Day 4 Q&A: Setting Up Mastermind for Other's Business

Recording going. And let's get started. So how was the content, everybody? Enjoy. Good day 4. Are you uploading these decks? No, I might. I might. Blake? I don't know. I haven't decided yet, but I wasn't planning on it. Also, if you've only booked 15 minutes, it eat into the time. Had the same experience. Thank you, David. PayPal. Yeah, they suck. $40,000 held for, like, three or four months. Not fun. Yes, definitely. Great content. Awesome content. I love how practical it is. Well, thank you. Only reason I asked because I didn't want to lose a single second listening and watching. Oh, that's really sweet, Blake. Yeah, I would just go back to the recording for now. I may hook you guys up with the slides after. Yeah. Okay, cool. All right. So Jen asks, how do you set up mastermind, or how do you set up masterminds for other people's business? A woman asked me to run the mastermind component of her business. She wants me to be the facilitator. I haven't spoken with her yet because I'm out. Sure. What approach to take. So answer this live, Jen, or is she all right? Hi, Jen. How you doing? Hey, Brad.

Thanks so much.

Of course. Okay, so I've done this a few times now, and typically, it's a conversation with the decision maker that kind of breaks down the different pieces. We talked a little bit about this the other day. Like, you can just kind of go for a 50, 50 deal. You can go for a 70, 30 deal if it's, like, they're offering a ton of value and you're just kind of doing the facilitation piece. Like, they're doing all the sales, they're bringing in all the leads, they get all the people in the room, and you just kind of show up and facilitate. That's a different kind of deal. But if you're doing half the work, you should get half the money, generally. Is that kind of what you're asking, or is there more to it?

Yeah, no, I think that was it. Like, how. I suppose it'll all come out in a conversation with her about, like, what kind of setup she wants, how many hours, how much contact outside of the mastermind time.

Yeah, and I actually have a deck.

Let's see.

See if I could find that just real quick. I made this for my clients, but I'll give it to you guys too. It's like a slide deck that I had. JV. Here we go. Yeah, here we go. Awesome. Here you go. Put this in the chat for everybody. There's a slide deck for you to get some ideas.

Thanks.

Got it. It's just 10 slides here, but yeah, it's pretty straightforward. I'll just run through it real. So yeah, it's just like a very blank slide deck just to give you some start. Doing what this is guarantees. How does it work? Getting you one to one access. This is like presuming they're an influencer who doesn't have the mastermind support economics, that kind of deal. This is a very basic flow. That's awesome you can improve upon this. But I wanted to give you guys a little extra something for you. All right. There's that. My pleasure. All right, David, doing your friends Kaizen post type. What numbers have you seen to get most engagement number of peach helped and amount of time. So what post type I guess is that the. Let's answer this life. Let's get David. Yeah. Hey David, just for clarity, so you're talking about what's the post type that gets the most engagement and what's the best bang for your buck? Is that what you're asking?

No. Thanks for asking the clarifying question. I was wondering. I've seen a lot more of the hero's journey kind of posts and several people teach on that. On that Kaizen one, I'm a little bit of a math nerd. I'm like, hey, if you say I'm looking to help 100 entrepreneurs, that seems like too big. You know, four seems too small. Like, have you heard any best practices as far as hey, I'm looking to help 10 people within the next three months or four months or six months.

I see. So like if you did that mass, that, that mission post is what you're talking about specifically like, hey, I'm on a mission. Many people. Got it. Got it. Yeah. I found like 10 is a good round number. Most people are like, that's. That's enough to bite off and chew. Yeah.

Okay. Have you heard any best practices in terms of amount of time? Cause some guys are like, if you say it too little about the time, they're like, oh, you can't get that result that fast. And if it's. I don't want to wait that long to get the results.

You kind of just asked your own question is like, what is. What is the result you're trying to get and how long does that take to get? So some people it's like it's going to take a year. And like I can only work with three people. Some people it's like I can work with a Hundred people. It's going to take a month. So there's just a. It just really depends on what the offer is.

So customize it to what value you want to bring because. Yeah, the other part of it is like, if you're doing an accountability mastermind, people might be committed to a longer process, but if you can give them a quick win, that's always helpful.

And you may update this over time. You might find like, we started to build a mastermind program as a three month program and people were getting results in three months, but not all people were getting results in three months. So with COVID we decided, well, we could try to lower our price, but I don't really want to do that. So I just made it six months.

