
Over the last century, the Master Mind alliance idea has evolved into the more modernized term mastermind group, but the concept is more or less the same. A modern mastermind group is a community of like-minded individuals who collaborate and support each other in pursuit of a common goal. The idea is to bring together different knowledge, skill sets and experiences to achieve more than an individual alone ever could.
Modern mastermind groups are hugely popular with business entrepreneurs, though they’re also gaining popularity in other niche areas such as investing, health and fitness, creative arts, tech trends and e-learning, to name a few.
Ready to Build Your Own Mastermind?
Joining a mastermind group is one thing but creating one? That’s a whole new level of excitement. Not only do you get to build a community to help people achieve their goals, but there’s potential to generate serious income.
Over recent years mastermind groups have become so powerful that they’re no longer niche. And they’re definitely not a fad. Instead, they’re a rapidly growing cultural movement that’s here to stay. The benefits for members can be transformative and this is exactly why they’ve become so popular.
Here are a few examples of modern mastermind groups:
Entrepreneurship and startups
Groups focused on empowering entrepreneurs with the knowledge to scale and market small businesses, like KP University created by serial entrepreneur, influencer and business coach, Kayla Parrilla.
Personal improvement
Communities powered by personal development goals. This could be anything from fitness groups like Discipline Dynasty to mindset and manifestation programs like The Elite Vibration: Inner Circle.
Social and travel
Dynamic online communities are designed to help members meet and network with like-minded individuals. WorldWide, a Discord server designed for seasoned globetrotters and novice wanderers alike, does just this – connecting a “vibrant community of adventurous souls from around the globe brought together by their shared passion for exploration and wanderlust”.
Personal finance and investing
Online platforms to discuss stock market trends, investment strategies, financial planning and more.
Thinking about launching a mastermind group but have no idea where to start? Keep reading to discover how to create, launch and monetize your very own mastermind group.
How to Create a Mastermind Group in 10 Easy Steps
1. Pick a niche
Your mastermind group journey should start with finding a niche. Why is finding a niche critical in the early stages? A niche gives your group focus and direction, while also making it easier to market your product, recruit members and build deep connections.
To find your niche, consider your expertise, interests and the unique value you can offer to members. Look for gaps in the market as well as opportunities to improve existing products. Generally, the more specific your niche the better. For example, TikTok mastery may be too vague or oversaturated. Instead, a niche mastermind group focused on TikTok success for fashion influencers could help you attract high-value contributors and offer more value to your members.
Lowkey Discord does this by targeting not just the reselling niche, but the Australian reselling niche with a focus on sought-after items like sneakers, streetwear, coins and consoles.
2. Draft a Big Purpose statement
Every successful mastermind group is built on a Big Purpose statement. This declaration makes it clear why your group exists and what it offers to members.
Considering the core benefits of mastermind groups can be helpful when drafting your Big Purpose statement. Here they are, at a glance:
- Facilitates a deep and genuine mastery of a subject.
- Power dynamics are horizontal and encourage collaboration, as opposed to coaching where power dynamics are vertical, and a single person oversees learning.
- Hands-on support for members.
- Expansive networking opportunities.
- Accountability for members.
3. Headhunt members
Mastermind groups are communities, yes. But when you’re starting out you don’t want to invite anyone and everyone to join. Instead, take the time to carefully curate your core members to ensure the quality of your group.
Look for members with:
- Proven experience in your chosen niche (e.g. successful small-business owners).
- A genuine desire to share insight and support fellow members.
- An existing following.
- Strong communication skills and the ability to engage in meaningful discussions.
- A collaborative mindset.
- A track record of reliability.
- A positive attitude and a willingness to grow and learn.
4. Lock in your Big Purpose statement
After you’ve recruited the first members of your mastermind group it’s time to reassess your Big Purpose statement. In some cases, it might be bang on and confirm you’re all on the same page. In other cases, you may need to discuss and make a few tweaks, or reinvent it completely. Either way, this step ensures that you all share the same goal moving forward.
5. Establish group rules
Every good mastermind group should be underpinned by a clear-cut set of rules. These can range from basic housekeeping to important topics like security and respect.
