Monthly Archive July 2013

Byipsblog

The truth about masterminds (good, bad and ugly)

Hey,

Matt Gallant here.

Just got back from a great vacation in Canada. It was culinary debauchery. I ate french fries cooked in duck fat, soaked with gravy and cheese. It’s called “poutine” (from Quebec) and many more things.

Poutine

Lobster Grilled Cheese

I was hanging out with some of the smartest fitness internet marketers in the world. Vince Delmonte was there, Dave Ruel (the muscle cook) and many others.

The Mastermind

We were there for a private mastermind session. I want to share my real opinion on masterminds. (good, bad and ugly).

I’ve been a part of DOZENS of masterminds since I started my journey into internet marketing.

In general, I think they’re great.

But I think most people get a FRACTION of what they could get from them. They have the wrong attitude, and it ends up costing them BIG TIME.

First things first: If you’re in a mastermind… be there to GIVE MORE VALUE THAN YOU RECEIVE.

I don’t care if you’re just a raw beginner who started yesterday.

You should always be giving with your time, pay for people’s dinners and lunches, share your expertise in your field (even if it’s unrelated to business), offer to help people, share your contacts, etc…

That’s the key that opens everyone up around you.

PAID vs. FREE MASTERMINDS

What’s better?

Obviously if you don’t have the funds, join some free masterminds if you can.

The problem is that they may not be as organized as a paid one.

BEST ADVICE: If you can’t find a free mastermind, START ONE.

I’ve started several masterminds over the years and they’re great.

You can start a “local entrepreneur” mastermind. Those are great, because you can hang out in person.

You can start a mastermind in your niche, and do it on Skype or Google Hangout.

MASTERMIND FORMATS

Here are 3 that I like:

1. Problem-Challenge Solution

This is probably the most common.

Also known as “hot seats”.

People share their biggest challenge and people offer them their best advice. These are great when you’re at a paid mastermind, because you’re usually getting the advice of high level experts.

2. What’s Working The Best

This is probably my favorite format. This is where people share their BEST advice. They reveal what’s working lately…

It’s a great opportunity to learn new tactics that you can apply to your business and make more money.

3. Learning Masterminds

I actually just started one of these lately, and I’m really enjoying it.

I invited 3 close friends and said: “Do you want to get together for 1 hour a week, and we’ll share our favorite information from a book that I read lately?”

I wanted to get back to reading consistently, and this was my best idea. There’s built in accountability.

The benefit is that everyone is curating content on 2 levels: the book selection, and their favorite sections or most impactful concepts.

Everyone’s been loving it.

I’ve seen masterminds that do a combination of all the above — which is probably the best format.

Paid masterminds are usually well organized and have a solid structure.

There also seems to be a correlation between the quality of participants, and the costs of the masterminds.

In other words, a $25,000 mastermind usually attracts higher level people than a $5,000 mastermind.

When are masterminds a BAD experience?

I’ve been to masterminds where the “main expert” barely delivered any value or advice. Just asked a bunch of generic questions, and didn’t really provide any specific tips that ended up working. This becomes more common as you become an expert marketer. Make sure you go to masterminds where the “expert” is smarter and more experienced than you.

When do masterminds go UGLY?

It’s rare… but sometimes the participants just don’t care. I’ve been at private masterminds where 70% of the guys had their faces buried in their computer and weren’t even listening to the guy speaking.

Are you freaking kidding me? How disrespectful is that?

Make sure you listen when people are on stage. People notice if you’re listening or not.

THE BOTTOM LINE

I have some close friends that went from NOTHING to having solid 6-figure businesses PURELY because they joined the right mastermind early in their careers… built great relationships with everyone, and then have been making 99% of their income from joint venture partnerships with these people.

Again: the key to their success is… they are COOL guys who are fun to hang with, and provide value as human beings.

In other words, they become good friends before they start asking to do a JV.

Too many marketers jump the gun when they meet people, and want to do a “JV”. I was guilty of this myself when I first got started.

Then I stopped worrying about JVs and just started hanging out with people, having fun and delivering value. It seems JVs flow a lot more naturally in those environments.

So make sure you go in with great intentions. Deliver more than you can ever take… Be the coolest guy you can be… Share everything you’ve got… And eventually the Mastermind will give you 10X more than you ever gave.

— Matt