Mastermind Group
Run a paid monthly mastermind for founders in your niche
Run a paid monthly mastermind for founders in your niche.
Day-to-day work involves recruiting founders in your niche, organising monthly Zoom meetings, and facilitating discussions that help each member solve their challenges. You'll need to create an agenda for each session, ensure that everyone has a chance to contribute, and follow up with actionable insights. Marketing your mastermind through social media and networking is also essential to keep the group vibrant and engaged.
Now is a great time to launch a mastermind group as many entrepreneurs are seeking community and support post-pandemic. The rise in remote work has made virtual meetings more acceptable, enabling easier access to founders from various regions. Additionally, the growing focus on mental health and wellness in business means more founders are looking for supportive environments to discuss their challenges.
Ideal founders for this mastermind are early to mid-stage entrepreneurs who are eager to learn, share, and grow. They are likely to be running businesses in a specific niche, whether it's tech, retail, or service-based. Realistically, you'll need to dedicate 6-10 hours a month to manage the group, including marketing, meeting preparation, and follow-up support.
In the first 12-24 months, you could potentially grow your group to 16-20 active members, resulting in monthly revenue of £3,200–£10,000. With low overhead costs, the profitability can be quite high. Expanding your offering with workshops or one-on-one coaching could further increase revenue streams.
- Facilitation
- Community
£200–£500/mo per seat
Gross margins can be as high as 80% due to low overhead costs.
The UK entrepreneurial landscape is booming, with over 5.5 million small businesses as of 2023. Many founders are seeking peer support to navigate challenges, making a mastermind group an appealing option.
Founders of small to medium-sized businesses who are looking for accountability and shared knowledge. They value networking and are willing to invest in personal and professional development.
The UK market for coaching and mentoring services was valued at £2.2 billion in 2022 and continues to grow as entrepreneurs seek guidance. The rise of remote work has also increased demand for virtual support networks.
Revenue & pricing
Charge monthly fees of £200–£500 per seat, depending on the level of service and expertise provided. Additional revenue can be generated through workshops or affiliate partnerships.
- Basic Membership: £200/month for access to monthly Zoom calls and group resources.
- Premium Membership: £350/month for enhanced support, including one-on-one check-ins.
- Elite Membership: £500/month for additional workshops and exclusive networking events.
- Startup Package: £150/month for founders under 2 years in business.
Costs
- Website Domain & Hosting£100
- Marketing Materials (Graphics/Ads)£150
- Zoom Subscription (Pro plan)£120
- Branding (Logo/Design)£100
- Initial Advertising Budget£30
- Zoom Subscription£15
- Website Maintenance£10
- Marketing Tools (e.g., Mailchimp)£20
- Accounting Software (e.g., FreeAgent)£15
First steps
- 1Recruit 8 founders
- 2Run monthly Zoom
- 3Charge £200–£500/mo
Your first 90 days
- Define your niche and target audience.
- Create a marketing plan to recruit initial members.
- Set up a simple website with a booking option.
- Establish a social media presence on platforms like LinkedIn.
- Launch a targeted ad campaign to attract founders.
- Recruit your first 8 members and conduct the first meeting.
- Gather feedback to improve the structure and content of sessions.
- Develop a resource library for members.
- Explore partnerships with relevant industry experts for guest sessions.
- Begin marketing for the next cohort of members.
How to get customers
Social Media
Use platforms like LinkedIn to connect with potential members.
Networking Events
Attend local business meetups to promote your mastermind.
Email Marketing
Create a newsletter to share valuable insights and attract interest.
Affiliate Partnerships
Collaborate with business coaches to cross-promote services.
Tools you'll actually use
| Tool | Cost | Why |
|---|---|---|
| FreeAgent | £15/month | For accounting and invoicing. |
| Calendly | £10/month | To schedule meetings easily. |
| Zoom | £15/month | For hosting virtual meetings. |
| Mailchimp | Free to £10/month | For email marketing. |
| Notion | Free to £8/month | To organise resources and notes. |
Common mistakes to avoid
- Not defining a clear niche, leading to a diluted focus.
- Failing to set clear expectations with members.
- Neglecting marketing efforts after initial recruitment.
- Overlooking the importance of follow-up and accountability.
- Underestimating the time commitment required to run the group.
How to scale this
- 1Start with a small group of 8-10 members.
- 2Increase membership by offering tiered packages and additional services.
- 3Host workshops or retreats to diversify income.
- 4Consider hiring co-facilitators or guest speakers to enhance value.
Risks & mitigations
Membership attrition
Regularly seek feedback and adjust offerings.
Low initial interest
Invest more in targeted marketing.
Content becoming stale
Continuously innovate and bring in guest experts.
Regulatory compliance issues
Stay informed about relevant regulations and best practices.
UK legal & compliance
- Register as a sole trader or limited company with Companies House.
- Ensure you comply with GDPR by informing members about data use.
- Consider professional indemnity insurance for liability protection.
- Set clear terms and conditions for members to mitigate risks.
FAQ
What if I can't find enough members?
Start with one or two founders and build from there.
How do I keep members engaged?
Regularly solicit feedback and adjust sessions based on their needs.
Can I run multiple mastermind groups?
Yes, as long as you can manage the time commitment.
What if a member isn't contributing?
Address the issue directly and consider a probationary period.
Is there a refund policy?
Establish a clear refund policy in your terms and conditions.
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