The hidden cost of business masterminds
Iâve spent thousands on business masterminds over the years. Iâve paid for online and in-person masterminds. Online masterminds are convenient. You can join the weekly accountability calls and check-ins on your lunch break or at night. But I find all those weekly Zoom calls and live cohorts exhausting. Itâs also hard to get value from a program where you must wait your turn to ask the facilitator a question. Iâve sometimes paid more to circumvent that problem and get 1:1 time with the facilitator. In-person masterminds are more fun. Iâve met people from industry and niche at masterminds like these. Learning from someone two or three steps ahead is more straightforward than following an online guru. Ideally, I pick up some strategies for solving a problem in my business, too. In 2023, I went to a Mastermind where they talked about hiring. I realized I was overpaying a content editor for one of my sites by at least $1k a month. Wondering about the merits of keeping them on, I checked their work and found many overlooked mistakes. So, I let them go and indirectly saved myself the Mastermindâs cost. A few years ago, I flew from Dublin, Ireland, to a mastermind for bloggers in Austin, Texas. At that Mastermind, I met some bloggers and creators that I collaborated for a few years. I also earned back the cost of the Mastermind on a joint-venture promotion. In-person masterminds arenât cheap, though. Expect to pay upwards of $10k and sign a commitment for 6â12 months. They donât always work either, particularly if youâre in the wrong room with the wrong people! A while ago, I joined a local business mastermind. The business owners inside were running 7-figure businesses. They wanted to scale. The room was packed full of super smart entrepreneurs. The only problem? Most of them were running traditional brick-and-mortar businesses like engineering companies and shops. My business exists online, so I didnât learn much from them. I left the program after a few months. Masterminds arenât for everyone. Theyâre an expensive distraction if youâre starting out and only earning a few K a month. If your business is growing and you feel stuck, theyâre worth the cost. If youâre considering signing up for one this year, find out who else is inside the program and if theyâve achieved what you want to do. Ideally, youâll collaborate with these people, so find out in advance if theyâre a good fit. Most masterminds, whether online or in-person, come without a refund guarantee. So before handing over your credit card or slapping your signature on a Docusign, ask the organizer or salesperson these 3 questions:
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