Instead of three months, same price, and just extended the timeline. That's cool. If that makes sense.

Exactly. Exactly.

Okay. Yeah, that's helpful. Yeah, I've heard a lot, a lot of stuff on the Hero's Journey thing. There's so many videos on it. And how many steps are there really in the Hero's Journey?

I've seen, you know, I've broken down to 18 steps. I've broken it down to like three main steps. Hook, story, close. You know, I've done so many different ways. We'll have a whole marketing messaging masterclass on Saturday that you can check out as well. If you're available. We'd love to have you. And I'll give you some more insight into some of the things I do to post. Cause I've had some success on Facebook for sure.

Yeah, I appreciate that. That was a really cool bonus you just announced right at the end of the group.

Yeah, no worries, man. Want to over deliver for everybody. Make it awesome.

Well, you know, as well as I talked, I got referred to a guy yesterday. I guess, like I could also hear this in the Facebook group too. I got referred to a guy yesterday, helping him with some sales stuff and he's doing like almost eight figures and he's transitioning from one industry to another and you know, his market is shifting slightly. But anyways, yeah, just with some of the family office events I had been invited to speak at, I was able to add value to him. And it was neat because it was almost like. It was almost like what you were saying, but longer ended up being a three hour conversation because our family journeys are like 90% the same, which is pretty crazy. But anyways, too much of a tangent. But the win was. It was almost like a market research call and he was like, almost. If I would have offered him a mastermind. He would have signed up because he was enrolled. He was like, he was just fully in.

So, yeah, gotta find that line powerful.

You said like for a 30 minute, just fast car, right?

Yeah, the 15, 30 minutes, like that could totally work. I just try to give people a limit because otherwise they talk for two hours and end up coaching the person. And it's just like there's no, there's no scarcity there. You got to create scarcity of your time and of your expertise. It can't be just you give it away to everybody because who asks? Because then you got no business. Right. You're not gonna be able to sell it.

Right, Right. Yeah. And I may have made a strategic error and talking that long ago, it was more like just a friendly conversation. Right?

Yeah, it's just bringing people out of their normal patterns of consciousness so that they can get different results. So if you've, if you've been the guy who has been, you know, everybody's buddy and it hasn't worked out for you, maybe consider, you know, being a little more truncated, not mean, but like a little more like, hey, this, we're here get a result and this is the result we're looking to get and taking charge and owning the frame.

Yeah, sort of like Dan Kennedy has a rule about not really hanging out with his clients. And some people think that's too extreme. But you're saying go in that direction so that people.

Yeah, right. I love people, but I also realize that people are trying to get it done better, cheaper, faster or free. And I have, I'm across purposes. Right. I need to make my time valuable and scarce. Not, you know, so that people don't waste it and they don't take it for granted. Not, you know, free and ubiquitous. Like you can't be a miser and you can't be a martyr. You have to find your part of that balance equation. That's the abundant line you walk.

Yeah, that's a great way. That's a great way of saying it. You don't want to be a miser or a martyr.

Cool.

I'm good. Thank you, brother.

Talk to you soon.

Very good.

