In today’s post, I’m going to walk you through the top 14 reasons you should seriously consider launching a mastermind. I also will debunk 5 common myths that business leaders falsely believe.
Let’s start out by defining what a mastermind is.
What is a mastermind?
‘A mastermind is a group of people who have similar interests, who meet regularly to improve their businesses, solve challenges, share wins & best practices, hold each other accountable, network with peers, and create meaningful friendships that do life together.’
Not a reader? Not a problem. Listen instead. 🎉
Check out the Spotify podcast episode below, where I walk you through the 14 reasons you should seriously consider launching a 7-$figure mastermind business.
The Top 14 Reasons To Launch A 7-$Figure Mastermind Business
1. High Profit Margins
Mastermind businesses are extremely profitable since there are low staff requirements and overhead. More importantly, there are 8 different monetization strategies to generate 7+ figures of new income opportunities. Recently, a known colleague sold only 50% of his mastermind for an $11 million dollar payout.
2. Rapid Deployment
Masterminds don’t take years to launch or get operational. The clients that we teach and coach on starting their masterminds can typically have a large revenue launch event achieved in 60 to 90 days or less.
‘When you’re surrounded by people who share a passionate commitment around a common purpose, anything is possible.’
Howard Schultz, Starbuck’s Former CEO & Chairman
3. Low Effort
In a mastermind, the members provide the primary value, not you. You get to focus more on relationships. You’re already busy with your existing business or vocation. Masterminds allow you to create revenue opportunities without proportionately adding more ‘busyness‘ to your life.
4. Low Commitment
Tired of the daily grind of your current business? A mastermind is a much lower commitment of your time. This is because a mastermind is not a 5 or 7-day-a-week business. In fact, most months of the year might require you to be a part of a simple Zoom meeting.
‘A mastermind is a group of people who are equal parts visionaries and executors.’
Elon Musk, Business Magnate, CEO at Tesla & SpaceX
5. Great Positioning
Because you’re the leader of your own mastermind, you’re always the influencer and authority in the room. You’re the one that’s providing value and delivering solutions, and bringing in influencers to speak to your mastermind community.
6. Highly Scalable
Once you’ve launched your first mastermind, there are multiple strategies to scale and verticalize into more revenue opportunities.
7. Network Building
A mastermind allows you to target and connect with the ideal customers for your business. Each member of your mastermind brings their network of relationships along with them.
‘Coming together is the beginning. Keeping together is progress. Working together delivers success.’
Henry Ford, Founder of the Ford Motor Company
8. Joint Ventures
The mastermind business model allows you to easily create joint venture relationships that nearly guarantee success. Your mastermind community delivers a solid opportunity to land your next business deal with a joint venture partner.
9. New Client Acquisition
As the owner and administrator of a mastermind, you’re naturally able to create opportunities to deliver new clients into your existing business.
‘A mastermind is a group of people who can think three moves ahead in the game of life.’
Warren Buffet, Business Magnate,
CEO of Berkshire Hathaway
10. Off-Market Deal Flow
You and your audience can strategically create opportunities to invest in off-market business and real estate deals, which any investor knows are the best and most attractive deals on the planet.
11. Build Wealth
Your mastermind is a highly exit-able/sellable asset because a recurring revenue business sells for a nice multiple; there’s a big payday coming.
‘A mastermind is a group of leaders who turn dreams into reality through sheer determination. No two minds ever come together without thereby creating a third, invisible, intangible force, which may be likened to a third mind.’
Napoleon Hill, Author of ‘Think And Grow Rich’
12. Luxury & Lifestyle
A mastermind allows you to create and host events at some of the best locations and hotels in the world.
13. Bolt-On-Business
While a mastermind can be a stand-alone business, it can also be a great add-on to your existing business.
14. Connect with Influencers
Because a mastermind allows you to aggregate the eyes & ears of a highly valuable audience, influencers will line up to be a speaker and part of your events.
‘A mastermind is a group of leaders who can connect the dots and see the bigger picture; they’re the architects of innovation and progress.’
Steve Jobs, Founder & Former CEO of Apple
5 Common Myths & Objections Debunked
There are a handful of mythical and limiting beliefs that many leaders will subconsciously tell themselves about why they can’t launch their own mastermind.
MYTH 1: I don’t have an audience.
