Audio Only Version

Hey hey! Welcome to episode 153 of Life on Fire. Today I’m giving you one of the keys that took me from being $50,000 in debt to selling my business within 2 years of implementing it.

What is it exactly? It’s a mastermind. On this episode I’ll be walking you through each of the 8 steps to creating your very own successful mastermind. We’ll cover the two reasons to start a mastermind of your own, how to choose the purpose of your gathering, and where to host it.

My first experience with a mastermind came at a point in my career when I was failing at everything I touched. One business idea after another fell flat, and no matter what I did I couldn’t make anything work.

It wasn’t until I went to a mastermind event put on by Eben Pagan that things started to come together for me.

In this episode you’ll hear:

  • Two reasons to start your own mastermind. (1:45)
  • How I’ve implemented masterminds in my Life On Fire business. (3:05)
  • Why the purpose of your mastermind is key to success. (3:45)
  • How to be sure you have the right people in the room. (5:00)
  • What’s the best venue for hosting your mastermind? (6:45)
  • And so much more!

From attending Eben’s event I learned and implemented these 8 steps to a successful mastermind. After running many of my own I can tell you firsthand these types of events can absolutely change the course of your business. So let’s take a look at each of the 8 steps.

1. Identify your purpose with the mastermind.

What is your primary reason for wanting to have a mastermind? Is it to help your attendees have “ah ha” moments and on-the-spot transformations? Or are you more interested in the networking angle? Or do you want a hybrid of the two? Whatever you want it to be choose your purpose before going on to step two.

2. Make sure you have the right people in the room.

Once you know why you’re gathering people you can choose who you are gathering. For instance if you’re wanting to help fellow entrepreneurs create more income you’ll want to gather entrepreneurs; it wouldn’t make any sense to have people with jobs be a part of your mastermind. 

3. Set the date.

This is of course a critical piece of your mastermind event: choosing a date. Ideally you want to pick a date that is 120 days out, 90 days is okay too but 120 is the sweet spot.

4. Get the venue.

The number of people you’re going to have and the purpose of your mastermind will help you determine where to host your event. If you’re having a smaller number of people – like 20 or less – you could have it in your home or in the back of a quiet restaurant.

But for larger groups you’ll want to choose a hotel. And when you’re working with a hotel make sure you thoroughly review your contract and all the details so you’re getting the best deal possible.

5. You’re ready to go!

Get everything ready so your start to the event goes smoothly: have registration ready with name tags and paperwork for everyone and get people into the room by 9am. An early start is good!

Also have an ice breaker you can do with your group, something that will set the tone for the event and also connect the people in the room. You want people to bond and begin to form relationships with each other.

6. Choose the format of the mastermind.

Do you want to do hot seats for everyone there? If so everyone gets a certain amount of time and they answer specific questions about what they do while on the hot seat. This way everyone in the group knows what they do and can give solid referrals that can lead to business.

A wonderful way to facilitate this is to provide referral slips for everyone. This is a great way to prove the value for your attendees – have them actually have generated business as a direct result of being at your event.

7. Food!

Make sure you have food that keeps people active. No gluten, no pasta, keep it clean with salads and lean meats. And be sure to provide it on-site. As far as the dinners invite other amazing entrepreneurs who will add value. This is where people are creating relationships and solidifying bonds. Keep the dinner on-site or nearby. This is the time when people really get to know each other, they have a few drinks and loosen up; before you know it information is being exchanged and business deals are in the works!

8. Weave in fun and adventure into your mastermind.

With our Life on Fire crew we’ve done everything from jetpacks to flying trapeze to spending a day on a double-decker yacht together! And it’s been so fun for everyone who joins, and really creates a bonding atmosphere.

Whatever you decide to do with your group make sure it’s fun and adds adventure to their experience, two critical pieces to helping people form long-term connections. They’ll remember you and your event when you do!

On this episode of Life on Fire we also talk about specific real-life examples we’ve done with our LOF mastermind events, examples that show you how to make the most of your future masterminds. So listen in, take some notes and then go out and start your own mastermind!