All right, so you have a one day masterclass on optimize your wellness finance scheduled this Sunday at 3 to 4. I have a. Okay, got it. What's my next mastermind event to do? Is it a one day a week? So this is this person's anonymous. I don't know who they are, but if they would be willing to jump on and chat we could chat about this. Otherwise, I don't know how I can help you if you're anonymous, but I can kind of speak broadly to this. What's my next Mastermind event to do? Is 30 day, once a week, 12 hour session. Good. I don't recommend, um, doing more than once a week. So once a week is fine. That, that would be the most I would do per week. I will ask attendees if they're interested to do wellness or finance or both. I have five people registered. Yeah, that it just really comes down to the niche. Like, it could go any, like, as, as often as once a week and as little as once a month. I find that more than once a month, it's like that's too little or I'm sorry, more than once a week is too much. Less than once a month is too little. If that makes sense. And feel free to raise your hand if you, if you do want to chat, I'm happy to do that. If you want to stay anonymous, totally fine. All right. And how do you price the Mastermind? So we talked about this a couple times throughout the days. I would definitely check out day, I think day two, we talk about pricing. And day three, was it day base? Day one, day two, day three, somewhere in there. But generally speaking, yeah. I gave multiple examples in the beginning about pricing. So I don't recommend anything less than 500 bucks to a thousand somewhere in that range. And then you can go as high as you want. I've seen them up to a hundred grand a year, so that's what I would say about that. Barry, okay, on pricing again, I was wondering, would 500 to 1,000 something, would you suggest the start of it? Here's the thing. Everybody on pricing, you got to go out and test it. Start a little higher than you feel comfortable with right now and make it a little bit of a stretch for them too. And you can always work backwards from there. But you can't go higher once you've already committed to lower. Does that make sense? Don't underprice yourself because you're afraid or you don't think it's good enough. Just pick a price that's a little bit scarce, a little bit of a stretch for you and for the client. Usually in that thousand buck range, you can make it more. I don't care. Start where you feel good. I have a guy who just started doing masterminds and he's selling it for $38,000 month one. He's got a skill set that I believe is worth that Kind of money. He raised $300 million a year on average for 10 years for a billion dollar hedge fund. So I'd pay 38 grand to learn that personally. But there's no limit to what you can charge. It's just a matter of not undercharging. Don't undercharge, because that's a lot harder to make a business work. Just think about the mathematics here. If you're only charging a couple hundred bucks and you want to have, you know, you don't want to have 10,000 clients, you're not going to make any real money. So we don't want this to devolve into a membership and fight like you never want to price based on, you know, cutting yourself down to the lowest denominator. It's not a race to the bottom. This is owning your value, owning your worth, adding more value and raising prices. This is what this is about. And over delivering for these people, that's the most important thing. All right. Oh, Angie. Okay, cool. Angie, do you want to chat still? Hold on. Let's see. Hey, Angie.

Yeah, I didn't know why it's anonymous.

That's okay, no worries. Did you have any follow up questions or did I get them?

Yeah, I got them. So I'm planning to do another one. So I'm going to follow because I did this optimized thing since a month ago. So I advertised it and mostly my friends, my warm market who registered. So I'm gonna ask you because you suggested to focus on one instead of combining the health and I would agree.

Focus on one and the one that's the most that's easy, lucrative and fun for you right now. What's the lowest hanging fruit? The easiest thing for you to do right now? The most fun, the most lucrative.

Yeah, I'm more in the wellness because I'm a physical therapist.

Great.

I also wanted to do the, the finance to have another stream of income there. But I'm gonna start with wellness. That's where I'm better.

Right.

I love it. And you can bring in great experts, you probably have a great network. You can add a lot of value. It's just finding that offer that speaks to them. So now, now this is the time start talking to people and get it done.

Yes. Thank you, Brad.