I can see why this might be a tempting belief. But it doesn’t matter. Once you understand the right tactics and strategies for launching a mastermind, you quickly realize that it doesn’t matter if you’re not an influencer or if you don’t have a large following or email list.
MYTH 2: I don’t have anything of value to offer.
First, it’s likely that you do, but you don’t realize it. Second, even if it’s fully true that you don’t have strong business acumen, you can still leverage strategic relationships with other business leaders that do.
MYTH 3: I don’t have any money to start a business.
Not a problem. It takes very little capital to launch a mastermind. It’s not entirely impossible to launch with no money at all. Plus, you can create 6 figures of revenue in a single day upon launching your mastermind business.
MYTH 4: I don’t have the time.
A mastermind business might be the most leisurely business to launch and own in the world. I’m not suggesting that there is NO work. But once you understand the structure of a mastermind business, you quickly realize that insufficient time is not a credible concern or objection.
MYTH 5: I don’t have the skills.
This may be true at the moment, but that’s temporary. My business partner and I can provide you with not only the right strategies but we can also give you everything you need to launch.
‘A mastermind is a community where colleagues and fellow entrepreneurs come together to learn from one another, which is a good idea because, after all, everything we know we learned from someone else.’
Coach John Wooden
Former Head Basketball Coach, U.C.L.A.
About the author.
Brian Webb is a 22-year entrepreneur, private investor, business & profit growth mentor, a B2B marketer, and the host of the Business Growth Show podcast.
In addition to managing a growing portfolio of businesses, Brian is the CEO of the award-winning marketing and business growth consulting agency in The Woodlands, Texas (Greater Houston Metroplex), Whatbox Digital, LLC.
You can find Brian on Apple, Google, Spotify, Pandora, iHeartRadio, and Amazon. Brian’s writings have been published and featured on NBC, ABC, CBS, FOX, and MarketWatch, and has been approved as a Forbes Business Council member and content contributor.
You may also recognize some of Brian’s anchor clients like Coca-Cola, Comcast, Coldwell Banker, Entrepreneur’s Organization, Hospital Corp of America, and Karbach Brewing, to name a few.
In today’s post, I’m going to walk you through the top 14 reasons you should seriously consider launching a mastermind. I also will debunk 5 common myths that business leaders falsely believe.
Let’s start out by defining what a mastermind is.
What is a mastermind?
‘A mastermind is a group of people who have similar interests, who meet regularly to improve their businesses, solve challenges, share wins & best practices, hold each other accountable, network with peers, and create meaningful friendships that do life together.’
Not a reader? Not a problem. Listen instead. 🎉
Check out the Spotify podcast episode below, where I walk you through the 14 reasons you should seriously consider launching a 7-$figure mastermind business.
The Top 14 Reasons To Launch A 7-$Figure Mastermind Business
1. High Profit Margins
Mastermind businesses are extremely profitable since there are low staff requirements and overhead. More importantly, there are 8 different monetization strategies to generate 7+ figures of new income opportunities. Recently, a known colleague sold only 50% of his mastermind for an $11 million dollar payout.
2. Rapid Deployment
Masterminds don’t take years to launch or get operational. The clients that we teach and coach on starting their masterminds can typically have a large revenue launch event achieved in 60 to 90 days or less.
‘When you’re surrounded by people who share a passionate commitment around a common purpose, anything is possible.’
Howard Schultz, Starbuck’s Former CEO & Chairman
3. Low Effort
In a mastermind, the members provide the primary value, not you. You get to focus more on relationships. You’re already busy with your existing business or vocation. Masterminds allow you to create revenue opportunities without proportionately adding more ‘busyness‘ to your life.
4. Low Commitment
Tired of the daily grind of your current business? A mastermind is a much lower commitment of your time. This is because a mastermind is not a 5 or 7-day-a-week business. In fact, most months of the year might require you to be a part of a simple Zoom meeting.
‘A mastermind is a group of people who are equal parts visionaries and executors.’
Elon Musk, Business Magnate, CEO at Tesla & SpaceX
5. Great Positioning
Because you’re the leader of your own mastermind, you’re always the influencer and authority in the room. You’re the one that’s providing value and delivering solutions, and bringing in influencers to speak to your mastermind community.
