For some time I have been planning to start one (or more masterminds) as a sideline to my coaching and information marketing business. The problem was that I wasn't sure how to create a mastermind and run it for profit.
You may be familiar with the mastermind concept - it was popularised in Napoleon Hill book Think & Grow Rich although my impression is that the idea is much more common in the United States than in Europe.
I keep hearing about the gurus and their mastermind groups - I think you would be surprised how often they meet up and share ideas and help solve each other's problems.
So when I heard Dr Ben Mack (branding expert and StomperNet faculty member) had created a one hour mastermind process which could be used to help a small group of people focused on a common interest I was very interested.
The idea is that it is a telephone or face to face mastermind group which meets once per week for one hour - and since the maximum number of people who should be involved is seven, that's effectively seven minutes each week where the light and power of the collective minds shines on you and any issue you want solved.
I had Ben send me some mp3s of the trials and I must admit that it is a fascinating idea with some great results, both for the person running the mastermind and for the members.
It has just come on to the market and my willpower lasted about 90 seconds as I scanned the letter after checking on the price.
Then I bought.
One Hour Mastermind - affiliate link
The idea of masterminding was popularised by Napoleon Hill in the classic book "Think & Grow Rich" based on the private masterminds of his sponsor Andrew Carnegie. Unfortunately the book sold the concept and benefit of mastermind groups extremely effectively but it didn't provide guidance on what to do
Through extensive research Ben Mack has been able to go further than the ideas for masterminds covered in Think & Grow Rich and tracked down how Andrew Carnegie conducted his personal masterminds.
He has the Carnegie Construct with its frame-setting start and ending statements that add power and structure to the idea of a short, regular mastermind and this is an essential part of the one hour mastermind construct.
It sounds right to me - if it was good enough for the richest man in America who was a fanatic at continuous improvement, then it is good enough for entrepreneurs and small business owners until something is proven to be better.
I see leading a mastermind group or a small number of them as a natural activity for a coach - business coach, life coach, even a sports coach. It doesn't matter. The task is to facilitate the meeting and to add your expertise if the group seems to be stumbling over a particular problem.
For clients, the one hour mastermind can again be anyone who wants to get together and work on a regular problem.
I naturally think of business owners - and probably separate masterminds for start-ups and established businesses - but you can be much more specific and focused.
If you want to run the London marathon, you could create a mastermind for other people who want to run the marathon so that you can work on ideas, issues and problems together.The Role Of MasterMinding In Your Business
There are three ways that you can use the concept of the one hour mastermind:
- As a lead generator for your main business to help attract new prospects and build up the "know, like and trust" factor.
- As a back end product for existing clients who have been through your coaching program (for example) and would still like some involvement but don't want to continue with high cost-high involvement coaching.
- As a main business model. Dr Ben Mack's students have already shown that the One Hour Mastermind construct can be used to create a good income from only working a few hours per week.
Personally I see it as a combination of points 1 and 2 because it is so flexible although I wouldn't want to mix groups with people who have been through my coaching and people who haven't.
One Hour Mastermind - affiliate link
I couldn't resist it because I believe that masterminding is going to become an increasingly popular activity over the next few years and I'd like to catch the wave on the way up.
The big mailings on the One Hour Mastermind are being done tomorrow (October 17th) so I expect the places to go very quickly since I know some of the JV partners and the vast size of their lists.Free Information About The 1 Hour Mastermind Academy
If you like the idea but you are not ready to buy, a lot of free content explaining the mastermind construct and case studies of people using the 1 Hour Mastermind to make profit are available at:
1 Hour Mastermind Free Stuff (affiliate link)
I think you are going to be very impressed.
Update On The One Hour Mastermind
The One Hour Mastermind is currently off the market.
I wasn't able to attend the trainings live for health reasons - and they were in the middle of the night in the UK - but I am currently working through the recordings with the intention of starting a few focused masterminds.