6. Define your offerings and benefits
Members join mastermind groups in search of value, plain and simple. This means you’ll have to make it very clear what your group offers to members, especially if you’re asking them to pay.
Communities like WealthGroup do a terrific job of offering members huge value on the $225 monthly subscription fee. Yes, it sounds like a substantial fee. However, when you look at what’s included (we’re talking daily private livestreams, real-time trade demonstrations, customized educational courses, one-on-one mentorship sessions, daily sports bets analysis, insights from top trading professionals and more) plus the financial gains you can make, it’s excellent value.
7. Choose a platform
You’ve locked in your Big Purpose statement and recruited members. Now it’s time to choose a platform to host your mastermind group.
You have a few options here. Some groups choose to use Discord. Others may use their own website. However, the best option for your Mastermind is Whop.
8. Set a price
Some mastermind groups are free to join, and others charge a fee. This could be an ongoing subscription or a one-off fee.
This is where things get interesting. Fees don’t just generate income for founders. They can also be used to pay for expenses like platform hosting and moderators.
Charging subscribers on day one can be difficult. Before you start charging for tickets to see the big show, we suggest populating your community first, creating an engaging environment and showing off the benefits of joining your mastermind group. Most importantly, you need to deliver outstanding content.
9. Determine your meeting frequency
Daily, weekly, monthly, quarterly… deciding how often your mastermind group will meet is an important step of the creation process. The right number will all depend on the type of niche you’re operating in, the style of the mastermind group you want to create and of course, your personal preferences.
10. Launch your mastermind group!
You’ve got all your ducks in a row. Now all that’s left to do is launch!
The “if you build it, they will come” philosophy is all very well but in reality, you need somewhere to market and sell your product. This is where Whop comes in…
Create Your Mastermind Group With Whop
The ultimate launchpad for mastermind groups, Whop makes it easy to create, market and monetize online communities.
Here’s what’s on offer when you create your mastermind group with Whop:
- A sleek, user-friendly platform that takes care of everything from membership management to payment processing. Say goodbye to juggling multiple tools. Whop integrates everything you need in one place.
- Customizable whop 'hubs' that make it easy to showcase the benefits of your group. Create your own whop for your mastermind - add a video app for your calls, a chat app for member communication, and a files app for any of your downloadable pdfs.
- Powerful analytics features to help you track engagement and optimize your offerings.
- Flexible payment options for your members (including crypto and BNPL) to ensure you’re paid fast and on time.
Whop simplifies creating, selling and marketing your mastermind group so you can focus on what you do best – building a dynamic, supportive community that transforms your expertise into a genuine form of income.
Still Questioning Whether You Should Start a Mastermind Group?
Still questioning whether a mastermind group is the right choice for you? If the below statements resonate, you could be the perfect candidate to create and monetize your very own online community.
You’re a master of a topic and want to share your knowledge
As the name implies, mastermind groups aren’t run by amateurs. They’re founded by people with a genuine mastery of a topic, but who also want to improve and learn. Offering value to members should always be the core goal of a mastermind group, so you want to make sure you have real insight when creating a mastermind group.
You want to learn from others
Yes, you need a certain level of expertise to create a mastermind group. However, it’s still important to have a genuine desire to learn, grow and improve within your field. After all, this is the whole point of mastermind groups. If you’re looking to simply offload your expertise using a vertical power dynamics model, coaching might be a better option. After all, mastermind groups are built on mutual benefits and horizontal power dynamics, so a willingness from members to teach and learn from each other is key.
You want to expand your network
Remember Napoleon Hill, the grandaddy of mastermind groups we mentioned earlier? He wasn’t wrong when he observed that the most successful mastermind group founders were not only in search of knowledge but also networking opportunities. It’s no secret that with the right strategy, mastermind groups can open all kinds of exciting doors. This includes opportunities to connect with industry leaders and influencers, secure investments, access exclusive events, and collaborate with like-minded individuals.
You’re all about accountability
Creating a mastermind group can be a great way to hold not just your members accountable, but yourself.
You want to build genuine, meaningful connections
Being an industry leader can be incredibly rewarding but it can also be lonely. Creating a mastermind group can be a clever way to find a community within your niche and continue chasing personal and professional growth.