6. Highly Scalable
Once you’ve launched your first mastermind, there are multiple strategies to scale and verticalize into more revenue opportunities.
7. Network Building
A mastermind allows you to target and connect with the ideal customers for your business. Each member of your mastermind brings their network of relationships along with them.
‘Coming together is the beginning. Keeping together is progress. Working together delivers success.’
Henry Ford, Founder of the Ford Motor Company
8. Joint Ventures
The mastermind business model allows you to easily create joint venture relationships that nearly guarantee success. Your mastermind community delivers a solid opportunity to land your next business deal with a joint venture partner.
9. New Client Acquisition
As the owner and administrator of a mastermind, you’re naturally able to create opportunities to deliver new clients into your existing business.
‘A mastermind is a group of people who can think three moves ahead in the game of life.’
Warren Buffet, Business Magnate,
CEO of Berkshire Hathaway
10. Off-Market Deal Flow
You and your audience can strategically create opportunities to invest in off-market business and real estate deals, which any investor knows are the best and most attractive deals on the planet.
11. Build Wealth
Your mastermind is a highly exit-able/sellable asset because a recurring revenue business sells for a nice multiple; there’s a big payday coming.
‘A mastermind is a group of leaders who turn dreams into reality through sheer determination. No two minds ever come together without thereby creating a third, invisible, intangible force, which may be likened to a third mind.’
Napoleon Hill, Author of ‘Think And Grow Rich’
12. Luxury & Lifestyle
A mastermind allows you to create and host events at some of the best locations and hotels in the world.
13. Bolt-On-Business
While a mastermind can be a stand-alone business, it can also be a great add-on to your existing business.
14. Connect with Influencers
Because a mastermind allows you to aggregate the eyes & ears of a highly valuable audience, influencers will line up to be a speaker and part of your events.
‘A mastermind is a group of leaders who can connect the dots and see the bigger picture; they’re the architects of innovation and progress.’
Steve Jobs, Founder & Former CEO of Apple
5 Common Myths & Objections Debunked
There are a handful of mythical and limiting beliefs that many leaders will subconsciously tell themselves about why they can’t launch their own mastermind.
MYTH 1: I don’t have an audience.
I can see why this might be a tempting belief. But it doesn’t matter. Once you understand the right tactics and strategies for launching a mastermind, you quickly realize that it doesn’t matter if you’re not an influencer or if you don’t have a large following or email list.
MYTH 2: I don’t have anything of value to offer.
First, it’s likely that you do, but you don’t realize it. Second, even if it’s fully true that you don’t have strong business acumen, you can still leverage strategic relationships with other business leaders that do.
MYTH 3: I don’t have any money to start a business.
Not a problem. It takes very little capital to launch a mastermind. It’s not entirely impossible to launch with no money at all. Plus, you can create 6 figures of revenue in a single day upon launching your mastermind business.
MYTH 4: I don’t have the time.
A mastermind business might be the most leisurely business to launch and own in the world. I’m not suggesting that there is NO work. But once you understand the structure of a mastermind business, you quickly realize that insufficient time is not a credible concern or objection.
MYTH 5: I don’t have the skills.
This may be true at the moment, but that’s temporary. My business partner and I can provide you with not only the right strategies but we can also give you everything you need to launch.
‘A mastermind is a community where colleagues and fellow entrepreneurs come together to learn from one another, which is a good idea because, after all, everything we know we learned from someone else.’
Coach John Wooden
Former Head Basketball Coach, U.C.L.A.
About the author.
Brian Webb is a 22-year entrepreneur, private investor, business & profit growth mentor, a B2B marketer, and the host of the Business Growth Show podcast.
In addition to managing a growing portfolio of businesses, Brian is the CEO of the award-winning marketing and business growth consulting agency in The Woodlands, Texas (Greater Houston Metroplex), Whatbox Digital, LLC.
You can find Brian on Apple, Google, Spotify, Pandora, iHeartRadio, and Amazon. Brian’s writings have been published and featured on NBC, ABC, CBS, FOX, and MarketWatch, and has been approved as a Forbes Business Council member and content contributor.
You may also recognize some of Brian’s anchor clients like Coca-Cola, Comcast, Coldwell Banker, Entrepreneur’s Organization, Hospital Corp of America, and Karbach Brewing, to name a few.