I'm excited. You guys should have seen me before. I thought about going live on Facebook, but I got banned because of copyright. But we were all dancing back here to different songs. It was super fun. Right? Thank you, Angie. Barry, did you want to jump on? Are you Good to go. Question answered. He said, okay, cool. Jen, what's your sweet spot personally for mastermind length? 6 month or 12 month? I like 12 months when I ran those because people go through cycles too. What I found with most clients. I'm just going to unmute you, Angie. Sorry. What I found with most clients is that they get the most value in the first 90 days, generally because people go through cycles. Right. If you ever read the book Principles by Ray Dalio, he talks about this. It's like there's five steps to a cycle and it looks like that, and then they go up a little more and it looks like that. Then I go up a little more and it looks like that, but it's not a straight line and it's not like that either. It's more like a gentle curving. They get a little momentum, they lose their footing. They get a little momentum, they lose their footing. So you just gotta decide, is it gonna be one of those cycles for people that's about three months. Is it gonna be multiple of those cycles? It's probably gonna be three months. They get a lot of results and then three months, they kind of fall off a little bit and then they're in their next upswing for another three months. So if you make it a year, you get two big upswings for people and you'll have a little bit of tension in the middle with those same people as you get tested in your leadership skills. But when they come back, they're bigger than ever and they have a lot of fire. So I really like a year, I find like three month cycles are fine. They're a little tight. So you don't have a lot of, you know, if somebody has something happen in their life, there's not a lot of wiggle room there. Six months is good. I've done a lot of things in six months. 12 months is my favorite. But it's kind of hard to get people to commit to a 12 month out of the gate especially. So you may want to. And sometimes the payments drop off and there's other problems. So I would matter. I would, I would consider that in your decision making too. I think six months is probably the sweet spot for most people. And that being said, this beta, this one you're running, this pilot, this first mastermind you should definitely do as a, as like a one off, be it like, you know, half a day to two or three days, not super long, and not making a giant commitment unless you need more time to get the results you're promising. But as sure as possible to get that result. Minimum effective dose, to give people an experience, give them the result, make them happy, get a testimonial from them and really just be clear on what you're going to do next. So if you hit it out of the water and you love it, you can make it a six month thing with no problem. But I've had people get into masterminds and they have to deliver on programs that they just don't love and it's no fun for them. So I wouldn't put yourself in that position out of the gate because you're not sure and you don't know what you don't know. It just pays to do one, make some money, figure out what's wrong and what's right and then do it again. It's not that much extra work and you have the people there, you can always extend it. All right, sweet spot. Personally, we talked about that. When do you start having conversations with your members? When their membership is nearing to an end, Typically a month out, I'll ping them, say, hey, it's your last month. Are you thinking about extending? You want to have a chat about that? I've had clients stay for two plus years in a one year mastermind. First year is committed. And then they just stayed on month to month because they were still getting value. You'll find that typically with people who it's funny how pricing really justifies a lot of this stuff. So I started my mastermind at 499, I raised it to 997. Maybe I made this one 997 to start. But I started my mastermind at 997 and I sold a few of those right out of the gate. That was no problem. Some people paid in full. They were totally in. It was great. And then some of them stayed with me for multiple years, which was cool. And some of them dropped off for different reasons. When I raised it to 2,500, people couldn't wait to have that off their books. It was just a funny juxtaposition. 1500 was fine, thousand was fine. Above 2,000 or 2,500, they really started to feel it every single month. So maybe it was the people I was working with, maybe it was just my association or maybe it was my karma money at the time. But like I found the 2,500 people, they would get really great results. But they also were like really glad for it to be over and not have to pay me anymore. Not because we didn't get awesome work together. It's Just like a lot of money for them. So that was that. And I get that. That's like getting into where a rent or mortgage payment would be. It's quite a bit of money for some people. All right, let's get some last questions. Talked about Stripe and PayPal. How do you feel about square? I've never used square, so I can't say one thing or another. If you think it's great, use it. I'm sure it's fine. It seems like a big company. You go month to month versus another year commitment. When they renew, you can do either one. I find that month to month is usually easier for people. Just like a rental, you don't want to sign another lease, but you might go for a month to month. And do I offer payment plans? Yes, typically I do payment plans. Thusly, I'll do, let's say if it's $10,000 a year, mastermind, I'll do $10,000 pay in full or 997amonth. What I might do in the future to avoid having chase people for money is take a sizable deposit upfront or simply get a financing company to do it where I get paid in full and then they have to pay the financing company. That's a better system. It's better for cash flow. But typically you have to raise the prices in order for that to make sense. They're not going to want to finance a bunch of $5,000 transactions. They might be interested around 20, 25,000. And then you have to find the right financing partner. That makes sense. And they have to have good credit and whatnot. But I'm not scared to raise my prices. I'd just add more value and bring on more people to help solve these people's problems. I might even add some done for you services. So that's really where the rubber meets the road. I've seen Masterminds in the eight to $10,000 a month range where people pay in full for that too. There's people out there that'll pay it. It's just what's the value? What's the, the level of play that they're committed to and what's the. The value that they're getting? Cool. Yep. I think that's all the questions for today and for the VIPs, I'll just. When I'm done with these slides, I'm still tweaking them. I will put them in the, in the members area for you guys with the recording as well when they're done. So you'll have the slides at the end. I just don't want to. I don't want to get them out just yet because I'm still kind of working on day five a little bit, and I want it to be a surprise and have you still show up tomorrow. How's that? All right. Appreciate you guys. Awesome day. Thank you again. I will catch you tomorrow. Today. Remember, get your offer out to some people. You don't have to post it anywhere. It's just for you so you have it and you can continue to refine it. Talk to at least a couple people today. Get some market research calls on, get a yes, get a deposit. Let's get this promise done right. Get your first mastermind client. We're on our way.

Let's do it.

All right. Talk to you soon. Have a beautiful, blessed day and I'll talk to you tomorrow.